Crossbar Closes Series D Funding of $35M
SANTA CLARA, CA, Crossbar announced it has completed a $35 million Series D funding round.
Crossbar, Inc., the Resistive RAM (RRAM) technology leader, today announced it has completed a $35 million Series D funding round. Tyche Partners, Oriza Holdings and Cheerful Link joined all of Crossbar's existing investors in the round, bringing total investment to $85 million to date. Crossbar plans to use the funds to continue the commercial ramp of its game-changing non-volatile (NVM) memory technology.
'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.'
'The future of electronics innovation rests largely on new developments in memory technology,' said George Minassian, CEO and Co-Founder, Crossbar Inc. '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.'
Crossbar's innovative RRAM technology is based on a simple device structure using CMOS friendly materials and standard manufacturing processes. It can be stacked in 3D, making it possible to combine logic and memory onto a single chip at the latest technology node. Crossbar RRAM's low power, small size, high performance and low latency make it an ideal memory solution for a wide assortment of applications, from very small devices such as wearables and connected devices for the Internet of Things (IoT), to very high capacity, very fast SSDs in cloud data centers.
Crossbar emerged from stealth-mode in August 2013 and has continued to successfully execute its aggressive technology development plan. Crossbar is currently working with beta customers for its embedded memory solution, targeted for production in 2016. The company also continues to achieve important technical milestones to bring to market its very high capacity standalone memory - enabling a terabyte of data to be stored on a chip the size of a postage stamp.
Crossbar's Series D financing closed on August 26th, 2015, led by new investor, Tyche Partners. Other investors included Artiman Ventures, CBC-Capital, Cheerful Link Ventures, Correlation Ventures, Kleiner Perkins Caufield & Byers, Korea Investment Partners, Northern Light Venture Capital, Oriza Holdings, SAIF Partners, Tao Invest and the University of Michigan.
In conjunction with the latest round of funding, Tyche Partners Founder and Managing Partner Weijie Yun has been named to the Crossbar board of directors.
'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,' said Weijie Yun, Founder and Managing Partner of Tyche Partners. '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.'
'Crossbar's rapid march toward commercialization and embrace by major customers and foundries clearly demonstrates the promise of their technology and team,' said Wen Hsieh, General Partner at Kleiner Perkins Caufield & Byers. 'By inventing a new class of low-latency, high-density and low-cost RRAM storage solutions that can be manufactured by any semiconductor foundry, Crossbar is enabling a revolutionary transformation of the global memory industry.'
About Crossbar, Inc.
Crossbar, Inc. is the leader in RRAM technology, widely accepted as the front-runner to replace traditional Flash technology in future storage systems. Delivering terabyte storage on a postage stamp-sized chip, with power low enough for massive adoption throughout the Internet of Things, Crossbar RRAM is easy to tailor for a broad range of applications. From embedded memory on SOCs for wearables, to very high density SSDs for cloud data centers, Crossbar is ushering in a new era of storage innovation. For more information, visit www.crossbar-inc.com or follow us on Twitter, LinkedIn and Google+.
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