BizTimes Milwaukee - Ashley Smart
May 10, 2024
Wauwatosa-based Ingantec Corp., an electronics manufacturer making microLED technology, has closed a $2 million funding round led by Milwaukee-based private equity firm Lubar & Co.
Wauwatosa-based Ingantec Corp. raises $2 million, names former Foxconn executive CEO
Wauwatosa-based Ingantec Corp., an electronics manufacturer making microLED technology, has closed a $2 million funding round led by Milwaukee-based private equity firm Lubar & Co.
Several other investors, including Jon Hammes, chairman and CEO of Hammes Healthcare, and Ted Kellner, former chairman and CEO of Fiduciary Management Inc., participated in the funding round.
“We are excited and grateful for the support from our Wisconsin-affiliated investors and partners,” said Alan Yeung, co-founder and chairman of Ingantec. “This new investment will allow us to gain momentum and leverage the power of semiconductors to redefine how microLEDs are built.”
Ingantec has also announced that Yueng will now lead the company as its chief executive officer. Yeung is an author, entrepreneur, inventor and senior technology executive. He was previously director of U.S. strategic initiatives at Foxconn Technology Group, and was one of the most prominent executives in the company’s arrival in Wisconsin. Yeung later wrote a memoir detailing the site selection process for the Foxconn project in Mount Pleasant.
Founded in 2022, Ingantec develops nitride-based compound semiconductors for optoelectronics used in AR/VR, smartwatches, phones, computers, cars, and TVs.
The $2 million funding round allows Ingantec to accelerate commercialization of its patent-pending technology for microLED displays.
Ingantec is headquartered in Wauwatosa with operations in Madison. The company’s technology was originally licensed from the University of California, Santa Barbara and developed at the University of Wisconsin-Madison.
Ingantec was co-founded by Shubhra Pasayat and Chirag Gupta, now assistant professors at the College of Engineering at the University of Wisconsin-Madison.
