Memory innovator Intrinsic Semiconductor Technologies Ltd has closed a £1.35m seed funding round led by investors UCL Technology Fund and IP Group plc.

The funding will enable Intrinsic to disrupt the $60bn non-volatile memory market by partnering with leading semiconductor research foundry, imec in Belgium, to develop prototypes of its proprietary non-volatile memory devices using industry standard ‘complementary metal oxide semiconductor' (CMOS) processing on 300mm silicon wafers.