The Lawrence company designs, makes and markets wheels, such as the CF1 for all-terrain vehicles, made with a carbon fiber composite that is stronger and lighter than aluminum.

A Lawrence company picked up $515,000 this week to help drive its efforts to build stronger, lighter products through its replacement of aluminum with a proprietary carbon fiber-based resin.

HiPer Technology Inc., 2920 Haskell Ave., suite 300, this week secured the financing from a collection of angel investors and the Kansas Technology Enterprise Corporation (KTEC).

The money will be used to help the company develop new products and expand its existing sales and marketing capabilities. HiPer has 17 employees.

A rundown of the latest investors in the privately held company:

¢ $350,000 from Mid-America Angels, a collection of 57 “high net worth” individuals looking to invest in promising technology startups and growing operations. Most of the investors are from the Kansas City region, including some in Lawrence.

¢ $150,000 from KTEC, a private-public partnership established by the state to promote tech-based economic development.

¢ $10,000 from an angel investor in Pittsburg.

Matt McClorey, co-founder of Mid-America Angels, said that the investment organization had pumped $1.3 million into area operations. Typical deals – early-stage financing for regional entrepreneurs and promising startups – range from $250,000 to $500,000.

HiPer focuses on producing modular carbon fiber racing wheels for motor sport vehicles through the company’s top consumer division, HiPer Racing Wheels. Products include wheels for all-terrain vehicles, Micro Sprint cars and small motorcycles.

The wheels are made with a carbon fiber composite material co-developed by HiPer and DuPont. The material – when combined with proprietary molding processes – is designed to create wheels and other products that can withstand the shattering and molding characteristic of other carbon-composite products.

HiPer had been running out of split locations – in Lawrence and in Michigan – until consolidating its office, research and manufacturing operations in 2004 at the former Honeywell plant on Haskell Avenue.