Emcore's gallium nitride spin-off raises $6.0 million

LONDON — Emcore Corp. (Somerset, N.J.), a manufacturer of compound semiconductor components, has spun-off product technology focused on gallium nitride power electronic devices into a startup company, named Velox Semiconductor Corp.

The company has been set up to commercialize fast-operating, high-voltage diodes for use in the power supply industry, Emcore said.

Velox has raised $6.0 million from DCM-Doll Capital Management, SAS Investors and DFJ New England. Emcore contributed intellectual property and equipment receiving an approximate 20 percent stake in Velox. Five Emcore employees have became full-time Velox personnel.

Velox named Tom Hierl as chief executive officer. Richard Stall, Emcore's chief technology officer, has been elected to the Velox board of directors