Nebraska Angels help close Nitride Solutions Series A round at $2.5m
The Nebraska Angels, a Lincoln, Neb.-based consortium of individual angel investors, have played a significant role in bringing the final portion of funds into a Series A round for Nitride Solutions, the company's CEO, Jeremy Jones said in an email today.
On Monday, Wichita, Kan.-based Nitride Solutions, a developer of next‐generation nitride substrates for LEDs, lasers and power electronics, announced it closed its oversubscribed round at $2.5 million. That figure was $700,000 more than the company first announced in June. Nebraska Angels and Aurora UV of Santa Barbara, Calif. again joined lead investor Midwest Venture Alliance of Wichita in completing the round.
"Nitride Solutions is a great example of what can be accomplished when experienced management is combined with innovation and talent," Nebraska Angels president Bart Dillashaw said in a press release.
"We are excited about the potential for this technology, and the strong demand for the Series A financing is a demonstration of our confidence in the company's ability to execute on its business plan and deliver this revolutionary technology to market."
Nitride Solutions, which was founded in 2009, plans to use the funding to perfect its technology and begin sampling in this first quarter of 2012.
"We were very gratified with the momentum that built during our fund raising," Jones said in the release. "I think it is clear evidence of the excitement from investors regarding our technology and market potential."
To learn more about Nitride Solutions, see our profile on the company, "Nitride Solutions raising capital to fund unique Kansas startup" and its press release announcing the funding, "Nitride Solutions closes Series A, raises $2.5M to develop advanced substrates."