London, UK -based Intrinsic Semiconductor Technologies raised EUR 7.9 million (GBP 7 million) in recent funding. The company announced the fundraise on March 13, 2023. Octopus Ventures led the financing for the company. Meanwhile, existing investors IP Group and the UCL Technology Fund, as well as InnovateUK grants, joined in the financing.
Purpose of investment for Intrisic
With the latest proceeds from the funding, Intrinsic seeks to expand the team. It also has plans to commercialise the product.
What the company’s official has to say
Mark Dickinson, CEO of Intrinsic Semiconductor Technologies, said, “We believe RRAM has the potential to become the backbone for the next generation of edge and IoT computers at a time when data-hungry intelligent applications are becoming more and more prevalent. Companies want to integrate more intelligence into self-contained applications and devices so that they can operate autonomously. However, this requires a paradigm shift in how memory is employed in these environments. By focussing on simplicity and manufacturability in our approach to RRAM, we will open up a whole new array of market opportunities, and this funding will play a critical role in helping us to attract highly skilled engineers to build out the commercial potential of Intrinsic.”
What the investors have to add
Owen Metters, Investor, Deep Tech, Octopus Ventures, said, “Intrinsic underlines the potential of the UK semiconductor industry to develop radically new solutions for the next generation of devices. Memory technology has struggled to keep pace with processor innovation in the last decade, but Intrinsic’s technology has the potential to unlock currently inaccessible functionality in a wide range of applications. It will be hugely exciting to work with the Intrinsic team as they commercialise the technology and expand into new markets.”
In addition, Lee Thornton, Partner, Deeptech, IP Group, said, “By solving the memory bottleneck, Intrinsic has achieved a major breakthrough for the use of non-volatile memory in single-chip computers. Being able to deliver orders of magnitude faster and with cheaper memory with lower energy consumption will make it possible to add intelligent capabilities even at the edge. Solving this memory issue is fundamental to the evolution of such applications.”
David Grimm, Investment Director of UCL Technology Fund, further commented, “Intrinsic is developing a great example of fundamental innovation with world-changing potential from UCL. The team now has the resources to prove the technology at cutting-edge node sizes across millions of devices. We’re very proud of this team and delighted to continue to back them!”
About the company
In 2017, Professor Tony Kenyon, Dr Adnan Mehonic and Dr Wing Ng launched the company. The company is a spin-off of University College London.
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