RALEIGH, N.C.–(BUSINESS WIRE)–July 22, 2003–
Additional Capital to Facilitate the Launch of the First SIGANTIC(TM)
Power Transistors into the Wireless Base Station Marketplace
Nitronex Corporation, the only company worldwide to build gallium nitride (GaN) RF power transistors on industry-standard 4-inch silicon wafers for wireless industry applications, announced today that it has secured $11.3 million in operating capital through a Series C financing.
Nitronex will use the funds to support the product development and launch of its SIGANTIC(TM) (GaN-on-Silicon) RF power transistor family for use in wireless base station power amplifiers. Nitronex expects its first product, a 20-Watt device slated for release by year end, to challenge the incumbent Silicon LDMOS technology.
As a precursor to commercial market launch, Nitronex recently started to sample device prototypes to select US and European customers. “The initial feedback we’re receiving from customers is positive,” said Paul Williams, Managing Director, Nitronex (Europe) Ltd., “and it validates the continued financial support. The independent test data from our customers strengthens Nitronex’s claim that it is leading the move to next generation power transistor technology, necessary for widespread deployment of 3G wireless networks.”
Participating in this round of financing were Alliance Technology Ventures (ATV), TPG Ventures, VantagePoint Venture Partners (VPVP) and other previous investors of Nitronex. “The loyalty that our investors have shown Nitronex, particularly considering the current economic and telecom industry climate reflects their strong confidence in Nitronex and our technical and market potential,” said Jack Hillson, CEO of Nitronex. “Because of our recent technical progress and the preliminary validation we have received from our customers, we are confident that we will be a leader in base station power transistor technology.”
Mike Slawson, General Partner at ATV, said, “The evidence suggests that Nitronex’s experienced management and technical team can deliver on its technical plan to supply SIGANTIC(TM) RF power transistors into the base station market within the market window. The investors are pleased to have participated in Nitronex’s early development and look forward to continuing to help this company become a leader in GaN RF technology.”
About Nitronex Corporation (www.nitronex.com)
Nitronex is a privately held developer and manufacturer of advanced RF power transistors for use in wireless communications networks. Its energy-efficient gallium nitride-based transistors make it possible to economically provide high-bandwidth “next generation” wireless data services using the current generation of wireless base stations already in place today. Nitronex holds several patents for its pioneering processes for growing gallium nitride (GaN) crystals on silicon, PENDEO (TM) and SIGANTIC (TM). The company also licenses intellectual property to high-volume manufacturers of optoelectronics devices, including high-brightness blue and white LEDs and laser diodes.
About Alliance Technology Ventures (www.atv.com)
Based in Atlanta, GA, Alliance Technology Ventures (ATV) is a venture capital firm with over $250 million under management focused on investing in early-stage companies in the semiconductor, communication component, and life science industries. All of ATV’s investment professionals have been directly involved in building early-stage companies and leverage that experience to help their portfolio companies grow through the progressive stages of research, development and commercialization.
About TPG Ventures (www.tpgvc.com)
TPG Ventures was founded in 2001 with $500M of capital and a team of experts to catalyze the creation of new businesses. Its investment focus is on early stage and acceleration round opportunities in information technology and biotechnology — with an emerging practice in consumer companies. TPG Ventures is also an affiliate of the Texas Pacific Group, a private equity investment firm and the initial sponsor of the firm.
About VantagePoint Venture Partners (www.vpvp.com)
VantagePoint Venture Partners is one of the nation’s largest venture capital firms, with $2.5 billion in committed capital in four funds. The firm is an active multi-stage investor, providing funding and resources for all stages of a company’s lifecycle from seed round through late stage and privately negotiated investments in public companies. VantagePoint is based on a full-service Partner-Team approach that provides entrepreneurs with a blend of technology, venture capital, operations, and corporate-finance expertise. As hands-on investors, the firm is focused on technology investing in communications, semiconductor, software, and related growth industries.
