Chipmaker Nitronex announced on Friday it raised a $24.5 million second round of funding. TPG Ventures led the round, which included investments from previous investors Alliance Technology Ventures, VantagePoint Venture Partners, Centennial Venture Partners, Southeast Interactive Technology Funds, Boston University's Community Technology Fund and Contender Capital. Nitronex grows gallium nitride crystals on silicon, which is designed to increase the semiconductor's power by 1,000 times and offer greater frequency capabilities for high-bandwidth wireless devices. Raleigh, N.C.-based Nitronex has raised a total of $34.6 million and received more than a 50 percent increase in its valuation with the latest round.
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