Thursday, 04 August 2016 03:07

Weebit Nano debuts on ASX, claims its technology will make flash memory ‘obsolete’

Weebit Nano investor, Professor James Tour Weebit Nano investor, Professor James Tour

Small cap company, Weebit Nano, the company behind what it says will be the next-generation of technology to replace "Flash" memory, listed on the ASX on Wednesday with a market value of $26 million.

Weebit (ASX:WBT), the Israeli-based company with high profile ex-Intel executive David Perlmutter appointed chairman in May, debuted on the ASX after a $5.04 million capital raising  and completion of its reverse takeover of Perth-based iron ore exploration company, Radar Iron.

According to Tel Aviv-based chief executive Yossi Keret, Weebit is taking on the issue of world memory storage use growing exponentially or the so-called "Datageddon" and current technology being constrained by certain limitations.

To tackle this problem, Weebit is developing technology it hopes will supersede Flash memory (the memory in modern smartphones and laptops) and revolutionise the data storage industry.

Weebit is doing further work on the new silicon oxide Resistive Random Access Memory technology developed by its chief scientific adviser, Professor James Tour, with expectations of showing a commercially viable product within 18 months.

The technology is considered to be essential in coming years as new applications and devices will require reduced physical size with a significantly expanded data storage capacity.

Professor Tour said the iPhone has a maximum capacity of 128GB and claims Weebit's technology will “enable smartphones to have capacities of 10 times that in the first generation, and more to follow”. “Even data centres will benefit, especially in terms of cost savings and lower power usage per bit of information stored, and that is a major concern for cloud storage centres which consume huge amounts of electricity, often needing their own power companies to serve them," he said.

Funds raised from the capital raising will go towards research, development and fabrication of the Weebit technology, sales and marketing, business development, and expenses associated with the acquisition of Radar Iron.

Weebit conducted a roadshow in Hong Kong, Sydney, Melbourne and Perth in late April/early May to raise capital to fund product development and commercialisation of the technology.

And, Weebit chairman Perlmutter, who left Intel in 2013 after 36 years with the global chip giant, was recently in Australia pitching his fund to Australian superannuation funds and wealthy investors, with the aim of raising $300 million to invest in high-tech Israeli startups.

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Peter Dinham

Peter Dinham - retired in 2020. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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