Cronos Integrated Microsystems Secures $8 Million in First-Round Financing

MEMS component designer N/A (Research Triangle Park, NC) has raised $8 million in its first round of venture capital financing. SpaceVest II L.P led the financing. Other investors are Intel Corp. and Knickerbocker LLC. Cronos will use the funding to help further its growth and expansion in markets in which MEMS devices are gaining rapid acceptance—primarily in telecommunications and microinstrumentation.

Cronos was incorporated as a wholly-owned subsidiary of MCNC, a technology incubator in Research Triangle Park, in February l998 and will complete its spin-off with this first round of funding.

Edited by Kristin Keiser