Hod Hasharon (near Tel Aviv)-based Weebit Nano, which is developing a new type of non-volatile ReRAM technology, has raised $4.5 US million through a private allotment of shares on the Australian Securities Exchange (ASX). At the moment, the company is trying to raise an additional $0.5 AUD million through a public offering. Weebit Nano’s CEO, Coby Hanoch, told Techtime that this financial round ,”Will allow us to move towards commercialization, and hopefully, within a year we’ll already be engaging in serious interactions with potential customers.”

According to the report supplied by the company to the ASX, about half of the money raised will be allocated for the development of a dedicated module for embedded systems, the company’s first target market for its ReRAM technology. “Our technology has already been proven and tested by customers. We are now developing a specific module of the memory, in order to make it suitable for the embedded systems market.”

The Best of all Possible Worlds

Approximately 20% of the amount will be allocated for the development of a component called ‘Selector’, which is designed to minimize leakage currents between the memory cells, and about 15% for transferring the technology for production at standard Fab manufacturing facilities. Weebit Nano is developing a new Resistive Random Access Memory (ReRAM), based on the use of materials that change their electrical resistance in response to electrical voltage, thus “remembering” the voltage levels after they are disconnected from the power source.

It combines the non-volatility of flash memory with the fast, low-power, and long life cycle of the volatile DRAM memory technologies. The company estimates that its prototype is 1,000 times faster and uses 1,000 times less power than flash memory, traits which make him perfect candidate for IoT, artificial intelligence, information centers and more.

Lately, Weebit Nano announced first commercial collaborations, both with the Chinese semiconductors companies, XTX and SiEn. Together, they will examine the integration of the Weebit Nano’s memory component into their’ products. “China is the largest chip consumer in the world, and is determined to build an independent semiconductors industry,” said Hanoch.