MORRISVILLE – HexaTech, a spinout based on research into aluminum nitrides at North Carolina State University, is raising a new round of equity.
According to a securities filing Thursday, the company has closed on $2.7 million in new cash from two investors.
The firm wants to raise another $800,000.
In 2005, HexaTech secured $8.9 million in Series A venture financing.
“It is a multi-billion dollar opportunity,” said John Glushik of Intersouth Partners at the time, which led that initial round.
The new equity raise comes after years of raising cash through debt.
HexaTech had raised nearly $8 million since 2010.
The firm describes itself as “a recognized world leader in the development and commercialization of the next-generation semiconductor material, aluminum nitride (AlN). This wide bandgap semiconductor offers unique properties which enable the fabrication of first-in-kind devices, including long life UV-C light emitting diodes (LEDs) for disinfection applications, deep UV lasers for biological threat detection, high voltage switching devices for efficient power conversion, and RF (radio frequency) components for satellite communications.”