HexaTech, Inc., a company developing and producing single crystalline aluminum nitride (AIN) substrates for high performance electronic and optoelectronic semiconductor devices, has closed an $8.9 million financing.
Durham-based Intersouth Partners led the $8.9 million Series A round, with H.I.G. Ventures, Sevin Rosen Funds and NC IDEA participating.
The round, which will be used to advance product development, expand marketing efforts and build out the company’s executive team, is the company’s first outside financing.
Craig Burson of H.I.G. Ventures, John Glushik of Intersouth Partners and Dave McLean of Sevin Rosen Funds will join the company’s Board of Directors.
“This investment group is very excited to partner with HexaTech,” said John Glushik of Intersouth Partners. “The founders are recognized experts in wide bandgap semiconductors and crystal growth technology. The market is ready for the new class of advanced semiconductor devices HexaTech will enable.”
HexaTech has developed a proprietary growth process for the fabrication of single crystalline AIN substrates, the use of which will enable the fabrication of sophisticated, next-generation electronic and optoelectronic devices with superior performance and device lifetimes. The company was founded in 2001 based on technology developed in the Department of Materials Science at North Carolina State University. The technology was developed over the last eight years by the company co-founders Dr. Zlatko Sitar and Dr. Raoul Schlesser.