Intrinsic Semiconductor Technologies, the next generation memory technology company, has announced it has secured £7m in a funding round led by Octopus Ventures and supported by existing investors UCLTF and IP Group as well as £1m in Innovate UK grants. The new funding will support the expansion of its engineering team to bring its product to market and enable a new generation of smart devices and self-contained systems with embedded intelligence.
In 2021, Intrinsic raised £1.35m in a seed funding round led by UCL Technology Fund and IP Group. The money allowed Intrinsic to engage with imec so as to develop prototypes of its proprietary NVM devices.
Apoorva Srikkanth, Business Manager at UCLB, said: “The Series A funding represents a major milestone for Intrinsic and can help the company expand their engineering team to unlock the full potential of their non-volatile memory technology and bring to market a new generation of devices with embedded intelligence. Founded in 2017, Intrinsic is built on the cutting-edge research of Professor Tony Kenyon and Dr Adnan Mehonic from UCL’s Electronic and Electrical Engineering department and has benefitted from the early support of UCL Business that helped position Intrinsic for continued growth and success.”
Read the full story from Intrinsic.