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Print Edition StoriesTuesday, November 24, 2009
Nexx Systems nabs $4M in Series D funding
By Mass High Tech Staff
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Nexx Systems Inc., which makes processing equipment for flip chip and advanced packaging applications for chip makers, has raised $4 million in a fourth round of financing led by existing investors Enterprise Partners Venture Capital and Sigma Partners.
According to Stan Piekos, CFO of Billerica-based Nexx Systems, the Series D round is still open and could reach as much as $8 million by the time it is closed. The company plan to use the new funds primarily for working capital to build up inventory, but also plans to continue its growth path.
“The company is a growing in a year when the semiconductor capital equipment industry is down some 40 percent,” Pietkos said.
In October of 2008, Nexx Systems named 20-year semiconductor market veteran Tom Walsh as its new president and CEO, replacing Richard Post, who continues to serve as chairman of the board.
Nexx Systems has expanded to 84 employees, most of which are in Billerica, Piekos said. The company also has operations in Singapore and Taiwan. While the company plans to continue its growth, the latest funding won’t necessarily go toward adding staff, Piekos said, mainly because the company doesn’t need it to.
“We are profitable, so we can pay for our staff,” he said.
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