Avalanche Technology Closes New $23 Million Preferred Series Investment
February 2, 2016
Fremont, CA – February 2, 2016 – Avalanche Technology, Inc., the leader in next generation memory technology, today announced it has completed a $23 million funding round. Thomvest Ventures, Vulcan Capital, Rogers Venture Partners, and VTB Capital participated in the round. Complementing its equity investments, Avalanche has a substantial debt facility in place with Horizon Technology Finance. This equity round and debt facility will enable Avalanche’s transition from R&D to commercialization and production in 2016, with its family of patent-backed discrete and embedded non-volatile memory products based on STT-MRAM.
“This investment round will enable Avalanche to ramp production and commercialize our disruptive STT-MRAM products,” said Petro Estakhri, founder and CEO of Avalanche Technology. “The hard work of the Avalanche development team and our fab partners is apparent; we have been awarded 185 patents and have numerous additional patent filings in process. As a result, we are now bringing our SPMEM discrete products to Tier 1 OEMs and licensing our embedded AvRAM technology to strategic partners. I couldn’t be more pleased.”
“We are excited with the progress made by the entire Avalanche team. This capital raise underlines and furthers a truly unique and leading technology platform that corners the entire emerging STT-MRAM market,” said Will Stewart, General Partner at Rogers Venture Partners. “Given its outstanding feature set, low-cost production model and ability to serve a broad range of applications, I am confident of Avalanche’s long-term success in the market,” furthered Stewart.
About Avalanche Technology
Avalanche is a disruptive memory technology and systems company based in Fremont, CA. The company has developed non-volatile memory technology for vertical integration into the company's own innovative enterprise storage systems while enabling key discrete and embedded applications in mobile, storage, computing, networking and telecommunications. Backed by top-tier investors and led by a veteran management team, Avalanche has amassed a distinctive portfolio of more than 200 cell, circuit, process and system patents. By combining its memory components/licensing business with solid-state system arrays, Avalanche is addressing a total market opportunity of more than $75 billion. Twitter: @followavalanche