Beeco, a semiconductor startup with technology spun out of RTI International, has closed on $5 million in venture financing.
Intersouth Partners in Durham and RTI co-led the round.
Last week, Beeco received the “Spin-Out of the Year Award” from the Council for Entrepreneurial Development.
As part of the deal, Katrin Burt of Intersouth and Jim Gibson of RTI were named to Beeco’s board of directors.
“We believe that Beeco is positioned to make significant breakthroughs in computing capability,” Burt said in a statement. “The company’s proprietary technology will result in smaller and simpler semiconductor structures with improved performance, solving significant industry problems.”
The funds will be used to formally launch the firm, to do additional product development and to expand its management team.
Beeco’s technology enables semiconductor chip producers to reduce chip size and power requirements, according to the company.
“Industry demands for smaller, faster and more energy-efficient electronics create some very exciting possibilities for this new technology,” said John Goehrke, Beeco’s chief executive officer, in a statement. “With important development work at RTI behind us and the support of strong financial partners, we look forward to launching and growing the company.”
Beeco has licensed from RTI a silicon integrated circuit board technology that enables chips to be placed directly on a silicon substrate instead of a standard circuit board.
“We are pleased to see this innovative technology take the next step and enter the commercial marketplace, where its potential can be applied in real-world settings and products,” said RTI Chief Executive Officer Victoria Haynes. “We are optimistic that the work our scientists and engineers have invested in this technology will lead to significant advances in computing technology and innovative circuit board development.”