News

1 September 2006

 

SemiSouth raises $5m following SiC fab opening

SemiSouth Laboratories Starkville, MS, USA, which makes silicon carbide electronics materials and power semiconductors, has raised $5m through Series A1 venture capital financing, to be funded in two stages over the next three months.

The financing round was led by Southern Farm Bureau Life Insurance Company of Jackson, MS, and included Delta Capital Management of Memphis, TN and Southern Appalachian Fund of Knoxville, TN (which both participated in June 2005’s Series A financing, led by Delta Capital). New investors included: Starkville Technology Investments LLC led by Mississippi State University graduate Frank Brumfield; Mississippi Angel Fund of Jackson, MS; Gulf South Capital of Jackson, MS; and Schneider Electric Ventures of Paris, France.

"This new financing is a strong endorsement of SemiSouth's innovative silicon carbide semiconductor technology, its business plan, and its management," said SemiSouth’s president and CEO Dr Jeff Casady. "This financing success also demonstrates the strength of Momentum Mississippi - the Governor's approach for drawing in investment capital for high-tech Mississippi businesses." Mississippi Governor Haley Barbour visited SemiSouth's new SiC manufacturing facility for the announcement.

Within the last week, Semisouth has opened its new high-volume SiC epiwafer and device fabrication plant, and received a five-year Small Business Technology Transfer (STTR) Phase III contract from the US Air Force Research Laboratory that could be worth up to $22.5m. See related items:

SemiSouth opens SiC manufacturing facility

AFRL awards SemiSouth $3.95m of SiC power device contract worth up to $22.5m

Visit: http://www.SemiSouth.com