Milwaukee Business Journal - Rich Kirchen
May 13, 2024
The company said it will commercialize patent-pending technology for micro-LED displays.
Tech firm led by former Foxconn Wisconsin exec Alan Yeung raises $2M
Former Foxconn Technology Group executive Alan Yeung is the new CEO of Wauwatosa tech firm Ingantec Corp., which said it raised $2 million in private capital from Milwaukee-area investors including Lubar & Co., Jon Hammes and Ted Kellner.
Yeung is co-founder and chairman of Ingantec, which launched in 2022. With the recent round of venture financing for Ingantec, he added the title of CEO, according to a company press release.
Yeung was the highest-profile Foxconn executive in southeast Wisconsin from 2017 until April 2022.
During Yeung’s tenure, Foxconn’s executives agreed to build a mega-plant in Racine County with the help of major financial incentives from the state of Wisconsin and local government. The company fell far short of initial plans but is running a facility in Mount Pleasant. Foxconn agreed to sell a portion of its property to Microsoft Corp. for new data center projects.
At Ingantec, Lubar & Co. was the lead investor in venture financing, which Ingantec said will accelerate commercialization of technology for micro-LED displays.
Ingantec said in a press release that it is developing nitride-based compound semiconductors for opto-electronics used in augmented reality/virtual reality, smart watches, phones, computers, cars and televisions.
The company said it will commercialize patent-pending technology for micro-LED displays. The technology was licensed from the University of California-Santa Barbara and further developed at University of Wisconsin-Madison, Ingantec said.
Yeung is an alum of UW-Madison where he attained a bachelor’s in chemical engineering and was a professor of practice for entrepreneurship, according to his LinkedIn profile. Yeung has a doctorate in chemical engineering from Stanford University.
Ingantec listed its address as 1225 Discovery Parkway in Wauwatosa in a recent Form D filing with the U.S. Securities and Exchange Commission. The company said it raised $950,000 toward a planned $1 million private-stock offering.
The minimum investment was $50,000 and seven people invested in the offering, according to the April 29 SEC filing.
David Lubar, president and CEO of Lubar & Co., said his company endeavors to build successful companies that create value for investors “and change the world for the better.”
“Ingantec is a unique investment for Lubar & Co. with its exceptional leadership team, technological capabilities and growth potential,” Lubar said.
