Crocus Technology SA, a startup company specializing in magnetic random access memory, has raised $17 million in a Series A round of financing.
The money would be used to allow Crocus (Grenoble, France) to hire engineers and scientists in process engineering, test and design from Europe and the United States, Sofinnova Ventures said. Crocus also needs money to acquire specialized equipment to enable the company to complete a first memory test vehicle within 12 months and its first commercial product shortly thereafter, Sofinnova added.
Crocus was founded in 2004 with an initial grant from CEA, France's atomic energy commission and CNRS, France's national research council. It has claimed it possesses the most advanced magnetic-on-MOS roadmap thanks to access to key MRAM patents from Spintec, a CEA/CNRS research laboratory.
The MRAM technology on offer from Crocus would be improved through formal joint development programs between the company, Spintec and other European laboratories, the company said.
