Weebit Nano Ltd (ASX: WBT) reported the following update to the Australian Stock Exchange for the quarter ending 31 March 2018. 
 
Successfully scaled up to 4Kb array 40nm working cells 

During the quarter Weebit Nano reported the successful characterisation results on its first 4Kb array wafers on 40nm memory size, which demonstrated a capability of more than 99 per cent working cells inside an array – similar to that of flash memories currently in production. 
 
The significance of this result is that it means Weebit Nano’s ReRAM memory technology can successfully scale up its capacity. The next major milestone is further scaling up the memory arrays to 1Mb working cells, which is at or beyond the memory capacity of most memories currently being used in the embedded memory market. 
 
Weebit Nano is on track to achieve this next milestone by mid-2018. At that point Weebit Nano will be the only ReRAM memory technology company using silicon oxide to have achieved this capacity level.   
 
Strengthening of Board and senior management 

In February, Dr Yoav Nissan-Cohen joined the Board as an Executive Director. Dr Yoav brings a deep understanding of memory technology and extensive executive leadership, with a career that covers nearly 40 years of scientific research, technology development, and executive management in the “High Tech” industry. 
 
He started his career as a research scientist in GE’s R&D center in New York where he studied the use of silicon dioxide in semiconductor memory devices. He then led the spin-out of National Semiconductor’s fabrication, creating Tower Semiconductor, where he was CEO for nine years. Tower Semiconductor is a Nasdaq-listed, global specialty semiconductor foundry leader, with a market cap of US$3.4 billion.

Dr Yoav will bring expert counsel to the company on both technical and operational matters.
 
In March, Mr Fred Bart joined the Board as a Non-Executive Director, following Mr Ananda Kathiravelu’s retirement. Mr Bart provides a deep understanding of developing collaborative partnerships and alliances and scaling up advanced technology for wide-use adoption. 
 
Mr Bart’s career spans more than 40 years in Australia and overseas. He has been Chairman, NonExecutive Director and strategic investor of numerous public and private companies since 1980 in the manufacturing, biotechnology, immunotherapy research, audio and digital speakers, defence, aerospace and hi-tech sectors. He maintains a diversified portfolio of interests in public and private businesses, and is currently Chairman of three companies – Electro Optics System (ASX: EOS), Audio Pixels Holdings Limited (ASX: AKP), and Immunovative Therapies Limited.
 
The appointments of Dr Yoav and Mr Bart significantly strengthen Weebit’s Board and management, which is very well placed to drive the Company forward.

Announced as a finalist in 2018 Red Herring Top 100 Europe Awards

Post quarter-end, Weebit was selected as a finalist for the 2018 Red Herring Top 100 Europe award, a prestigious list honouring the year’s most promising technology ventures from the European business region.
 
The Red Herring editorial team selected the most innovative companies from a pool of more than 1200 companies from across Europe. The nominees were evaluated on 20 quantitative and qualitative criteria, which included disruptive impact, market footprint, proof of concept, financial performance, technology innovation, social value, quality of management, execution of strategy, and integration into their respective industries.
 
Looking ahead

Over the next few months, Weebit Nano will maintain its focus on the extensive characterisation of its 40nm SiOx ReRAM cells performance, with the near-term goal of achieving a 40nm 1Mb array by mid-2018. In addition, endurance and retention rates will continue to be improved to ensure performance beyond industry requirements. 
 
Discussions with potential strategic partners and collaborations will continue with the aim of signing the Company’s first cooperation agreement with a key industry player by the end of the calendar year.

About Weebit Nano Limited
 
Weebit Nano is a leader in the development of next generation computer memory storage, and plans to become the new industry standard in this space. Its goal is to address the growing need for a significantly higher performance and lower power data storage technology. Weebit Nano’s ReRAM technology is based on fabfriendly Silicon Oxide, allowing the company to rapidly execute, without the need for special equipment or preparations. The Company secured several patents to ensure optimal commercial and legal protection for its ground-breaking technology.
 
Weebit Nano’s technology enables a quantum leap, allowing semiconductor memory elements to be significantly cheaper, faster, more reliable and more energy efficient than the existing Flash technology. Weebit Nano has signed an R&D agreement with Leti, an R&D institute that specialises in nanotechnologies, to further develop SiOx ReRAM technology.