US-based Crossbar, has completed a $25 million Series C funding in an oversubscribed round which includes support from the University of Michigan’s venture fund Mints.
Founded in 2010 as a Kleiner Perkins Caufield & Byers incubation, Crossbar’s technology allows the creation of three-layer stacked RRAM. This makes it possible, they say, to store terabytes of data on a single “postage-stamp sized chip”.
This latest investment brings Crossbar’s total raised funds to $50m.
George Minassian, chief executive of Crossbar, said: “The response to Crossbar’s RRAM technology has been truly overwhelming and we are now actively engaged in discussions with some of the leaders in the electronics and semiconductor markets. Our Crossbar team consists of some of the best and brightest minds in the memory industry and our investors are among the most respected. With this latest round of funding we can further accelerate our market momentum, and more rapidly bring our technology to market.”
The company has demonstrated a 1 megabyte storage device for embedded code applications, showing that Crossbar’s RRAM technology is ready for production.
They plan to use the funds to complete manufacturing and licensing operations.
Wen Hsieh, partner at Kleiner Perkins Caufield & Byers, said: “The continued success of Crossbar clearly validates the significant potential we saw in the University of Michigan’s early research. From day one, we firmly believed that this technology could deliver transformative performance and storage capacity that would usher in a new generation of mobile, consumer electronics, enterprise storage and industrial applications.”
