Russia to Invest in U.S. Memory Chip Firm
A Silicon Valley chip start-up is teaming up with a Russian government investment fund on a $300 million manufacturing venture, a boost for a novel memory technology and the country’s efforts to become a center of electronics production.
Crocus Technology, a closely held company founded in 2006, is among a number of companies hoping to commercialize chips based on a technology called MRAM, for magnetoresistive random-access memory. The start-up and a state-owned entity known as Rusnano on Tuesday are expected to discuss plans to set up a company to build a factory in Russia that would make advanced versions of the MRAM chips.
The Sunnyvale, Calif., company, which had previously raised about $60 million, said its existing venture-capital investors will put up an additional $55 million as part of the project. Rusnano will provide most of the remaining $245 million.