Cambridge GaN Devices (CGD), an innovator in GaN power devices, recently closed a $32 million Series C funding round. The investment was led by a strategic investor with participation from UK-based Patient Capital, with support from existing investors Parkwalk, BGF, Cambridge Innovation Capital (CIC), Foresight Group and IQ Capital.
GaN technology revolutionizes the field of power electronics
GaN-based devices are a major breakthrough in power electronics. It offers faster switching speeds, lower energy consumption, and a more compact design than traditional silicon-based solutions. CGD's unique monolithic ICeGaN® technology simplifies the use of GaN in existing and advanced designs. With this technology, the efficiency of the product can exceed 99%, and the energy savings can be up to 50% in many high-power application scenarios such as electric vehicles and data center power supplies. Thanks to the ease of use and ease of use of ICeGaN technology, these innovations are expected to reduce millions of tons of CO2 emissions each year and accelerate the global transition to a sustainable energy system.
Dr. Giorgia Longobardi, CEO and Founder of CGD, said: "This funding round is a significant endorsement of CGD's technology and vision to revolutionize the power electronics industry with high-efficiency GaN solutions for sustainable power electronics. Today, we're poised to accelerate our pace and play an important role in reducing energy consumption across multiple industries. We also look forward to working with strategic investors to develop the automotive market."
Broad market opportunities
The global GaN power devices market is forecast to grow at a CAGR of 41% and is expected to reach $2 billion by 2029. At the same time, ICeGaN is seen as a strong alternative to existing silicon carbide (SiC) solutions, combining high energy efficiency, miniaturization, and integrated smart functions on a monolithic scale. This puts Cambridge GaN Devices on track to enter the high-power market of more than $10 billion by 2029. With advanced technology and market leadership, CGD is well-positioned in this rapidly expanding market. CGD has successfully won industry-leading customers and continues to demonstrate its ability to deliver reliable and impactful solutions that drive innovation in the industry.
Henryk Dabrowski, CGD's Senior Vice President of Sales, said, "I'm excited to see this funding enable us to close customer orders for CGD's latest generation P2 product. "This investment will significantly enhance our ability to meet the growing market demand for reliable, easy-to-use GaN solutions."
Figure: Cambridge GaN Devices Receives $32 Million in Financing to Drive Power Semiconductor Growth
Global expansion and future outlook
With a global team of experts and decades of research, CGD is committed to pushing the boundaries of GaN technology to deliver solutions that improve the performance of everyday electronics. As the world moves towards electrification and sustainability, CGD's leadership in GaN technology opens up new avenues for reducing energy consumption, cutting costs, and mitigating environmental impact. By providing efficient, compact, and high-performance power devices, CGD is setting new standards for sustainable power electronics.
The funding will enable the company to expand its operations in Cambridge, North America, Taiwan and Europe, offering CGD's unique products and services to its growing customer base.
This significant investment will drive CGD's growth strategy, with a focus on continuing to deliver high-efficiency GaN products to the high-power industrial, data center, and automotive markets.
John Pearson, Chief Investment Officer at Parkwalk Advisors, commented: "CGD is at the forefront of technologies that can reduce the energy needs of booming industries such as artificial intelligence and e-mobility. It has great global development potential and a wide range of application prospects, which will lead to continuous innovation and growth of CGD. We have supported CGD since 2019 and are proud to be working with such a talented team and other investors to accelerate its global expansion."
George Mills, Head of Deep Technology, Direct & Co-Investment, Patient Capital in the UK, said: "After years of research, Cambridge GaN Devices has proven the impact of its semiconductor technology. Their GaN devices consume less energy than silicon-based devices, reducing costs and benefiting the environment. It's a valuable technology that now requires long-term funding to scale up.”
