NY Times writes: "Freescale Semiconductor, the chip manufacturer taken private in 2006, is expected to announce Monday that it will join with several venture capital firms to spin off a unit that focuses on a newer kind of computer memory.

The new entity, EverSpin Technologies, comes as Freescale seeks to pare its product line.

Freescale will give its portfolio of a memory technology called MRAM to EverSpin and hold a stake in the new company, the companies involved said. A group of outside firms, including New Venture Partners, Sigma Partners, Lux Capital, Draper Fisher Jurvetson and Epic Ventures, will invest a total of about $20 million, they said.

MRAM, which stands for magnetoresistive random access memory and has been in development since the 1990s, is intended to improve on current memory technology because it uses less power than conventional designs and is considered more stable. But it is not widely used yet."