Nanochip secures $10 million in series C Funding
Nanochip, Inc. has announced that it has secured $10 million of a $15 million Series C financing round. The funding was lead by Intel Capital, a new Nanochip investor. Five million dollars of additional funding in this round is being left open for other interested investors.
Nanochip is developing a new class of ultra-high-capacity MEMS-based storage chips. These new chips with bit-densities enabling the storage of tens of gigabytes per chip or the equivalent of many high-definition feature-length videos use a nano-probe array technology.
"This investment lead by Intel Capital will help Nanochip execute its vision to bring the benefits of MEMS-ultra high capacity memory to a variety of consumer applications said Gordon Knight, Ph.D., president and chief executive officer of Nanochip. "We look forward to working closely with Intel on the development of these very high capacity storage chip products."
"Consumer applications such as digital photography, music and video are opportunities where MEMS-based ultra-high capacity memory can deliver advantages over traditional memory devices." said Keith Larson, director of Manufacturing, Memory and Digital Health sectors for Intel Capital.
