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Freescale has said that its MRAM (Magnetoresistive Random Access Memory) technology, manufacturing and IP have been transferred to a new company, EverSpin Technologies, backed by a group of venture firms. Freescale will hold a share in the company but has not revealed its actual stake. The move was touted by Freescale as the best way forward to see a faster adoption of the technology in the multiple markets to which the technology could be applied.

“MRAM technology is a differentiating technology with numerous applications across the semiconductor market in standalone memory and embedded products,” said Lisa Su, Senior Vice President and Chief Technology Officer for Freescale Semiconductor. “The decision to form a new company is intended to accelerate the adoption of MRAM across the entire suite of new applications.”

“Current Freescale MRAM products have strong traction in the market and Freescale has recognized that the business opportunity will increase with a focused, independent company,” said Steve Socolof, Managing Partner of New Venture Partners LLC. “The unique performance characteristics and superior reliability of Freescale's MRAM products makes EverSpin an excellent investment opportunity. We are pleased to partner with Freescale to provide the support and resources needed to expand EverSpin's product portfolio and its technology roadmap.”

EverSpin is being backed by venture firms New Venture Partners, Sigma Partners, Lux Capital, Draper Fisher Jurvetson and Epic Ventures.