Crocus 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 t hat 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).