Tuesday, May 17, 2011

Crocus Technology In $300M Financing Deal

Sunnyvale-based Crocus Technology, a developer of MRAM technology, said today that it has agreed to create a new, MRAM manufacturing company called Crocus Nano Electronics, with a total of $300M in investments form Russian nano-tech investor RUSNANO and others. According to Crocus Technology, the new company will build an advanced MRAM facility in Russia, to manufacture medium to high density MRAM products based on technology from Crocus. The firm said the investment includes $125M for the facility, plus an equity investment of $55M into Corcus from RUSNANO, CDC Innovation, Ventech, IDInvest Partners, NanoDimension, and Sofinnova Ventures. The remaining $120M will be used in subsequent years for production increases at the facility. More information »