Nitride Solutions Inc., a leading developer of next-generation nitride substrates for LEDs, lasers and power electronics, announced that it has closed its Series A financing.
The round was oversubscribed and closed at $2.5M. Nebraska Angels and Aurora UV again joined lead investor Midwest Venture Alliance in completing the round. Nitride will use the funding to perfect the technology and begin sampling in Q1.
“We were very gratified with the momentum that built during our fund raising,” said Jeremy Jones, president and CEO of Nitride Solutions. “I think it is clear evidence of the excitement from investors regarding our technology and market potential.”
Nitride is finishing commercialization of a high-volume manufacturing technology that will deliver low-cost, single-crystal aluminum nitride substrates. With projected defect rates 10 times lower than substrates currently on the market, these substrates will improve the performance, efficiency and cost of existing LED, laser and electronic products, while also making possible deep UV devices. The result will be improved lighting for consumer and industrial uses, more efficient power systems in hybrid vehicles, sharper color on flat-screen TVs, and better air and water purifiers.
“Nitride Solutions is a great example of what can be accomplished when experienced management is combined with innovation and talent,” said Bart Dillashaw, president of the Nebraska Angels. “We are excited about the potential for this technology, and the strong demand for the Series A financing is a demonstration of our confidence in the company’s ability to execute on its business plan and deliver this revolutionary technology to market.”
“Fund raising in this economy is difficult. All of us at the Midwest Venture Alliance are very excited to see the support from the regional investment community as demonstrated by the oversubscribed Series A offering, and we are looking forward to the growth and success of Nitride Solutions,” said Trish Brasted, managing member, MVA Capital Group.
Founded in 2009, Nitride Solutions’ leadership has 30-plus years of experience in advanced materials businesses — both start-ups and Fortune 500 companies — and a total of 25 years in nitride crystal development. The company maintains strong ties to Kansas State University in Manhattan, with key employees and advisors hailing from the university, as well as UC Santa Barbara.