Crocus Technology Raises $35M in Financing
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 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.”