Idinvest leads €34m round for Crocus
Idinvest Partners has led a €34m funding round for Crocus Technology, a French supplier of magnetic semiconductors and sensors, with participation from a consortium of new and existing backers.
New backer Industrial Investors committed capital to the funding round alongside existing investors Sofinnova Ventures, Innovation Capital, Nanodimension and Ventech. Russian state-backed vehicle Rusnano, which invests in the nanotechnology industry, also contributed to the round.
The fresh funding will allow Crocus to gain qualification for its product, Crocus Nano Electronics, which was set up alongside Rusnano in 2011. Crocus will also use the financing to increase the development of its TowerJazz semiconductors, which are the result of a partnership with Israel-based speciality foundry TowerJazz.
Previous funding
In May 2010, Crocus received €8m in funding from a large consortium of investors including Idinvest, Sofinnova, Nanodimension, CDC Innovation, CEA Investissement and Ventech. Prior to this in October 2008, Idinvest, Sofinnova, Nanodimension, CDC and Ventech contributed €11.5m alongside Oséo, which provided €3m of the total sum, according to unquote" data.
Crocus's first funding round took place in June 2006, when the company raised €13.5m from Sofinnova, which led the round, as well as Idinvest, Nanodimension, CDC and Ventech.
Company
Founded in 2004, Crocus is based in Grenoble with additional offices in Gardanne and Santa Clara, California. The company employs 60 staff and reportedly generated a turnover of €5.7m in 2012.
Crocus provides magnetic semiconductors and sensors for security, as well as integrated microcontrollers, designed for extreme operating conditions.
People
Bertrand Cambou is the president of Crocus. The majority of the company's venture capital backers sit on Crocus's board of directors. The board comprises Sofinnova general partner Eric Buatois; Nanodimension founder and CEO Aymeric Sallin; Innovation Capital venture partner Michel Desbard; and Ventech general partner Jean Bourcereau.
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