MRAM Developer Crocus Got $3 Million in Financial Funding

Crocus Technology, developer of Magnetic Random Access Memory (MRAM), announced that Holding Entreprises et Patrimoine, a French investment company, has made an initial investment into the company. The proceeds of Entreprises et Patrimoine’s 1.3 million Euros investment will be used to support Crocus’ development and market introduction of its first MRAM products.

Crocus simultaneously announced that manufacturing partner Tower Semiconductor has also made an equity investment of $1.25 million in the company. Taken together, both investments add more than $3 million to Crocus’ balance sheet.

"The attention and support of Entreprises et Patrimoine reaffirms our confidence in the production worthiness of our MRAM technology and in our understanding of the magnitude and characteristics of the MRAM market," said Jean-Pierre Braun, founder and CEO of Crocus Technology. "This is a very exciting time for Crocus having recently closed a comprehensive foundry agreement and additional investment with Tower Semiconductor."

"Crocus has demonstrated significant progress in the development of its proprietary MRAM technology and we are impressed with the work they are doing to bring this to market," said Christophe Bavière, President of Entreprises et Patrimoine. "In this difficult economic climate, Crocus represents an excellent balance of risk and potentially high reward."