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Local Tech Wire
DRUHAM, N.C. – Semiconductor firm has closed on nearly $16.5 million in new equity financing and is looking for more.
with the SEC, Nitronex raised $16.472 million of a targeted $16.560 million. Some $88,000 remains to be raised.
Intersouth Partners in Durham is one of the Nitronex investors.
The company is focused on gallium nitride technology for use in chips. It has designed semiconductors for use in high-speed broadband and wireless services.
Nitronex also has been ramping up its sales efforts. Earlier this month, the company hired a director for North American sales and also reached agreement with three sales firms.
Diane DuVall joined Nitronex from Navman Wireless. She also has worked for Jazz Semiconductor, Skyworks Solutions and Conexant Systems.
Sales partners include TAI Corporation, Tri-Tech Electronics and Thom
Luke Sales.
A year ago, Nitronex raised $4 million through a debt offering.
In August 2008, Nitronex also received a Small Business Technology Transfer grant from the deferral government as part of a ballistic missile defense radar program. Nitronex maintains a significant focus on North American military communications as well as electronic warfare markets.
Nitronex moved its headquarters and manufacturing to a 69,000-square-foot facility in Durham from Raleigh in 2007. It closed on $7.5 million dollars in financing in January 2008.
Nitronex has said it would invest $24 million in the Durham facility and create 200 jobs in the first five years following its move to Durham.
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.
