Nitride Solutions closes $3 million in new funding
Nitride Solutions, a US developer and manufacturer of advanced nitride substrates for LEDs, lasers, and power electronics, announced today that it has successfully closed $3M in new funding as Hansol Chemical, Greenpoint Global Mittelstand Fund, and Silicon Pastures Angel Investment Network joined the company's investor group.
Funds will be used to expand production of the company's AlN substrate offerings, as well as to accelerate market introduction of its high-performance thermal management coatings.
Nitride Solutions CEO Jeremy Jones said he is extremely pleased to have Hansol and Greenpoint as investors. "With Hansol we are gaining an important partner in Korea and Japan to exclusively represent our products and share critical customer feedback," Jones said. "Greenpoint brings deep knowledge of companies in Asia that are seeking US manufacturing capability."
Yeunjoo Cho is the vice president of strategic planning for Hansol Chemical. Hansol Chemical is part of Hansol Group and is a leading manufacturer of specialty chemicals in Korea. "We believe that Nitride Solutions' technologies for UV LEDs is truly next-generation and are very excited about this investment and partnership," Cho said. "A partnership of this nature will help us accelerate toward technical leadership in electronic chemicals. In return, Nitride Solutions will gain partnership in the high-demand markets of Asia and will be able to maximize the growth of the company."
Teresa Esser is the managing director of the Greenpoint Global Mittelstand Fund and Silicon Pastures Angel Investment Network. The Greenpoint Global Mittelstand Fund is a private equity fund addressing the significant challenge of exits. The fund's dominant investment strategy is investment in American companies geared for Asian exits, and it maintains considerable relationships with firms in Asia that specifically seek American manufacturing and technology companies.
"We are very pleased with our investment in Nitride Solutions' unique technologies and solutions for advanced electronics," Esser said. "I believe that they bring solutions to some of the most difficult global issues and I look forward to working with their team to bring this to success."
Hansol Chemical, Greenpoint Global Mittelstand Fund, and Silicon Pastures Angel Investment Network join Nitride Solutions' existing national investment group including angel investors from Kansas, Nebraska, Oklahoma, Washington (DC), California and Alaska.
Founded in Kansas in 2009, Nitride Solutions' focus is developing volume production processes that will bring new AlN products to advanced electronics markets and enable goods that address global needs for safe water and air, more reliable power generation and transmission, and higher-speed communications.
AlN has a unique combination of properties including wide bandgap, high thermal conductivity, and high voltage resistance. The wide bandgap makes it suitable for deep UV and very high-power devices. Its high thermal conductivity and high voltage resistance enable thinner structures and faster heat reduction, which allow for higher power operation without premature failure.