CED News

Semiconductor technology company Nitronex has announced the closure of a $24.5 million second round financing to proceed with significant growth plans. Nitronex, a specialist in components that increase the speed and capacity of wireless communications, will use the money to build and staff a 100,000-square-foot production plant in the Triangle to make devices for companies that make wireless products, and other customers, reports the News & Observer. According to the N&O, Bob Lynch, chief executive officer of the 2-year-old, 53-employee company, said the investment, led by California-based Texas Pacific Group's TPG Ventures, is intended to last Nitronex until the company is ready for its initial public offering of stock. Nitronex developed out of the NCSU incubator program with help from the Centennial Fund. In June, the company was recognized as CED's Start-up of the Year winner at CED's Entrepreneurial Excellence Awards. www.nitronex.com