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Nitronex raises $11.3 million in series C funding

Nitronex Corporation, which builds GaN-based RF power transistors on industry-standard 4-inch silicon wafers for wireless applications, has secured $11.3 million in operating capital through a Series C financing round.
Nitronex will use the funds to support the product development and launch of its SIGANTIC (GaN-on-silicon) RF power transistor family for use in wireless basestation power amplifiers. Nitronex expects its first product, a 20-Watt device that will be released by the end of 2003, to challenge the incumbent silicon LDMOS technology.

Several venture capital companies, including Alliance Technology Ventures (ATV), TPG Ventures, VantagePoint Venture Partners (VPVP), participated in this funding round along with other previous investors in the company.

“The loyalty that our investors have shown Nitronex, particularly considering the current economic and telecom industry climate reflects their strong confidence in Nitronex and our technical and market potential,” said Jack Hillson, CEO of Nitronex.

“Because of our recent technical progress and the preliminary validation we have received from our customers, we are confident that we will be a leader in basestation power transistor technology.”

Nitronex recently started to sample device prototypes to selected customers in the US and Europe, and has received positive feedback, according to Paul Williams, managing director of Nitronex (Europe) Ltd.

“The independent test data from our customers strengthens Nitronex’s claim that it is leading the move to next generation power transistor technology, necessary for widespread deployment of 3G wireless networks,” says Williams.

Mike Slawson, General Partner at ATV, said, "The evidence suggests that Nitronex’s experienced management and technical team can deliver on its technical plan to supply RF power transistors into the basestation market within the market window."

"The investors are pleased to have participated in Nitronex’s early development and look forward to continuing to help this company become a leader in GaN RF technology."

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