Bengaluru: Crossbar, a leading Resistive RAM technology company has successfully closed its $35 million series D fundraising from Tyche Partners, Oriza Holdings and Cheerful Link; who joined the company’s existing investors in the funding round. The company said that the freshly raised funds will be used to further commercialize its flagship product – ‘non-volatile memory (NVM) technology’.
Till now, the company has raised over $80 million in three funding rounds; the previous one being in March last year when it raised $25 million in its series C funding from Artiman Ventures, CBC Capital, Correlation Ventures, SAIF Partners and few other investors. As a part of the latest financing, Weijie Yun, Founder & Managing Partner, Tyche Partners will be joining Crossbar’s board of directors.
Speaking on the occasion, George Minassian, Co-Founder & CEO, Crossbar, says, “The future of electronics innovation rests largely on new developments in memory technology. Crossbar RRAM has been enthusiastically embraced as the leading contender to replace aging non-volatile memory due to its manufacturability and scalability for a broad variety of applications. This latest round of funding will enable us to take the next crucial steps in bringing our technology to market”.
“The storage market faces a tipping point in the next five years and is ripe for a disruptive, yet proven, technology such as Crossbar RRAM. This new round of funding will bring Crossbar one step closer to enabling a new world of storage that promises to change how consumers live, work and play,” adds Weijie Yun, Founder & Managing Partner, Tyche Partners.
Headquartered in California, Crossbar is the contrivance of George Minassian, Hagop Nazarian, and Prof. Wei Lu who started the company in 2010. It develops Crossbar RRAM technology which enables the users to deliver up to one TB of storage on a single postage stamp-sized chip. The RRAM technology combines logic and memory onto a single chip and its low power, small size & low latency make it a perfect memory solution for small wearable devices for IoT to high capacity data centers.