Monday, June 9, 2008

Freescale Spins Out MRAM Firm

Austin-absed Freescale Semiconductor said today that it has spun out a new company, EverSpin Technologies, focused on MRAM (Magnetoresistive Random Access Memory) technology. The firm said that it has raised funding from New Venture Partners, Sigma Partners, Lux Capital, Draper Fisher Jurvetson and Epic Ventures for the spinout, but did not disclose terms of the funding. Freescale said the new company will develop standalone MRAM and related products, and that it will transfer the MRAM technology and related property to the new venture in exchange for retaining an equity position in the new firm.