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Electronics Production | June 09, 2008

Freescale launches independent company for MRAM technology

Freescale Semiconductor has joined with several other venture capital firms to form an independent company focused on MRAM (Magnetoresistive Random Access Memory). The new company, EverSpin Technologies, will continue to deliver and expand its current portfolio of standalone MRAM and related magnetic-based products.
Freescale will transfer the MRAM technology, related intellectual property and products to EverSpin Technologies and will retain an equity position in the new venture. Freescale will continue to develop embedded products based on EverSpin’s MRAM technology. EverSpin is backed by venture firms New Venture Partners, Sigma Partners, Lux Capital, Draper Fisher Jurvetson and Epic Ventures.

“MRAM technology is a differentiating technology with numerous applications across the semiconductor market in standalone memory and embedded products,” said Lisa Su, senior vice president and chief technology officer for Freescale Semiconductor. “The decision to form a new company is intended to accelerate the adoption of MRAM across the entire suite of new applications.”

“Current Freescale MRAM products have strong traction in the market and Freescale has recognized that the business opportunity will increase with a focused, independent company,” said Steve Socolof, managing partner of New Venture Partners LLC.

As part of the agreement, EverSpin Technologies will take ownership of the MRAM manufacturing assets and will be based in Chandler, Arizona. EverSpin will continue to supply products to Freescale’s existing standalone MRAM customers. In addition, EverSpin will be a supplier to Freescale of MRAM technology for use in Freescale’s embedded products.

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