Substrate Technologies scores $25 million

Substrate Technologies announced Monday that it completed a $25 million round of financing from Merrill Lynch, Carson Private Capital and Marubeni. The transaction involved conversion of existing debt and preferred stock, new cash investment, and commitments for future funding. Substrate also appointed board member Jeffrey Davis as its chairman and chief executive officer. The Carrollton, Texas-based company, located outside of Dallas, makes substrates, or "packages," for chips that enable chips to work. Substrate operates manufacturing facilities in Texas and Shenzhen, China.