SOURCE: Crocus Technology

Crocus Technology

June 18, 2009 18:14 ET

Crocus Announces New Investor: Holding Entreprises et Patrimoine

SUNNYVALE, CA--(Marketwire - June 18, 2009) - Crocus Technology, a premier developer of Magnetic Random Access Memory (MRAM), today 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."

About Magnetic Random Access Memory

MRAM's unique characteristics make it particularly suitable to a wide variety of telecommunication, networking, computing and handheld applications currently using SRAM and/or flash memory technology. It is the only proven new memory technology providing non-volatility, unlimited-write-endurance, high-density, and symmetrical read / write high-speed. It is particularly well-suited to applications requiring high data reliability and high performance, and has the unique potential of becoming the universal embedded memory technology for systems-on-chip devices.

About Crocus

Crocus Technology is an early-stage developer of MRAM technology for dense, non-volatile, high-speed, scalable RAM memories. Its MRAM technology was conceived in the Grenoble-based Spintec laboratory, a world leading R&D center in Spintronics affiliated with two famous French labs, CEA and CNRS. Crocus' MRAM technology is covered by a comprehensive patent portfolio. The company licenses its technology for standalone and embedded chip applications in a wide variety of telecommunication, networking, storage, computing and handheld applications. Crocus is backed by VC firms AGF, CDC Enterprises, NanoDimension, Sofinnova Partners, Sofinnova Ventures, and Ventech and has operations in Grenoble, France, and Sunnyvale, California. For more information, please visit www.crocustechnology.com.

About Entreprises et Patrimoine

Holding Entreprises et Patrimoine is a French investment company with EUR 10 M of equity that was launched in may 2009. It will invest into small and medium companies across Europe in the ICT, Health and Cleantech sectors.

Contact Information

  • Contact:
    Layla McHale
    for Crocus Technology
    (408) 981-6394
    Email Contact