CGD secures $32m in funding
Cambridge GaN Devices (CGD) has closed a $32 million Series C funding round. 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.
The funding will enable the company to expand its operations in Cambridge, North America, Taiwan and Europe, and deliver CGD’s unique value proposition to its growing customer base.
CGD’s monolithic ICeGaN technology, designed to simplify the implementation of GaN into designs, delivers efficiency levels exceeding 99 percent, enabling energy savings of up to 50 percent in a wide range of high-power applications including electric vehicles and data centre power supplies.
The global GaN power device market is projected to grow at a remarkable CAGR of 41 percent, reaching $2 billion by 20291. At the same time, ICeGaN is being seen as a viable alternative to existing solutions using SiC, combining high energy-efficiency, miniaturisation, and monolithically integrated smart functionalities.
CGD says this will give it access to a high power market estimated to be in excess of $10 billion by 2029.
Giorgia Longobardi, CEO and founder of CGD said: "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 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."
Henryk Dabrowski, SVP of sales at CGD said: "This investment will significantly boost our ability to meet the growing demand for our reliable and easy-to-use GaN solutions."
John Pearson, CIO at Parkwalk Advisors commented: “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 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 both reduces costs and has a positive environmental impact. It’s valuable technology that now needs long-term capital to scale.”
