HexaTech, a company developing new semiconductors, is raising $1.5 million in new financing, according to securities filings.
The Morrisville company has raised $750,000 in debt financing. Six people participated in the offering, which opened on Jan. 15, filings show.
The news comes as Hexatech says business is growing. In September,HexaTech said it had started deliveries to “multiple, high volume LED manufacturers in Asia.”
“This milestone is worth highlighting due not only to the technical achievements and quality leadership that our customers recognize with their orders, but also to our internal process capability which is able to simultaneously deliver both high quality and high volume”, HexaTech CEO Joe Grzyb said at the time.
HexaTech, which is based on technology from N.C. State University, is developing next-generation semiconductors made from aluminum nitride substrates. The company says these semiconductors have applications for devices in clean water applications and for power conversion of alternative energy sources.
HexaTech’s financial backers include Durham venture capital firm Intersouth Partners, which led an $8.9 million series A round in 2005.
The company was founded in 2001.
In 2012, HexaTech landed a $2.2 million federal contract from the U.S. Department of Energy to help fund development of new semiconductors that the company says could “modernize our electrical power grid.”
The Energy Department’s Advanced research Projects Agency made the award, citing HexaTech’s chip technology based on aluminum nitride as opposed to standard silicon carbide chips.
“This contract marks the beginning of a technological leap in device performance and efficiency for power semiconductors,” said Baxter Moody, director of engineering for HexaTech, when the contract was disclosed.
The new chips will enable power grid devices to be smaller, lighter and run cooler, the company says, noting “power semiconductor devices at this level are currently not available on the market.”
In 2007, HexaTech won a $2 million grant from the federal government.