Nitronex Raises $24.5 Million in Second Round Financing
Source: Nitronex Corporation
Funding Will Enable Production of Industry s First Silicon-Based Gallium Nitride Wireless and Optoelectronic Components
Raleigh, NC. Nitronex Corp., the only semiconductor company focused solely on gallium nitride technology, today announced that it has received $24.5 million in second round financing. Proceeds from this round will be used to support production of Nitronex s forthcoming wireless and optoelectronic products. Nitronex is developing the industry s first gallium nitride components on inexpensive 4" and larger silicon substrates.
The round was led by TPG Ventures, and included Alliance Technology Ventures; Vantage Point Venture Partners; Centennial Venture Partners; Southeast Interactive Technology Funds; Boston University s Community Technology Fund; and Contender Capital. These investors also participated in the company s first round funding in May 2000.
"TPG Ventures took the lead in this financing round because we are confident that the gallium nitride platforms Nitronex has developed will have a significant impact in the wireless infrastructure, data storage and solid-state lighting markets," said Mike Guthrie, principal at TPG Ventures. "Not only is Nitronex developing the highest-quality gallium nitride in the industry, but they are doing it on the most inexpensive substrate available - silicon. This combination has the potential to set new standards for gallium nitride applications."
On July 11, Nitronex announced the creation of an Optoelectronics Division to commercialize solid-state lighting and data storage solutions that leverage the company s recent advances. These include its proprietary, low-defect density Pendeo(TM) process and SIGANTIC(TM) platform technology. It also announced an alliance with Microsemi Corp. to fabricate the first blue and ultraviolet LEDs on silicon substrates (see related announcements).
"This is an exciting time for Nitronex as we move from R&D into production," said Nitronex CEO Bob Lynch. "The confidence shown in Nitronex by our investors in these cautious economic times is a testament to the leadership position Nitronex has quickly staked out, and the significant market opportunities ahead for our forthcoming products."
Nitronex received $10.1 million in first round funding and currently has numerous patents in various stages of the review process. The company was founded in 1999 by four North Carolina State University graduate students researching gallium nitride.
About Nitronex Nitronex is the only semiconductor company focused exclusively on gallium nitride (GaN). Its growth technologies enable superior performance and increased functionality across a breadth of industries, including wireless communications, solid-state lighting and data storage. Nitronex s PENDEO process is unique in its ability to reduce GaN crystal defects relative to other growth techniques. In combination with the PENDEO process, Nitronex is currently integrating GaN-based microelectronic and optoelectronic components on 4" and larger silicon using its proprietary SIGANTIC platform.
Contact: Nitronex Bob Lynch Tel: 919-807-9100 bob_lynch@nitronex.com or Porter Novelli Convergence Group Jon Bornstein / Amanda Strickland, Tel: 919-834-1016 / 919-834-1269 jon.bornstein@pnicg.com / amanda.strickland@pnicg.com
Nitronex
Bob Lynch
Tel: 919-807-9100
bob_lynch@nitronex.com
or
Porter Novelli Convergence Group
Jon Bornstein / Amanda Strickland,
Tel: 919-834-1016 / 919-834-1269
jon.bornstein@pnicg.com / amanda.strickland@pnicg.com
E-mail: amanda.strickland@pnicg.com
