The bridge round will enable New York University spinout Spin Transfer Technologies to fund development of a commercial product based on its temporary data storage technology.
Spin Transfer Technologies (STT), a US-based data storage technology developer spun out from New York University, raised $22.8m today in a convertible bridge facility underwritten by commercialisation firm Allied Minds.
Other investors are expected to take down a portion of the investment in due course.
The investment is intended to take Spin Transfer Technologies through to the completion of its series B round, expected by the end of the first quarter of 2018.
STT, founded in 2007 with the help…
