CrossBar Closes Series C Funding of $25M; Oversubscribed Round Validates Company's Readiness to Scale
SANTA CLARA, Calif, March 31, 2014 - CrossBar, Inc., a start-up company pioneering Resistive RAM (ReRAM) technology, today announced it has completed a $25 million Series C funding in an oversubscribed round. Participating in the round were CrossBar’s existing investors Artiman Ventures, Kleiner Perkins Caufield & Byers, Northern Light Venture Capital and the University of Michigan. In addition, new investors included SAIF Partners, Korea Investment Partners, CBC-Capital and Nick and Joby Pritzker through their family’s firm, Tao Invest, validating the mass-market opportunity and global appeal of the CrossBar technology.
With a simple three-layer structure, CrossBar Resistive RAM (ReRAM) technology can be stacked in 3D, making it possible to store terabytes of data on a single postage-stamp sized chip. Its simplicity, stackability and CMOS compatibility enable logic and memory to be easily integrated onto a single chip at the latest technology node, making it ideal for embedded memory applications as well.
“The response to CrossBar’s ReRAM technology has been truly overwhelming and we are now actively engaged in discussions with some of the leaders in the electronics and semiconductor markets,” said George Minassian, CEO, CrossBar Inc. “Our CrossBar team consists of some of the best and brightest minds in the memory industry and our investors are among the most respected. With this latest round of funding we can further accelerate our market momentum, and more rapidly bring our technology to market.”
Since emerging from stealth-mode in August 2013, CrossBar has continued to execute against its aggressive technology milestones in preparation for the first wave of commercialization of its technology. The company has demonstrated a 1 Megabyte (MB) storage device for embedded code applications, validating CrossBar’s ReRAM technology is ready for production with promising yields and performance measures. The company is finalizing agreements with several leading international semiconductor companies and plans to announce its first licensing agreements with several customers later this year.
CrossBar’s Series C financing closed on March 4, 2014 and brings the total raised to $50 million. The company plans to use the funds to complete manufacturing and licensing operations.
“In a very short time CrossBar’s team has already overcome some of the most complex technical hurdles to ready a brand new non-volatile memory technology for mass production,” said Tim Wilson, managing director at Artiman Ventures.
“With this new round of funding, they will further accelerate their momentum as they endeavor to forever change the landscape of Flash memory and data storage.”
“The continued success of CrossBar clearly validates the significant potential we saw in the University of Michigan’s early research,” said Wen Hsieh, partner at Kleiner Perkins Caufield & Byers. “From day one, we firmly believed that this technology could deliver transformative performance and storage capacity that would usher in a new generation of mobile, consumer electronics, enterprise storage and industrial applications.”
- Artiman Ventures
- Correlation Ventures
- Kleiner Perkins Caufield & Byers
- Korea Investment Partners
- Northern Light Venture Capital
- SAIF Partners
- Tao Invest
- University of Michigan
About CrossBar, Inc.
Founded in 2010 as a Kleiner Perkins Caufield & Byers incubation, CrossBar, a start-up based in Santa Clara, California, is the inventor of a new class of non-volatile ReRAM memory technology. Designed to usher in a new era of electronics innovation, CrossBar will deliver up to a terabyte (TB) of storage on a single-chip the size of a postage stamp, with very low power, very high performance and compatibility with standard CMOS semiconductor manufacturing processes. As the exclusive holder of resistive RAM (ReRAM) patents from the University of Michigan, CrossBar has filed 110 unique patents, with 45 already issued, relating to the development, commercialization and manufacturing of ReRAM technology and is backed by some of the world’s leading venture capital firms. For more information, visit www.crossbar-inc.com or follow us on Twitter, Linkedin and Google+ .
CrossBar Media Contact:
- Tanis Communications, Inc.
- Kelly Karr, +1 408-718-9350
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