US-based startup Crossbar bags $25M in Series C funding to expand chip memory to 1 terabyte
Resistive RAM developer Crossbar has scored $25 million in its Series C funding for its manufacturing and licensing processes. The latest round brings the startup's total raised capital to $50 million, according to VentureBeat.
Chief Executive Officer (CEO) George Minassian said: "Today's nonvolatile memory technologies are running out of steam, hitting significant barriers as they scale to smaller manufacturing processes. With our working Crossbar array, we have achieved all the major technical milestones that prove our RRAM technology is easy to manufacture and ready for commercialization. It's a watershed moment for the nonvolatile memory industry."
Resistive RAM (ReRAM) uses a layered structure to fit one terabyte of data on a postage stamp-sized chip. This technology is 20 times faster than the best flash storage at present, the report added.
According to Silicon Valley Business Journal, existing investors Kleiner Perkins Caufield & Byers, Northern Light Venture Capital, University of Michigan, and Artiman Ventures led the funding round. New investors SAIF Partners, Korea Investment Partners, Tao Venture Capital Partners, and CBC-Capital also participated, the report detailed.
The Santa Clara-based firm just emerged from stealth mode in August. As of now, it is finalizing deals with international semiconductor suppliers. Licensing deals will be posted later this year, Silicon Valley Business Journal reported.