Weebit Nano Ltd reports that it has raised approximately US$40 million (€36.18 million) (AU$60 million) in new funding through the placements of 12 million new shares to international institutional investors, as well as an oversubscribed share purchase plan (SPP) to existing shareholders.
Proceeds will fund further development and commercial roll-out of Weebit resistive random access memory (ReRAM) technology in both the embedded and discrete markets. It will also enable Weebit to capitalise on what it describes as “significant opportunities” within the Non-Volatile Memory (NVM) market as the company progresses its commercialisation strategy with foundries, integrated device manufacturers (IDMs) and potential customers. Weebit’s proven, embedded ReRAM technology is available in U.S. SkyWater Technology’s 130nm process, which is claimed to be ideal for Internet of Things (IoT), medical and aerospace applications.
Weebit Nano CEO, Coby Hanoch says, “The strong level of support shown by new and existing institutional investors from around the globe reflects our technical progress over the past year and the significant market opportunities for our proven memory technology. We are delighted to welcome new institutional investors to our register, and take great pride that these experienced technology investors are supporting Weebit’s ground-breaking technology.
“Our ReRAM product is now available to customers through SkyWater Technology, and we are in advanced discussions with many device manufacturers. Funds raised, combined with our strong balance sheet of approximately US$31 million (€28.04 million) cash at the end of December 2022, ensure we are well placed to transfer and qualify our ReRAM technology in Tier-1 fabs and foundries to capitalise on the growing global need for better performing memory technology. Our ReRAM has already demonstrated it is able to scale to smaller geometries for advanced applications, and has significant competitive advantages over other existing and emerging memory technologies.”
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