TRANSACTION OVERVIEW
On May 10th, Nitride Solutions, a Wichita, Kansas-based nitride substrate company founded in 2009, closed a $125K investment from the SeedStep Angels as part of a larger, ongoing $1.5mm Series B preferred stock capital raise. The Company manufactures and sells aluminum nitride substrates to original equipment manufacturers of UV devices, power devices, laser diodes, and ultra-high brightness LEDs. The company is using the proceeds of the financing to scale template production, demonstrate bulk substrate capabilities, and sample and sell to target customers.
As part of the transaction, two members of the SeedStep Angels combined to invest $125K. To-date, Nitride has raised $744K of the $1.5mm round which remains open to new investors.
TRANSACTION HIGHLIGHTS
Represents the third out-of-state syndicated investment for SeedStep Angels since the group’s founding in 2009 (CritiTech and Natural Dental Implants were the others). The deal was syndicated through the Midwest Venture Alliance of Wichita, Kansas, which was also an investment partner in CritiTech.- SeedStep Angels co-invested with several other angel networks in this round, including Midwest Venture Alliance, Nebraska Angels, Angel Capital Group, and Aurora UV.
- Nitride Solutions won the “Innovator of the Year” award as a participant in Kansas’ Pipeline program in 2010.
- Represents SeedStep Angels’ sixth closed investment of calendar year 2013. Total dollars invested in 2013 year-to-date are ~$530K. So far, eleven angels have made investments this year.
Please feel free to contact anyone listed below if you have any questions regarding this transaction:
| Trish Brasted | President and CEO, Wichita Technology Corporation | 316-651-5900 |
| Michael Kindrat-Pratt: | Manager, SeedStep Angels & Venture Advisor | 405-813-2418 |
SEEDSTEP ANGELS SPONSORS:
