June 30, 2024

Albany Semiconductor Startup Raised $30M, Status of HQ Project Unclear

Luke Nathan, Albany Business Review

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Rich Honen leaning up against glass door with Phillips Lytle logo
Featuring: Richard E. Honen

Fundraising and leadership change follows an announcement that the company would be relocating its headquarters to South Carolina.

Rich Honen was quoted in an Albany Business Review article about a manufacturing startup based in Albany that raised $30 million toward the end of 2023. The company raised the money by selling debt and other securities to more than a dozen investors. Rich note the possibility of the debt being “convertible”, meaning it could turn into ownership shares if certain events occur.

The full article, “Albany Semiconductor Startup Raised $30M, Status of HQ Project Unclear,” can be read on the Albany Business Review website.

Richard E. Honen