KUALA LUMPUR, April 26 (Bernama) -- Crocus Technology has secured
funding of US$35M (RM 134.4 million) through a combination of debt and equity
from internal investors and external sources.
Chief executive officer Crocus Technology, Michel Desbard said the money will help position the company to better support its rapidly growing magnetic sensor business because Crocus' team 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.
The funding will enable Crocus to accelerate its revenue growth by expanding its operations and go-to-market resources by investing in the continuous development of innovative products to serve the demand of existing and emerging markets, a statement said.
It will also be used to expand Crocus commercial team to drive revenue growth worldwide, develop new products to expand product portfolio and create solutions that enable new markets and applications and extend its patent portfolio to solidify its leadership in TMR technology.
Crocus' proprietary Magnetic Logic Unit (MLU) 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.
It is an ideal sensing solutions for IoT, mobile, automotive, medical and industrial applications as the sensors are embedded within a CMOS process providing a monolithic cost-effective solution and ensuring greater reliability and ruggedness.
Crocus Technology is a supplier of disruptive Tunnel Magneto-Resistance (TMR) sensors which develops and supplies magnetic sensors and embedded memory solutions. More information at http://www.crocus-technology.com.
--BERNAMA
Chief executive officer Crocus Technology, Michel Desbard said the money will help position the company to better support its rapidly growing magnetic sensor business because Crocus' team 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.
The funding will enable Crocus to accelerate its revenue growth by expanding its operations and go-to-market resources by investing in the continuous development of innovative products to serve the demand of existing and emerging markets, a statement said.
It will also be used to expand Crocus commercial team to drive revenue growth worldwide, develop new products to expand product portfolio and create solutions that enable new markets and applications and extend its patent portfolio to solidify its leadership in TMR technology.
Crocus' proprietary Magnetic Logic Unit (MLU) 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.
It is an ideal sensing solutions for IoT, mobile, automotive, medical and industrial applications as the sensors are embedded within a CMOS process providing a monolithic cost-effective solution and ensuring greater reliability and ruggedness.
Crocus Technology is a supplier of disruptive Tunnel Magneto-Resistance (TMR) sensors which develops and supplies magnetic sensors and embedded memory solutions. More information at http://www.crocus-technology.com.
--BERNAMA
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