Weebit Nano secures $40m to accelerate development and commercial roll-out of its ReRAM
Weebit Nano announces the completion of a $40 million fund raising 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 capitalize on the significant opportunities within the Non-Volatile Memory (NVM) market as the company progresses its commercialisation strategy with leading foundries, integrated device manufacturers (IDMs) and potential customers. Weebit’s proven embedded ReRAM technology is first available in US fab SkyWater Technology’s 130nm process, which is ideal for IoT, medical and aerospace applications.
Commenting on the successful fund raise, Weebit Nano CEO Coby Hanoch said: “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 first ReRAM product is now available to customers through SkyWater Technology, and we are in advanced discussions with many leading fabs and integrated device manufacturers. Funds raised, combined with our strong balance sheet of approximately $31 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 capitalize 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.”