University College London spinout Intrinsic Semiconductor Technologies has secured £7m in an Octopus Ventures-led round create faster computer memory technology.
Intrinsic is based on over 10 years of research carried out by Professor Tony Kenyon, Dr Adnan Mehonic and Dr Wing Ng at University College London on non-volatile memory, which uses resistive random-access memory, or RRAM.
“We believe RRAM has the potential to become the backbone for the next generation of edge and IoT computers at a time when data-hungry intelligent applications are becoming more and more prevalent,” said Mark Dickinson, CEO, Intrinsic Semiconductor Technologies.
Founded in 2017, Intrinsic says its silicon-oxide RRAM memory can achieve read speeds of up to 100x and write speeds 1,000x faster, while coming in at a lower cost.
Octopus was joined in the spinout funding round by IP Group, University College London’s Technology Fund and £1m in Innovate UK grants.
Owen Metters, deep tech investor at Octopus Ventures, said: “Memory technology has struggled to keep pace with processor innovation in the last decade, but Intrinsic’s technology has the potential to unlock currently inaccessible functionality in a wide range of applications.”
The £7m invested in Intrinsic will allow it to grow its team of engineers and develop its memory tech.