Weebit Nano Ltd (ASX:WBT) has successfully raised $2.5 million at $0.015 per share via an oversubscribed share placement to professional and sophisticated investors.
The Israel based company’s data storage technology works at lower operating voltages, allowing semiconductor memory elements to be more reliable and energy efficient than flash technology.
Importantly, the use of silicon oxide material allows Weebit to move to commercialisation quicker and cost-effectively compared to other technologies that require retooling of fabrication plants.
Weebit has secured several patents to ensure optimal commercial and legal protection for its ground-breaking technology.
The company had earlier signed an agreement with Leti, an R&D institute that specialises in nanotechnologies, to further develop its SiOx ReRAM technology.
The company is on track to achieve the 40 nanometer milestone by the end of the calendar year and should begin scaling up the capacity of its cells towards mega bit array blocks.
Weebit plans to tap the ever-growing memory storage market that is estimated to be worth over US$40 billion.
The company is well funded for the next 12 months to move towards its commercialisation goals.