DorsaVi (ASX:DVL) has secured two pieces of semiconductor IP (Intellectual Property) in the last 10 months. First, it acquired Resistive Random Access Memory (ReRAM or RRAM) IP from Nanyang Technological University (NTU) in June 2025. The company then expanded its IP portfolio in November 2025 with the acquisition of neuromorphic processing in‑memory (PIM) IP from Technion in Israel. With these assets, DorsaVi is now jointly developing this IP further with NTU in Singapore and ITRI, Taiwan’s leading applied technology research institute and a key contributor to the country’s semiconductor ecosystem.

The objective of these collaborations is to accelerate integration of DorsaVi’s IP into mainstream semiconductor manufacturing workflows, focused on advancing its ReRAM platform from the demonstrated 40nm node to the more advanced 22nm node. Progressing to 22nm is not just a scaling upgrade, it is a credibility and compatibility step that supports eventual integration into standard foundry processes used by tier one manufacturers, such as TSMC.

The markets are growing with a double tailwind

The addressable market for both technologies is expanding rapidly. On the neuromorphic side, the market is expected to scale meaningfully this decade, with estimates from IBM pointing to growth from roughly US$5.3 billion in 2023 to about US$20.3 billion by 2030. In parallel, non‑volatile embedded memory (NVM) is becoming increasingly important as more computing shifts to the “edge” and devices need local storage that is fast, persistent and energy efficient. On current industry forecasts, the embedded emerging NVM market is estimated at ~US$142 million in 2024, with ReRAM representing ~27% of that total. By 2030, the same market is forecast to reach ~US$3.26 billion, with ReRAM’s share rising to ~53% as adoption broadens and the technology captures more of the embedded NVM mix.

Sum‑of‑the‑Parts valuation of $0.22 per share.

Over the next 12 months, DorsaVi has a de‑risking milestone pathway to transition its 40nm ReRAM process‑in‑memory architecture to a more advanced 22nm node, targeting materially improved performance. We view the collaboration with Nanyang and ITRI, two tier‑1 research institutes supporting integration and manufacturing, as a credible step that improves execution confidence. We continue to value DorsaVi using our Sum‑of‑the‑Parts approach, valuing the Sensor business at A$0.13 per share on a 12‑month horizon and the ReRAM business at A$0.09 per share. This implies a total valuation of A$0.22 per share.