Cambridge GaN Devices secures funds to expand
Cambridge GaN Devices (CGD) has closed a $32 million Series C funding round to expand and meet the growing demand for reliable and easy-to-use GaN products.
CGD will use the funding to expand its operations in Cambridge, North America, Taiwan and Europe and deliver its unique GaN technolgy to its growing customer base in high-power industrial, data centre, and automotive markets.
GaN-based devices offer faster switching speeds, lower energy consumption, and more compact designs than traditional silicon. Proprietary monolithic ICeGaN® technology developed by CGD simplifies GaN implementation into existing and progressive designs. It delivers efficiency levels exceeding 99%, enabling energy savings of up to 50% in a wide range of high-power applications, including electric vehicles and data centre power supplies.
The investment 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.
Dr. Giorgia Longobardi, CEO and Founder of CGD, comments: “This funding round marks a pivotal moment for CGD. It validates our technology and vision to revolutionise the power electronics industry with our efficient GaN products 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”.
According to the “2024 Power SiC and GaN Compound Semiconductor Market Monitor” from Yole Intelligence, the global GaN power device market is projected to grow at a CAGR of 41%, reaching $2 billion by 2029. At the same time, ICeGaN® is being seen as a viable alternative to existing Silicon Carbide (SiC). ICeGaN® combines high energy efficiency, miniaturisation, and monolithically integrated smart functionalities. This will enable Cambridge GaN Devices to access a high-power market estimated to be over $10 billion by 2029, according to Yole.
John Pearson, Chief Investment Officer at Parkwalk Advisors, says: “CGD is at the forefront of technology that can reduce the energy demands of booming industries, like artificial intelligence and electric mobility. It has enormous global potential and widespread applications, which will see CGD continue to innovate and grow.”
George Mills, Director at Deeptech, Direct & Co-Investments, British Patient Capital, added: “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 reduces costs and has a positive environmental impact. It’s valuable technology that now needs long-term capital to scale.”
www.camgandevices.com
https://parkwalkadvisors.com
www.britishpatientcapital.co.uk
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