Nitride Solutions Inc of Wichita, KS, USA, which manufactures nitride substrates for LEDs, lasers and power electronics) has closed $2.75m in a new round of funding, led by Nelnet Inc of Lincoln, NE, USA (one of Nitride Solutions’ earliest investors) and joined by new investors Leawood Capital Venture Fund of Leawood, KS, and DK Group of Omaha, NE.
“The combination of Nitride Solutions’ expertise in the manufacturing space, as well as its advanced technology, made them a great addition to our portfolio,” comments Chuck Norris, director at Nelnet, which is involved in loan servicing, payment systems and fiber internet deployment (focusing on new businesses, businesses with strong regional impact, and businesses that provide innovative solutions across a variety of industries).
“When evaluating potential investments, we look for disruptive technologies,” says Karl Gemperli, managing director of Leawood Ventures, which manages Leawood Capital Venture Fund (which spans a diverse portfolio of private technology companies). “The aluminum nitride process could be transformative to the electronics industry,” he believes. “With massive global export potential, Nitride Solutions has built a production line that can manufacture at scale.”
Leawood Ventures and DK Group join Nitride Solutions’ existing national investment group including angel investors from Kansas, Nebraska, Oklahoma, Washington DC, Wisconsin, California, Alaska, and South Korea.
The new funds will be used to ramp up production capacity and staffing to meet rapidly growing demand from the USA and Asia for aluminum nitride (AlN) products. “These customers have clearly indicated that our unique products are enhancing performance in various electronic applications,” says CEO Jeremy Jones. “We are investing to be able to continue to meet and exceed their quality and delivery expectations,” he adds.