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SemiSouth Announces Closing of Series A Round
Investment Will Finance Silicon Carbide Power Electronics Market Expansion
STARKVILLE,
MS (USA),
Jun. 14, 2005 - SemiSouth Laboratories, Inc., a leader in silicon carbide
(SiC) electronics and materials for high-power and/or harsh environment
electronics, today announced that it has raised an undisclosed sum of funding
from Delta Capital, Southern Appalachian Fund, II-VI, Inc. and accredited
private investors. This funding is in addition to funding in the amount of $2
million from II-VI Incorporated that occurred in April 2005. The company will
use the investments to expand capacity at its Starkville, MS
facility.
The investors were interested in SemiSouth’s SiC
technology application to the power semiconductor market for several
factors. David Latham, a partner with
Delta Capital commented, "We are very excited about being shareholders of
SemiSouth for a number of reasons. We believe their technology and
expertise will give them a strong competitive advantage in the emerging SiC
space. In addition, we were impressed with the entire management team in
their understanding and expertise in the SiC market. Finally, their
strategic relationships with II-VI and Mississippi State University (MSU) are
very valuable and will be beneficial as the company continues to grow."
“We were
impressed by the support SemiSouth has received from the State of Mississippi and
particularly MSU,” said Grady Vanderhoofven,
Executive VP of Southern Appalachian Management Company, LLC, and the General
Partner of the Southern Appalachian Fund. “We were attracted to the deal
for a number of reasons, including the fact that II-VI and Delta Capital were
involved. Ultimately, we invested in SemiSouth because we like the
company’s position and potential within the broader semiconductor
industry.”
With the
investment complete, SemiSouth’s focus is squarely on its customers in this
space. “We are selling to several
customers who have asked us to expand our capacity to meet their needs. This investment will allow us to accommodate
their requests, and we are actively putting these resources in place to help
our customers grow,” commented Jeff Casady,
SemiSouth President and co-founder.
About Delta Capital
Founded in 1992, Delta Capital Management is a
venture capital firm that invests in early and expansion stage emerging growth
companies. The firm makes venture capital investments primarily in the four
state area of Tennessee, Arkansas,
Mississippi and Alabama, but evaluates investment
opportunities across the broader Southeast region. The firm focuses on four
main industries: information technology, healthcare, telecommunications, and
supply chain logistics. Delta manages over $90 million in capital and is
licensed as a Participating Securities Small Business Investment Corporation
(SBIC). Delta assists its portfolio companies in their growth strategies,
strategic planning and subsequent capital strategies. More information is
available at www.deltacapital.com.
About Southern Appalachian Fund
The Southern Appalachian Fund, with offices in Oak Ridge, Tennessee, and
London, Kentucky,
is a New Markets Venture Capital Company, providing equity capital and
operational assistance to early-stage and growth companies in low income areas
in Tennessee, Kentucky,
and the Appalachian counties of Mississippi, Alabama, and Georgia. For more information visit www.southappfund.com.
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