Unity Semiconductor raises $22 Million in series C financing
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Unity Semiconductor raises $22 Million in series C financing
California: Unity Semiconductor, a designer and developer of non-volatile storage class memory products, has closed its series C round of financing, raising $22 million. The investment round was led by August Capital, Lightspeed Venture Partners, Morgenthaler Ventures and a hard- disk drive (HDD) manufacturer - all are existing investors of the company. The latest round has brought the total funding in Unity Semiconductor to around $75 Million till date. Founded in 2002 by Darrell Rinerson, a former executive at memory leader Micron Technology, with an objective to have the smallest 'die-size and the lowest manufacturing cost per bit' for its targeted market.Unity Semiconductor plans to achieve its product's cost objective by using innovative, multi-layer memory array architecture and a new breakthrough memory cell technology called CMOxTM. The technology is based on ionic motion through combinations of certain conductive metal oxide materials. "The funding will be used to completing the development of CMOxTM, Unity's proprietary next-generation non-volatile memory technology, and integrating it into a high volume memory manufacturing process," said Rinerson, Chairman, CEO and President of Unity Semiconductor. Unity believes the total accessible market for its storage class non-volatile memory products will be approximately $15 billion in 2010 and will grow to more than $25 billion by 2013.

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