MOSCOW--(BUSINESS WIRE)--CROCUS NANO ELECTRONICS (CNE), the joint venture founded in 2011 by Crocus Technology, a leading developer of magnetically enhanced semiconductor technologies, and RUSNANO, today announces that it has raised USD 60 million from its historical investors in additional capital.
The new funding will enable CNE to:
- Finalize construction and installation works;
- Complete procurement and installation of all capital equipment to support factory operations;
- Accelerate the Crocus Generation 3 Technology transfer through the end of 2014.
"We are delighted to have successfully raised these funds,” said Mark Dydyk, CEO of CNE. “This is another strong endorsement of our shareholders’ confidence in our business and our ability as a management team to execute our strategy. With this new capital, we are now fully funded to deliver the last key milestone in the implementation of Russia’s first ever 300mm fab.”
This first production line was already completed one year after construction began. Currently, 200mm and 300mm CMOS wafers can be deposited with magnetic layers to create memory cells. CNE is ramping up with the objective to turn out 500 wafers per week by the end of 2014.
Last week, the full Board of Directors from CNE toured their state-of-the-art semiconductor factory in Technopolis Moscow; the very first semiconductor factory in Russia to use 300mm diameter wafer for MRAM manufacturing.
CROCUS NANO ELECTRONICS (CNE) is the joint venture founded in 2011 by Crocus Technology, a leading developer of magnetically enhanced semiconductor technologies for mobile security, embedded microcontrollers, harsh environment electronics and magnetic sensors, and RUSNANO, Russian state-owned investment company focused on developing the Russian nanotechnology industry. CNE is building the first ever advanced magnetic memory fab in the world, capable of high volume manufacturing of Crocus Magnetic Logic Unit™ (MLU), a disruptive CMOS-based rugged magnetic technology, on 300-mm wafers.