Odyssey Semiconductor Technologies Closes $2.5 Million Private Financing to Advance Development of Its Innovative High-Voltage Power Switching Components and Systems
ITHACA, NY / ACCESSWIRE / June 26, 2019 / Odyssey Semiconductor Technologies, Inc. ("Odyssey" or the "Company"), a semiconductor device company developing innovative high-voltage power switching components and systems based on proprietary Gallium Nitride (GaN) processing technology, announced today the Company has closed a $2.5 Million private placement financing through the sale of its common stock. Net proceeds from the transaction will be used for product development and other general corporate purposes, including working capital and capital expenditures.
Odyssey is currently developing its innovative and disruptive technology to produce GaN-based high voltage switching power conversion devices and systems that may quickly supplant silicon carbide (SiC) as the dominant premium power switching device material.
GaN-based systems outperform silicon (Si) and silicon carbide (SiC) based systems due to the superior material properties of GaN. To date, GaN devices have proven difficult to process using standard semiconductor processing methods. Odyssey has developed a novel processing modification that will allow GaN to be processed in a manner that, for the first time, will make production of high voltage GaN power switching devices operating above 1000 V viable.
Commenting on the announcement, Odyssey co-founder and CEO, Dr. Richard Brown, stated, "Odyssey co-founder Dr. James Shealy and I are thrilled to have closed the Company's first round of outside financing. The capital will enable Odyssey to both continue and expedite development of our disruptive GaN-based high voltage switching power conversion devices and systems."
Participating in the financing as a strategic investor was Silicon Valley-based Software Motor Company, which has developed the world's most efficient electric motor system, based on revolutionary switched reluctance technology, managed by advanced cloud software.
Ryan J. Morris, Executive Chairman of Software Motor Company, commented, "We are excited to work with Odyssey as we continuously improve our optimal motor systems. Our most efficient commercially available motors deserve the best power semiconductors, especially as we expand into higher power density applications."
The premium power switching device market – which is described as applications where Si systems perform insufficiently – is projected to reach over $3.5B by 2025 and is currently dominated by the semiconductor material SiC. This growth is largely driven by the rapid adoption of electric vehicles (EV) and hybrid electric vehicles (HEV) and the growing number of installations of renewables such as solar and wind power as well as increased demand for more efficient industrial motor drives.
The financing round was led with an investment from Montrose Capital Partners. Katalyst Securities LLC, member FINRA/SIPC, was the placement agent for the best efforts private placement offering.
Odyssey Semiconductor Technologies, Inc. is based in Ithaca, NY and was co-founded in 2016 by Richard Brown, PhD and James Shealy, PhD., Professor of Electrical and Computer Engineering at Cornell University. A replay of Dr. Brown's live webcast presentation at the recent LD Micro investor conference is available at: http://wsw.com/webcast/ldmicro16/ody/.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Statements in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. These forward-looking statements are based on management's current expectations and assumptions and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those currently anticipated include, without limitation, risks relating to the results of our research and development activities, including uncertainties relating to semiconductor process manufacturing; the early stage of our GaN-based technology presently under development; our ability to protect our intellectual property rights that are valuable to our business, including patent and other intellectual property rights; our ability to successfully market and sell our technologies; the ability to achieve high volume manufacturing and the size and growth of the potential markets for any of our technologies, the rate and degree of market acceptance of any of our technologies and our ability to raise funding to support operations and the continued development and qualification of our technology.
In light of these risks, uncertainties and assumptions, the forward-looking statements regarding future events and circumstances discussed in this press release may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements included herein speak only as of the date hereof, and we undertake no obligation to update publicly or privately any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations.
Odyssey Semiconductor Technologies, Inc.
Richard Brown, PhD, CEO
SOURCE: Odyssey Semiconductor, Inc.
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Released June 26, 2019