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Odyssey Semiconductor Technologies Closes $2.5 Million Private Financing to Advance Development of Its Innovative High-Voltage Power Switching Components and Systems

Awardee Story Odyssey Semiconductor Technologies Closes $2.5 Million Private Financing to Advance Development of Its Innovative High-Voltage Power Switching Components and Systems
Date: Jun 26, 2019

Source: Yahoo Finance ( click here to go to the source)

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.

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