GaN Systems raises $20 million venture funding
GaN Systems, a developer of GaN power switching semiconductors, has announced a $20 million round of venture capital financing. Cycle Capital Management led the round and was joined by BDC Capitaland Beijing-based Tsing Capital, as well as existing investors Chrysalix Energy Venture Capital and RockPort Capital.
As GaN Systems' customers launch consumer and enterprise products designed with its GaN transistors, this financing will enable the company to ramp up sales and marketing support for its rapidly growing international customer base and to continue manufacturing line expansion, according to the company.
GaN Systems' breakthrough power electronics transistors can be used for a wide range of applications, from more efficient data centers and solar inverters, to thinner TVs, smaller more powerful motors, longer range electric vehicles, and a multitude of other consumer, enterprise, industrial and transportation applications.
"By dramatically increasing power electronics efficiency while reducing resource consumption and environmental impacts, GaN Systems' innovative Island Technology is emerging as the leading solution for the power semiconductor industry which now faces a major shakeup. We see great value in supporting a company that is well on its way to becoming a leader in this multi-billion dollar market. This deal was led by Cycle Capital's Managing Partner Claude Vachet and our semiconductor seasoned investment team, and we are very excited to welcome GaN Systems as the newest addition to our portfolio," said Andrée-Lise Méthot, founder and md at Cycle Capital.
"With a long history of cleantech venture capital investing in China, we are pleased to add GaN Systems to our portfolio of energy efficiency companies. China represents one of the largest and fastest growing markets for power electronics globally, and we look forward to helping support GaN Systems' expansion and product delivery," added Michael Li, managing partner at Tsing Capital.
"We are delighted to welcome a diverse group of investors who collectively will provide critical financing, strategic advice, and additional entry points into growth markets while we establish GaN Systems as a recognised leader in the power semiconductor market," said Jim Witham, CEO of GaN Systems.
