Harris & Harris Group, Inc. announced today that it has invested $1 million as part of an $8 million Series A Preferred round of financing by privately held Nextreme Thermal Solutions, Inc. The investor syndicate was led by Spacevest and Aurora Funds and included Harris & Harris Group and RTI International. The company is headquartered in Research Triangle Park, North Carolina.
Nextreme is developing next generation thin-film superlattice thermoelectric devices for applications that require extreme thermal management. Thermoelectric devices are heat pumps that can move heat from one point to another, or generate power from a thermal gradient. They can provide cooling, heating, precise temperature control, and convert heat into electricity. Nextreme's superlattice material, when placed directly under a hot spot, can efficiently pump heat out of the semiconductor package. The form-factor of this ultra-thin thermoelectric device enables direct integration onto the semiconductor silicon or into the chip package, providing a solid-state solution with no moving parts.
Harris & Harris Group is a publicly traded venture capital company that now makes initial investments exclusively in tiny technology, including nanotechnology, microsystems and microelectromechanical systems (MEMS). The Company's last 20 initial private equity investments have been in tiny-technology enabled companies. The Company has 17,248,845 common shares outstanding.
Detailed information about Harris & Harris Group, Inc. and its holdings can be found on its website at http://www.TinyTechVC.com.
This news release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this new release. Please see the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business, including but not limited to the risks and uncertainties associated with venture capital investing and other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, Harris & Harris Group, Inc., undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.