Crossbar
CrossBar Inc. is a Silicon Valley semiconductor company that develops ReRAM-based Secure Processing Units and hardware security products, including MPC hardware wallets and FIDO2 authenticators, serving cryptocurrency custody, enterprise authentication, and embedded IoT security markets.
- Company typePrivate
- Founded2010
- HeadquartersSanta Clara, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingHardware or Manufacturing
What Crossbar does
CrossBar Inc. is a Silicon Valley-headquartered semiconductor company founded in 2010 with proprietary ReRAM (Resistive Random Access Memory) technology originating from the University of Michigan. The company holds over 200 international patents and has raised approximately $130.7 million across six venture rounds led by Kleiner Perkins, Tyche Partners, and others. CrossBar initially commercialized its technology through IP licensing to third-party manufacturers before pivoting to develop integrated hardware products, including its monolithic 22nm DARIC Secure Processing Unit (SPU) and consumer-facing hardware wallets (PHSM 8 and PHSM 6).
The company's core product platform centers on ReRAM memory technology integrated with cryptographic acceleration and ARM Cortex-M7/RISC-V processors on a single die, producing physically secure storage resistant to direct charge measurement, photon emission analysis, electron microscopy, power analysis, and laser fault injection attacks. This architecture underpins the Sovrency Wallet MPC implementation for seedless key management and the Baochip 1x open-source silicon collaboration with hardware security researcher Bunnie Huang. CrossBar serves cryptocurrency custody users, enterprise organizations requiring institutional-grade security workflows, authentication/identity markets via FIDO2 certification, and embedded systems/IoT applications across transportation, medical, and automotive verticals.
CrossBar employs a multi-channel go-to-market combining direct enterprise sales for hardware products, developer self-service through GitHub repositories under CERN-OHL-W license, and participation in the Pavona open-source silicon distribution alongside Meta, Qualcomm, Tenstorrent, and academic institutions. Revenue streams include hardware sales (PHSM devices), legacy IP licensing/royalties, and an open-source platform model that may derive future revenue from premium support or ecosystem contributions. The company is led by co-founder and CEO George Minassian, Executive Chairman Ker Zhang, CTO Sung Hyun Jo (holder of 200+ patents), and CBO Elaine Wang.
Crossbar firmographics
Firmographics- Name
- Crossbar
- Legal name
- CrossBar Inc.
- Website
- https://crossbar-inc.com
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- CrossBar Inc. is a Silicon Valley semiconductor company that develops ReRAM-based Secure Processing Units and hardware security products, including MPC hardware wallets and FIDO2 authenticators, serving cryptocurrency custody, enterprise authentication, and embedded IoT security markets.
- Ownership category
- akta.pro rank
Crossbar industry classification
Industry- Product category
- Semiconductor Memory
- NAICS
- Computer Storage Device Manufacturing (334112)
- SIC
- Computer Storage Devices (3572)
- akta.pro primary industry
- Secure Elements & Trusted Execution Processors (TPM/TEE/Crypto MCUs) (HDAHAJAK)
- akta.pro secondary industries
- Persistent/Non-Volatile Memory (MRAM/ReRAM/PCM/FeRAM) (HDAHAKAF), Secure ICs, Smart Cards & Trusted Hardware (HDAHAAAJ), Confidential Computing & Hardware-backed Protection (TEE/HSM) (HDADAFAJ)
Keywords
Where Crossbar is headquartered
LocationHeadquarters
- HQ city
- Santa Clara
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Crossbar business model
Business model- GTM type
- B2B and B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Supply Chain, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Hardware Security Products: Sale of physical hardware devices including PHSM 8 (active card form factor) and PHSM 6 (USB dongle) powered by the SPU architecture. These are premium hardware security modules targeting crypto custody, authentication, and secure signing applications.
- Technology Licensing: Early-stage business model included licensing ReRAM innovations to licensees with manufacturing capabilities. The company developed ReRAM IP and licensed it to third-party manufacturers.
- Open-Source Platform Development: Community engagement model where developers can access SDKs, RTL, and reference designs freely, with revenue potentially derived from premium support, custom development, or ecosystem contributions from partners like Pavona.
Go-to-market motion3 records
Distribution channels3 records
Marketing channels6 records
Crossbar product offering
Product offeringCore offering
CrossBar designs and manufactures ReRAM (Resistive Random Access Memory) semiconductor memory technology and Secure Processing Units (SPUs) that integrate compute, cryptographic acceleration, and non-volatile memory on a single die. The company sells portable hardware security modules (PHSM 8 active cards and PHSM 6 USB dongles) for cryptocurrency self-custody, alongside an MPC-based software wallet (Sovrency Wallet), targeting both individual crypto users and enterprise custody organizations.
Product overview
CrossBar offers a vertically integrated hardware security platform centered on its proprietary Secure Processing Unit (SPU) architecture and ReRAM memory technology. The core product is the DARIC SPU chip—a 22nm monolithic design combining ARM Cortex-M7 and RISC-V processors with cryptographic acceleration and ReRAM-based non-volatile memory. This silicon foundation powers two hardware wallet form factors: PHSM 8 (a premium active card with E-Ink touchscreen, fingerprint, BLE, NFC, and wireless charging) and PHSM 6 (a portable USB-C dongle). Both devices implement MPC-based key management for seedless, self-custodial signing. The Sovrency Wallet represents the MPC wallet product line. The Baochip 1x is a partner variant developed with Bunnie Huang's team, sharing the same tapeout but with fully open-source RTL. CrossBar's open-source strategy encompasses RTL, SDKs, and chip specifications available on GitHub under CERN-OHL-W license.
Differentiator
Problem solved
Functional benefit
Brands
- DARIC: Flagship Secure Processing Unit (SPU) chip - internal codename for CrossBar Chip 1, featuring 22nm ReRAM-based architecture with ARM Cortex-M7 and RISC-V processors.
- PHSM 8
- PHSM 6
- Sovrency Wallet
Products and services
- DARIC SPU (Secure Processing Unit)
- PHSM 8 (Portable Hardware Security Module 8)
- PHSM 6 (Portable Hardware Security Module 6)
- Sovrency Wallet
- ReRAM Technology Licensing
Quantifiable outcome
- 188 years projected data retention at 100°C compared to 70 years for NOR Flash
- +5 more outcomes
Companies that use Crossbar
Customer profileSegments5 records
Ideal customer profiles3 records
Crossbar technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Crossbar partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and flagship.
- Pavona (GlobalPlatform)coreCrossBar is one of twelve founding members of Pavona, the first open-source silicon distribution launched by GlobalPlatform. Pavona delivers production-grade post-quantum cryptography IP components and reference designs at TSMC 3nm. CrossBar contributes ReRAM-based solutions for embedded security applications, root of trust, supply-chain security, and side-channel-resistant cryptography to the composable framework. The initiative aligns with CrossBar's open-source hardware philosophy and extends their mission from a single chip to an entire ecosystem.
- Pavona Founding Members (Agile Analog, Analog Devices, Meta, Qualcomm, Tenstorrent, Winbond, ZeroRISC, Max Planck Institute, University of Oxford, SIMPLE Crypto Association)flagshipCrossBar joins 11 other founding members of Pavona including semiconductor manufacturers (Winbond), AI companies (Meta, Tenstorrent), technology providers (Qualcomm, Analog Devices, Agile Analog), and academic institutions (Max Planck Institute, University of Oxford). This consortium collectively develops an open-source silicon distribution with production-grade post-quantum cryptography, aligned FIPS 140-3 and Common Criteria certification pathways, and community governance through a Technical Steering Committee.
- Bunnie Huang / BaoChipcoreCollaboration with renowned hardware hacker Andrew 'bunnie' Huang on the BaoChip 1x open-source silicon initiative. Bunnie contributed a fully open-source RISC-V core to CrossBar's DARIC SPU, and led the decision to open-source the RTL under CERN-OHL-W license. The BaoChip 1x serves as a test vehicle for IRIS (InfraRed In-Situ) inspection technology, enabling non-destructive physical verification of fabricated chips against published designs. This collaboration established CrossBar as a leader in verifiable open-source security hardware.
- University of MichigancoreCrossBar was founded in 2010 with technology originating from University of Michigan ECE researchers. The company is one of multiple startups (including Ambiq, CubeWorks, MemryX, and Everactive) founded by Michigan researchers to commercialize innovations in ultra-low-power circuits and memory-centric computing.
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
Crossbar competitors and assessment
Company assessmentBroad incumbents
- Infineon Technologies: German semiconductor major producing the OPTIGA family of secure elements and TPMs widely used in hardware wallets (including Ledger devices) and enterprise security. Established incumbent with mature secure element IP that competes with CrossBar's SPU in automotive, industrial, and payment security applications.
- STMicroelectronics: European semiconductor manufacturer producing STSAFE secure elements and STM32 secure MCUs for authentication and embedded security. Broad incumbent competing with CrossBar's SPU in industrial, IoT, and identity use cases, though ST does not target the crypto wallet market directly.
- NXP Semiconductors: Global semiconductor leader producing secure element chips (SE050, A71CH) and secure MCUs used across payments, identity, and IoT security. Competes with CrossBar's DARIC SPU in embedded security applications, though NXP does not specialize in crypto wallets or ReRAM memory.
Direct peers
- Trezor: SatoshiLabs-owned Czech company making the Trezor Safe 3, Safe 5, and Model T hardware wallets for cryptocurrency self-custody. Direct competitor to CrossBar's MPC-native hardware wallet products, with established brand recognition in the open-source crypto community.
- Ledger: French company and dominant crypto hardware wallet maker (Ledger Nano S Plus, Nano X, Stax) using secure element chips. Direct competitor to CrossBar's PHSM 8 and PHSM 6 in the same self-custody and crypto signing use cases, with a far larger installed base of millions of devices.
- Keystone: Hong Kong-based maker of the Keystone Pro and Keystone 3 Pro hardware wallets featuring air-gapped signing and secure element integration. Competes with CrossBar's PHSM 8 in the premium hardware wallet segment targeting crypto-native users and institutional custody workflows.
- Shift Crypto (BitBox): Swiss company producing the BitBox02 hardware wallet with dual-chip secure element architecture. Competes with CrossBar in the crypto self-custody market with a similar focus on security and open-source firmware, though at smaller scale.
Emerging players
- Weebit Nano: Israeli-Australian company developing and commercializing ReRAM technology with foundry partnerships at GlobalFoundries and SkyWater. Most direct peer to CrossBar's ReRAM technology, though Weebit focuses on memory IP licensing rather than integrated secure processing units or finished hardware products.
- Everspin Technologies: US-based fabless semiconductor company commercializing MRAM (magnetoresistive RAM) and STT-MRAM memory products. Competes with CrossBar's ReRAM in the emerging non-volatile memory market for industrial, aerospace, and IoT applications, offering a different physical mechanism but similar value proposition.
- SiFive: US company pioneering commercial RISC-V processor IP and developer boards that overlaps with CrossBar's RISC-V (VexRiscv) integration in the DARIC SPU and partnership with BaoChip. Shares the open-source silicon ethos and Pavona ecosystem participation, though SiFive focuses on processor IP rather than secure memory integration.
Market position
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Crossbar social profiles
Digital presenceCrossbar compliance and trust
Trust signalCompliance1 record
Crossbar financial estimates
Financial estimateRevenue estimate
Valuation estimate
Crossbar leadership team
Management profileNumber of profiles
Profiles7 records
Crossbar funding detail
Funding detailFunding overview
Funding rounds6 records
Investors15 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Crossbar M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Crossbar
What does Crossbar do?
CrossBar designs and manufactures ReRAM (Resistive Random Access Memory) semiconductor memory technology and Secure Processing Units (SPUs) that integrate compute, cryptographic acceleration, and non-volatile memory on a single die. The company sells portable hardware security modules (PHSM 8 active cards and PHSM 6 USB dongles) for cryptocurrency self-custody, alongside an MPC-based software wallet (Sovrency Wallet), targeting both individual crypto users and enterprise custody organizations.
Is Crossbar a public or private company?
Crossbar is a private company. It is classified as venture growth investor backed and is currently operating.
When was Crossbar founded?
Crossbar was founded in 2010. It employs 11 to 50 people.
Where is Crossbar based?
Crossbar is headquartered in Santa Clara, United States, in the North America region.
How does Crossbar make money?
Three revenue lines are on record. Hardware Security Products are the primary driver. The others are technology Licensing and open-Source Platform Development.
Who are Crossbar's main competitors?
Broad incumbents on record are Infineon Technologies, STMicroelectronics and NXP Semiconductors. Direct peers are Trezor, Ledger, Keystone and Shift Crypto (BitBox). Emerging players are Weebit Nano, Everspin Technologies and SiFive.
Does Crossbar have an API?
No public API is recorded for Crossbar.
What industry is Crossbar in?
Crossbar's product category is Semiconductor Memory. Its primary akta.pro industry code is HDAHAJAK, Secure Elements & Trusted Execution Processors (TPM/TEE/Crypto MCUs), with a secondary code of HDAHAKAF, Persistent/Non-Volatile Memory (MRAM/ReRAM/PCM/FeRAM). Its NAICS code is 334112 and its SIC code is 3572.