Spin Transfer Technologies Names Technology Industry Veteran Pete Magowan to the Board of Directors
February 17 2015 - 2:00AM
Business Wire
Spin Transfer Technologies, Inc. (STT), a leading developer of
breakthrough Orthogonal Spin Transfer Magneto-Resistive Random
Access Memory technology (OST-MRAM™), today announced that Pete
Magowan, a seasoned global technology executive and investor, has
joined the company’s board of directors.
Magowan has an extensive record of success leading the
marketing, strategic sales and business development of global
companies in the semiconductor industry. He led ARM Holdings plc
through its market entry into the mobile sector and also served as
one of its main board members. ARM’s microprocessors have become
the global standard for mobile devices and currently hold a
majority share of the wireless market. Magowan has also served as
General Partner at Alta Berkeley Venture Partners, a European early
stage venture capital firm, as well as Head of Moonray Energy, a
private investment vehicle for Fidelity International Ltd.
"Pete offers valuable industry experience in technology
licensing that will be instrumental to STT as the company grows, as
well as a deep understanding of how to support the development
needs of early stage companies. We are delighted to have him join
the board of directors,” said Barry Hoberman, Chief Executive
Officer of STT.
Since leaving ARM, Magowan has invested in or been a board
member of 12 technology boards and overseen multiple fundraising
efforts, IPOs and trade sales. Currently, he serves on the board of
Romax Technology Ltd. and as Chairman of Amantys Ltd. He received a
Bachelor of Science degree in electrical and electronic engineering
from the University of Manchester Institute of Science &
Technology and a Diploma in Marketing from the University of
Bristol Business School.
“In the semiconductor industry today, there’s an insatiable
demand for higher efficiency memory combined with lower power
consumption at reduced cost. Consumers are using and demanding more
of their storage solutions. STT is working on a revolutionary
solution to these demands, and it’s exciting to be involved with a
company at the cusp of this next wave of innovation,” said
Magowan.
STT’s patented OST-MRAM technology is a disruptive innovation in
the field of spin-transfer-based MRAM devices, enabling faster
switching speeds, lower power operation, reduced manufactured
device cost and scalability to smaller lithographic dimensions.
OST-MRAM’s application areas can potentially address large parts of
the semiconductor market – in particular, the standalone memory
markets and the embedded memory market in logic, microprocessors
and microcontrollers, and mixed-signal analog integrated
circuits.
Originally developed from research conducted in the laboratory
of Professor Andrew Kent at New York University, STT believes that
OST-MRAM has the potential to replace large segments of the Flash,
SRAM and DRAM markets, which the company estimates collectively had
a combined value in excess of $60 billion a year worldwide in
2014.
Based in Fremont, California, STT’s primary investors include
Allied Minds (LSE: ALM), Invesco Asset Management and Woodford
Investment Management. More information about the company can be
found at www.spintransfer.com.
About Spin Transfer Technologies
Spin Transfer Technologies, Inc. was established by Allied Minds
and New York University to develop and commercialize its Orthogonal
Spin Transfer Magneto-Resistive Random Access Memory technology,
OST-MRAM™. The technology, invented by Professor Andrew Kent, is a
disruptive innovation in the field of spin-transfer-based MRAM
devices, enabling faster switching times, lower power operation,
lower manufactured device cost, and scalability to smaller
lithographic dimensions. For more information, visit
www.spintransfer.com.
About Allied Minds
Allied Minds (LSE: ALM) is an innovative U.S. science and
technology development and commercialization company. Operating
since 2006, Allied Minds forms, funds, manages and builds products
and businesses based on innovative technologies developed at
leading U.S. universities and federal research institutions. Allied
Minds serves as a diversified holding company that supports its
businesses and product development with capital, central management
and shared services. More information about the Boston-based
company can be found at www.alliedminds.com.
Allied Minds Forward-Looking Statement
This press release contains statements that are or may be
forward-looking statements, including statements that relate to the
company’s future prospects, developments and strategies. The
forward-looking statements are based on current expectations and
are subject to known and unknown risks and uncertainties that could
cause actual results, performance and achievements to differ
materially from current expectations, including, but not limited
to, those risks and uncertainties described in the risk factors
included in the company’s regulatory filings. These forward-looking
statements are based on assumptions regarding the present and
future business strategies of the company and the environment in
which it will operate in the future. Each forward-looking statement
speaks only as at the date of this press release. Except as
required by law, regulatory requirement, the Listing Rules and the
Disclosure and Transparency Rules, neither the company nor any
other party intends to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise.
Media contact:ArcPoint Strategic CommunicationsChristine Dunn,
617-484-1660, x101cdunn@arcpointstrategy.com
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