UCL Department of Electronic and Electrical Engineering


UCL spin-out receives mammoth funding

13 March 2023

UCL Electronic and Electrical Engineering’s Prof Tony Kenyon and Dr Adnan Mehonic's startup, ‘Intrinsic’, awarded £7 million funding.

The Intrinsic team pictured standing

Intrinsic Semiconductor Technologies Ltd (Intrinsic), first established to commercialise memristor technology, secured the funding from Octopus Ventures and supported by existing investors IP Group and the UCL Technology Fund plus £1m from Innovate UK.

The funding will support the expansion of the engineering team to bring smaller digital products to the market that support big brain functionality.

The technology Intrinsic provides a huge improvement to the power consumption and cost of future devices with its use of
resistive random-access memory (RRAM). The technology can read data 10x to 100x faster and write it 1000x faster than existing solutions and uses standard, frequently used materials, which are less complex or expensive compared to other RRAM solutions. 

On being awarded the funding, Prof. Tony Kenyon stated:

This is an exciting time for Intrinsic. Securing this Series A investment is validation that we have a memory technology that has huge commercial potential. Onwards and upwards!

Dr Adnan Mehonic stated:

Intrinsic was born from the research we conducted at the department over the last ten years. We are very grateful for the tremendous support from the department, faculty, UKRI and RAEng 

Intrinsic is a UCL spin-out founded in 2017 by UCL Electronic and Electrical Engineering’s Prof Tony Kenyon and Dr Adnan Mehonic to commercialise the novel memristive RRAM devices. Intrinsic’s silicon oxide (SiOx) memristor is changing what is possible with standard digital logic semiconductor devices. Integrating non-volatile memory will become quick and easy, and will offer huge speed and power benefits over current architectures. Intrinsic’s technology unlocks the potential to transform microcontrollers, edge computing, and hardware for AI.
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Additional links
Octopus Ventures
IP Group
UCL Technology Fund
Innovate UK