Crocus raised $21 million, has over 250 sensor customers, will break even in Q1 2016
Crocus Technology has secured $21 million in a new financing round. All of Crocus' historical French and international investors participated in the round, including NanoDimension, Innovation Capital, IdInvest Partners, and Rusnano. Founded in 2004, Crocus has raised $194 million to date.
Crocus says that since it began producing MLU-based magnetic sensors in mid-2014, they have over 250 customers. The new capital will help Crocus to deploy its sensor product line in the key target markets: industrial, consumer electronics, automotive and solutions for IoT. Crocus will also strengthen its commercial resources (including finalizing a distribution network in Asia and reinforcing the support team) and develop develop new designs to enrich the product portfolio with integrated sensor and smart sensor applications. Crocus aims to reach breakeven in Q1 2016.
