Crocus gets $21 million backing for sensor push
The company said the latest funds would be used to broaden its magnetic sensor line or products.
Crocus began producing MLU-based magnetic sensors in mid-2014 and since then has acquired more than 250 customers for them. The magnetic sensor market was worth $1.48 billion worldwide in 2014, according to IHS Technology. It is expected to rise to about $1.87 billion in 2018.
The latest finance will allow Crocus to develop sensor products for markets in the industrial, consumer, automotive sectors and in the Internet of Things. Michel Desbard, CEO of Crocus Technology said the company is planning for a break-even quarter in the first quarter of 2016
All of Crocus’ historical French and international investors participated in the round. These include: NanoDimension, Innovation Capital, IdInvest Partners, Ventech, Sofinnova, CEA Investissement, Rusnano and Industrial Investor Group.
Kreos Capital has loaned money to Crocus as part of the deal. This the second time that Kreos has helped with debt finance Crocus said.
Crocus has a background in multiple forms of magnetic switching. Its so-called Magnetic Logic Unit (MLU) is based on thermally-assisted magnetic tunneling junction (TAS-MTJ) technology. The MLU amplifier plus magnetic sensor – other wise known as the MLU-sensplifier, can be constructed as a drop-in replacement for established sensor types such as Hall, AMR and GMR sensors.
Crocus’ magnetic sensors can support applications where high sensitivity, high temperature operation, noise immunity and low cost are key, such as smart metering, power management and solutions for IoT.
Michel Desbard, who served as Crocus’ shareholder representative for Innovation Capital for eight years, took over as CEO of Crocus Technology in November 2014.
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