Everspin Technologies names new CEO to guide memory chip business

February 4, 2009 | Dean Takahashi | Comments | |

Everspin Technologies, the maker of a new kind of memory chip, has named chip veteran Aurangzeb Khan as chief executive.

The Chandler, Ariz.-based company designs magnetic random access memory chips, which use magnets to store data. The company started researching the MRAM technology some years ago as part of Motorola, which then spun out all of its chip operations as Freescale Semiconductor in 2004. Everpspin then spun out of Freescale the middle of last year.

The company shipped its first MRAM chips in 2006. Now it has more than 50 products and is shipping to customers in the storage, industrial automation, gaming, energy management, communications, consumer, transportation and avionics markets.

Khan said the company is expanding its product line and growing revenues in a broad range of markets. The chips are being used as stand-alone memory chips as well as being integrated into other electronics. It’s a tough time to be in the cut-throat memory chip business as prices drop. German chip maker Qimonda just filed for bankruptcy protection. But Everspin is in a pretty unique and differentiated space.

Khan previously co-founded Altius Solutions, which was acquired by Simplex Solutions. He also served as an executive at Cadence Design Systems. Everspin’s backers include New Venture Partners, Sigma Partners, Lux Capital, Draper Fisher Jurvetson, and Epic Ventures. The company has raised $20 million.

Saied Tehrani was previously running the company. He will be chief operating officer. The company has 55 employees. Everspin is the only company with MRAM chips in the market. Others working on it include Toshiba, IBM, Samsung and NEC.

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About the Author, Dean Takahashi

Dean is lead writer for GamesBeat at VentureBeat. He covers video games, security, chips and a variety of other subjects. Dean previously worked at the San Jose Mercury News, the Wall Street Journal, the Red Herring, the Los Angeles Times, the Orange County Register and the Dallas Times Herald. He is the author of two books, Opening the Xbox and the Xbox 360 Uncloaked. Follow him on Twitter at @deantak, and follow VentureBeat on Twitter at @venturebeat.