Crossbar bags $25 million in Series C financing round
Crossbar Inc has closed a $25 million Series C funding round, a statement about the funding said. The round was officially closed on March 4, 2014, bringing to $50 million the total fundraising raised by Crossbar to date.
The current backers of the company joined the most recent round. They were Artiman Ventures, Kleiner Perkins Caufield & Byers, Northern Light Venture Capital and the University of Michigan. New investors SAIF Partners, Korea Investment Partners, CBC Capital and Tao Venture Capital Partners also participated, proof of the opportunity and appeal of the technology offered by Crossbar. Proceeds from the round will be used to finalize the company's manufacturing and licensing operations, the statement said.
Based in Santa Clara, California, Crossbar is a pioneer of the Resistive RAM or RRAM technology. Because of its three-layer structure, is technology enables terabytes of data to be stored in a postage stamp sized chip. The product is also suited for embedding memory applications, the statement said.
Crossbar Inc Chief Executive Officer George Minassian said in the statement, "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."
After coming out of stealth in August last year, Crossbar has reached its milestones to get itself ready for the market. It has demonstrated that its RRAM technology is prepared for production as it has already presented a 1 megabyte storage device geared for embedded code applications. Moreover, it is in the midst of finalizing deals with various international semiconductor firms, the statement said.