USB2.0 OTG PHY supporting UTMI+ level 3 interface - 28HK/55LL
Crocus Technology attracts $21M (19M Euros) in financing
The new round will support Crocus’ further growth of its magnetic sensor business line
Santa Clara, California, June 16, 2015 - Crocus Technology, the supplier of magnetic sensors and embedded memory solutions designed with Magnetic Logic Unit™ (MLU) technology, today announces it has secured $21M (€19M) in funding. All of Crocus’ historical French and international investors participated in the round, cementing their solidarity and long-term commitment: NanoDimension, Innovation Capital, IdInvest Partners, Ventech, Sofinnova, CEA Investissement, Rusnano and Industrial Investor Group. Kreos Capital also backed the round because of Crocus’ strong prospects. It is the second time that this growth debt provider has helped finance Crocus’ MLU strategy.
The upswing in prospects stems from the important performance advantages that Crocus’ proprietary MLU technology, a disruptive CMOS-based rugged magnetic technology, brings to its magnetic sensors. Crocus’ magnetic sensors have significant attributes that support applications where high sensitivity, high temperature, low noise and low cost are key, such as smart metering, power management and solutions for IoT (Internet of Things).
Crocus began producing MLU-based magnetic sensors in mid-2014. Since then, the business line has experienced a sizeable increase in its global customer base, upwards of 250 new customers. The company aims to further develop its sensor business line to address a global market expected to grow from $1.48 billion in 2014 to $1.87 billion by 2018 (IHS Technology, Magnetic Sensor Market Tracker 2015).
The new capital will enable Crocus to:
- Deploy the strategy for its sensor product line in the key target markets: industrial, consumer electronics, automotive and solutions for IoT
- Strengthen its commercial resources, including finalizing a distribution network in Asia and reinforcing the support team
- Develop new designs to enrich the product portfolio with integrated sensor and smart sensor applications
“This funding is a testament to the trust our shareholders hold in the vast potential of our MLU technology and its ability to satisfy the demands of the sensor market,” said Michel Desbard, CEO of Crocus Technology. “For the last few months, the team has made a very big push to raise important customer interest in our sensors. This effort is paying off. The sensor business line is taking off with a growing pipeline. We are planning for a first break-even quarter in Q1 2016.”
Founded in 2004, Crocus has raised $194M (€180.3M) to date. Michel Desbard, who has served as Crocus’ shareholder representative for Innovation Capital for eight years, took over the role of CEO of Crocus Technology in November 2014.
About Crocus Technology S.A.
Crocus Technology develops and supplies magnetic sensors and embedded memory solutions designed with Magnetic Logic Unit™ (MLU) technology.
Due to its proprietary MLU technology, Crocus’ magnetic sensors bring significant advantages to industrial, consumer electronics and automotive applications requiring high sensitivity, high temperature, low-noise and low-cost. MLU’s distinguishing properties for enabling speed and endurance afford new levels of robustness to Crocus’ embedded memory solutions aimed at the IoT and security applications. Crocus is headquartered in Santa Clara, California, and has offices in Grenoble and Rousset, France. It co-owns Crocus Nano Electronics, a Russian-based advanced magnetic semiconductor manufacturing facility.
For more information: www.crocus- technology.com
|
Related News
- Crocus Technology Strikes $300 Million Financing Deal with RUSNANO to Build Advanced MRAM Manufacturing Facility in Russia
- Crocus Technology, a company focusing on Magnetic Random Access Memories (MRAM), Raises $17 Million in a Series A Round of Financing
- Qualinx's Series A Financing for All-Digital GNSS IoT Wireless Technology Hits $20 Million
- SPARK Microsystems Announces CDN$48 Million Financing Led by Idealist Capital
- VSORA Secures $4.2 Million in Financing from Otium Capital, Angel Investors
Breaking News
- Logic Design Solutions launches Gen4 NVMe host IP
- ULYSS1, Microcontroller (MCU) for Automotive market, designed by Cortus is available
- M31 is partnering with Taiwan Cooperative Bank to launch an Employee Stock Ownership Trust to strengthen talent retention
- Sondrel announces CEO transition to lead next phase of growth
- JEDEC Publishes LPDDR5 CAMM2 Connector Performance Standard
Most Popular
- Arm's power play will backfire
- Alphawave Semi Selected for AI Innovation Research Grant from UK Government's Advanced Research + Invention Agency
- Secure-IC obtains the first worldwide CAVP Certification of Post-Quantum Cryptography algorithms, tested by SERMA Safety & Security
- Weebit Nano continuing to make progress with potential customers and qualifying its technology Moving closer to finalisation of licensing agreements Q1 FY25 Quarterly Activities Report
- PUFsecurity Collaborate with Arm on PSA Certified RoT Component Level 3 Certification for its Crypto Coprocessor to Provide Robust Security Subsystem Essential for the AIoT era
E-mail This Article | Printer-Friendly Page |