Semiconductor manufacturer Nitronex, which recently moved its headquarters and manufacturing to a 69,000-square-foot facility in Durham, has closed on $7.5 million dollars in new financing.
Investors in Nitronex include Intersouth partners, which is located in Durham.
Media reports cited regulatory filings as the source for the financing report.
Nitronex recently decided to move from Raleigh to a Durham facility it had built several years ago. The company received a $100,000 grant from Durham County to use for employee training.
In negotiating the grant, Nitronex said it would invest $24 million in the Durham facility and create 200 jobs over five years. Since moving to Durham, the company has increased its headcount to more than 60, company spokesperson Ray Crampton told WRAL Local Tech Wire recently. It employed 55 people before moving.
A developer of radio-frequency power transistors, Nitronex landed $21.8 million in funding in June 2006. That investment set the stage for the firm’s expansion plans and decision to move to Durham.
Nitronex, founded in 1999, employs technology first developed at North Carolina State University. It has designed semiconductors for use in high-speed broadband and wireless services.
The company is now manufacturing seven products, has customers and is producing revenue, Crampton said.