Semiconductor producer Crocus Technology announced today that it has successfully closed its Series D round of financing with Eur34 million, equivalent to US$45 million. Idinvest Partners led the fundraiser.

Other investors in the round include Sofinnova Ventures, Innovation Capital, Nanodimension, Ventech and first time backer Industrial Investors.

Crocus Technology manufactures and develops magnetically enhanced semiconductor processes used in mobile security, difficult environment electronics, microcontrollers and magnetic sensors. The company said in a press statement that the fund will be utilized to boost its manufacturing at Tower Jazz semiconductors. The company also stated that it will finance the qualification of its joint venture, Crocus Nano Electronics.

IBM, a giant firm in the technology sector, has been working with Crocus Technology in a project to accelerate the production of "Generation 3 technology" for secure microcontrollers, which will be offered to 7.9 billion high value smart cards.

"Crocus is now fully funded to deliver on the last key milestone in the industrial processing of its now mature Magnetic Logic Unit technology," commented Bertrand Cambou, Chief Executive Officer of Crocus Technology.