Freescale has joined with several venture capital firms to form an independent company focused on MRAM (Magnetoresistive Random Access Memory). The new company, EverSpin Technologies, will continue to deliver and expand its current portfolio of standalone MRAM and related magnetic-based products. Freescale will transfer the MRAM technology, related intellectual property and products to EverSpin Technologies and will retain an equity position in the new venture. Freescale will continue to develop embedded products based on EverSpin's MRAM technology. EverSpin is backed by venture firms New Venture Partners, Sigma Partners, Lux Capital, Draper Fisher Jurvetson and Epic Ventures. EverSpin Technologies will take ownership of the MRAM manufacturing assets and will be based in Chandler, Arizona. The company will continue to supply products to Freescale's existing standalone MRAM customers.