Chip firm raises €4m in funding

A DUBLIN-BASED company that develops memory chips has raised €4 million in funding from venture capital firms.

Magnetic Solutions, a semiconductor equipment manufacturer specialising in the development of equipment required in the processing of MRAM chips (a new non-volatile memory chip), raised the cash from Enterprise Ireland, ICC, Dermot Desmond’s IIU and the Guinness Ulster Bank Fund. They were joined by new investor Intel Capital, part of the world’s biggest semiconductor company, while ICC Venture Capital significantly increased its stake in the company.

The company said the €4m investment will be used to continue developing technology, expand the sales organisation and enhance customer service support.

Chief executive David Hurley said: “MRAM will be in production in 2004 and so our customers’ requirements for tools, performance and service support should increase significantly. This investment will help us to meet these expanded requirements.”