Cambridge GaN Devices raises $32m for automotive push
Cambridge GaN Devices has raised $32m for the continued rollout of its integrated power technology into the automotive market.
The Series C funding round was led by a strategic investor with participation from British Patient Capital and supported by existing investors Parkwalk, BGF, Cambridge Innovation Capital (CIC), Foresight Group, and IQ Capital. The round brings the total raised to $62m.
The funding will enable the company to expand its operations in Cambridge, North America, Taiwan and Europe.
CGD has developed a proprietary monolithic gallium nitride technology called ICeGaN which simplifies the implementation of GaN into existing and future power system designs. Using integrated GaN can provide efficiency levels over 99% for energy savings of up to 50% in a wide range of high power applications including AI data centre and industrial power supplies.
“This funding round marks a pivotal moment for CGD,” said Dr. Giorgia Longobardi, CEO and co-founder of CGD. “It validates our technology and vision to revolutionize the power electronics industry with our efficient GaN solutions and make sustainable power electronics possible. We’re now poised to accelerate our growth and make a significant impact in reducing energy consumption across multiple sectors. We look forward to collaborating with our strategic investor to penetrate the automotive market”.
The global GaN power device market is projected to grow at a remarkable CAGR of 41%, reaching $2bn by 2029 according to market research firm Yole Intelligence.
Taking GaN devices into the automotive market requires more focus on reliability as well as safety critical designs and ISO26262 certification, which is helped with the integrated sensors and monitoring in the ICeGaN approach. The company has several projects on integrating its GaN devices into modules with new packaging for more ease of use.
“CGD is at the forefront of technology that can reduce the energy demands of booming industries, like AI and e-mobility,” said John Pearson | Chief Investment Officer at Parkwalk Advisors which is one of the leading deeptech investors in the UK.
“It has enormous global potential and widespread applications which will see CGD continue to innovate and grow. We are proud to have backed CGD since 2019 and are excited to be working with an exceptional team and cohort of other investors to accelerate its global expansion.”
“Following years of research, Cambridge GaN Devices have proven the impact of their semiconductor technology. Their GaN devices consume less energy than their silicon-based counterparts, which both reduces costs and has a positive environmental impact. It’s valuable technology that now needs long-term capital to scale,” said George Mills | Director – Deeptech, Direct & Co-Investments at British Patient Capital.
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