News Article
AlN substrates can be cost efficient
Nitride Solutions is developing a manufacturing technology that hopes to deliver high-volume, low-cost aluminium nitride substrates with defect rates 10 times lower than substrates currently on the market.
With secured major financing commitments from Nebraska Angels and Aurora UV, Nitride Solutions, a developer of next-generation substrates for LEDs, lasers and power electronics, aims to transform the AlN substrate industry.
To date, Nitride has raised $1.8M in a Series A preferred round. Nebraska and Aurora join lead investor Midwest Venture Alliance, in addition to Mid-America Angels and Manhattan Holdings in the round.
“Our investment group, the Midwest Venture Alliance, is looking to invest in solid management teams that are solving real market problems. Nitride Solutions represents just that,” said Trish Brasted, president and CEO of Wichita Technology Corporation. “They have put together an experienced business and technical management team that is developing an industry-changing advanced material.”
Nitride is developing a manufacturing technology that will deliver high-volume, low-cost AlN substrates. With projected defect rates 10 times lower than substrates currently on the market, these substrates should improve the quality of existing LED, laser and electronic products, while also making possible whole new categories of UV devices.
The result will be improved white lighting for consumer and industrial uses, more efficient power systems in hybrid vehicles, sharper colour on flat-screen TVs, and better air and water purifiers.
Nitride will use the funding to perfect the technology, and to begin manufacturing and sales in late 2011.
“The number of biomedical and industrial applications of LED technology is rapidly growing,” said Karen Linder, co-deal lead for Nebraska Angels in Lincoln. “Nitride Solutions’ novel method of creating substrates on which these crystals can be grown will change the market. The technology is revolutionary, and the leadership team has the commercial experience and the scientific skills that will make the company successful.”
“We expect to benefit with both high financial rewards and the satisfaction that we will have been part of the effort of applying hard science to alleviating some of the world’s most vexing problems, including cheap access to pure water,” said Muriel Taylor, president and CEO of Aurora UV in Santa Barbara.
Nitride is still seeking a small group of financial and strategic investors to finalise the round, which will stay open until September.
