Intel-backed storage firm nabs funding

April 20, 2006 – Nanochip Inc., a developer of MEMS-based data storage chips, has secured $10 million of a $15 million Series C round of funding, led by Intel Capital and Series B lead investor JK$B Capital. Funds will be used for ongoing R&D and to push toward commercialization of the company’s first storage products.

The startup is developing ultrahigh-capacity MEMS-based storage chips, with bit densities enabling storage of tens of GB/chip, using a nanoprobe array. It aims to develop a line of removable, rewritable data storage products for consumer electronics applications with data storage capacities far exceeding current limitations of NAND flash memories and microsized hard disk drives. Nanochip has applied for more than 20 patents in the last two years.

“Consumer applications such as digital photography, music and video are opportunities where MEMS-based ultra-high-capacity memory can deliver unique advantages over traditional memory devices,” stated Keith Larson, director of manufacturing, memory and digital health sectors for Intel Capital.


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