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.
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.