Current Investments

Polar Semiconductor
Polar is a technology development, engineering and manufacturing center based in Bloomington, MN. Polar manufactures silicon wafers and specializes in 200M wafer fabrication focused on high power applications for the automotive, aerospace and defense markets.
Sector: Semiconductors
Website: polarsemi.com
Noventiq
Noventiq is a leading global solutions and services provider in digital transformation and cybersecurity. The company enables, facilitates, and accelerates digital transformation for its customers’ businesses, connecting organizations across a comprehensive range of industries with best-in-class IT vendors, alongside its own services and proprietary solutions.
Sector: Services
Website: noventiq.com
Merlin Cyber
Merlin is the premier cybersecurity platform with a one-of-a-kind business model that leverages security technologies, trusted relationships, and capital to develop and deliver groundbreaking security solutions that help organizations minimize security risk and simplify IT operations. 
Sector: Cybersecurity Services
Website: merlincyber.com

Past Investments

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Examples of past middle market technology investments led by the General Partner:

infobip
Infobip is a global cloud communications platform that helps businesses deliver connected customer experiences at scale, with simple, contextual interactions across preferred channels.
Website: infobip.com
Orion Innovations
Orion Innovation is a major provider of digital transformation and outsourced product development IT services rooted in digital strategy, experience design, and engineering.
Website: orioninc.com
Crayon
Headquartered in Oslo, Norway, Crayon provides software asset management (SAM), cloud and volume licensing and associated consulting services globally.
Website: crayon.com
Allegro Microsystems
Allegro MicroSystems is a U.S. designer and manufacturer of magnetic integrated circuits (“ICs”), analog power semiconductors, and integrated Hall-Effect sensor ICs.
Website: allegromicro.com
Intelenet Global Services
Intelenet was an India-based supplier of business process outsourcing services to domestic Indian businesses and international corporations, including a number of Fortune 500 companies. The company was the sixth largest Indian provider of third-party offshore services, the largest domestic BPO vendor, and the largest pure-play vendor by headcount.
nTelos
Founded in 1897, nTelos offers wireless and wireline communications products and services to businesses, telecommunications carriers, and residential customers under the nTelos brand name. It offers a range of voice services, broadband and data services, IP services, and a several thousand mile regional fiber optic network.
Worldspan
Worldspan provided mission-critical electronic global distribution, software analytics, and IT services to the travel industry. It operated the second-largest U.S. distribution system, giving agencies real-time access to schedules, prices, and reservations for travel suppliers worldwide.
Fairchild Semiconductor
Fairchild Semiconductor is a designer and manufacturer of semiconductors that optimize energy consumption and enable mobile connectivity in applications such as power supplies, lighting, computing, consumer devices, and automobiles.

Investor Discloser

Information is current as of September 2025.

The list of companies above is provided for illustrative purposes only, may not be a comprehensive listing of Niobrara’s portfolio investments dating back to inception, and includes a partial listing of certain past investments in middle market technology companies that were made by the General Partner (“GP”) prior to the formation of the Niobrara fund. The information is included to illustrate Niobrara’s approach, and the types of portfolio companies that the GP has partnered with in the past. The listing is not intended to represent performance or be an indicator of how investors have performed or may perform in the future.