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Crocus secures series D funding
Crocus Technology has raised EUR 34 million (USD 45 million) in additional capital.
A new private investor, Industrial Investors, joined the round led by Idinvest Partners. Major investors Sofinnova Ventures, Innovation Capital, Nanodimension and Ventech participated, underscoring seven years’ support. Rusnano also took part.
The new funding enables Crocus to:
- Significantly ramp up manufacturing at TowerJazz Semiconductors
- Qualify its jointly owned fab, Crocus Nano Electronics, and release the first engineering wafers during the summer
- Together with its partner IBM, accelerate the development of Generation 3 technology for Crocus’ secure microcontrollers. These secure microcontrollers will target primarily high-end smart cards, a market that reached 7.9 billion units in 2012 (ABI Research, May 2013). Crocus is positioning to capture 30 per cent of this market by bringing smart card makers new enhanced-performance features at lower cost.
- Launch a magnetic sensor product line, which leverages the same Magnetic Logic Unit(TM) (MLU) manufacturing platform technology, in a market expected to reach the USD 2 billion per year mark in the near term.