Crocus Technology Raises $35M in Financing
Final round of financing to fuel Crocus' rapidly growing TMR magnetic sensor business
SANTA CLARA, Calif., April 25, 2018 (GLOBE NEWSWIRE) -- Crocus Technology, a leading supplier of disruptive Tunnel Magneto-Resistance (TMR) sensors, today announces it has secured $35M in funding through a combination of debt and equity from internal investors and external sources. The funding will enable Crocus Technology to accelerate its revenue growth by expanding its operations and go-to-market resources and by investing in the continuous development of innovative products to serve the demand of existing and emerging markets.
Crocus' proprietary MLU(TM) technology enables its TMR sensor products to have high magnetic sensitivity with minimal variation over a wide temperature range, coupled with ultra-low power consumption, which makes them ideal sensing solutions for IoT, mobile, automotive, medical and industrial applications. Crocus' TMR integrated sensor products are embedded within a CMOS process providing a monolithic cost-effective solution and ensuring greater reliability and ruggedness.
The worldwide market for magnetic sensors is expected to grow at 8.77% CAGR from 2017 to 2023, with revenues expected to reach $5.37 billion USD in 2023. "The magnetic sensor market is continuing to experience growth in all segments with automotive, industrial, medical and consumer applications leading the way," said Sachin Garg, Senior Analyst, MarketsandMarkets. "In particular, TMR sensors are slated to grow at a 9.41% CAGR over the next 5 years as their performance advantages offer greater value solution in OEMs' end-products over older magnetic technologies and products."
The capital infusion will enable Crocus to:
- Expand its commercial team to further drive revenue growth worldwide
- Develop new products to expand its product portfolio and create solutions that enable new markets and applications; and
- Extend its patent portfolio to solidify its leadership in TMR technology.
"This final round of $35M will help position Crocus to better support its rapidly growing magnetic sensor business," said Michel Desbard, CEO of Crocus Technology. "In the past year, the team at Crocus has made significant progress on all fronts of the business and is ready to accelerate revenue growth and reach profitability by the end of this year."
About Crocus Technology
Crocus Technology develops and supplies magnetic sensors and embedded memory solutions based on its patented TMR sensor technology, the Magnetic Logic Unit(TM) (MLU(TM)). Crocus' magnetic sensors bring significant advantages to industrial and consumer electronic applications requiring high sensitivity, stable temperature performance, low power and low cost. Crocus is headquartered in Santa Clara, California and has offices in Grenoble, France and Beijing and Shenzhen, China. For more information, please visit http://www.crocus-technology.com.
This press release contains projections and other forward-looking statements regarding future events or our future financial performance. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.
© 2018 Crocus Technology International Corp. All rights reserved. Crocus Technology, MLU, and combinations thereof are trademarks of Crocus Technology Inc. and Crocus Technology SA. Other names are for informational purposes only and may be trademarks of their respective owners
For more information, please contact:
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Crocus Technology via Globenewswire
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