A $32 million Series C fundraising round was successfully closed by Cambridge GaN Devices (CGD). With involvement from British Patient Capital and backing from current investors Parkwalk, BGF, Cambridge Innovation Capital (CIC), Foresight Group, and IQ Capital, the venture was spearheaded by a strategic investor.
Transforming Power Electronics with GaN
Compared to conventional silicon-based solutions, gallium nitride-based devices offer faster switching rates, reduced energy consumption, and more compact designs, marking a milestone in power electronics. With efficiency levels exceeding 99%, CGD’s proprietary monolithic ICeGaN® technology makes it easier to integrate GaN into both current and future designs.
This allows for energy savings of up to 50% in a variety of high-power applications, such as data center power supplies and electric vehicles. Because of the inherent ease of use that ICeGaN® technology offers its clients, these technologies have the potential to save millions of tons of CO2 emissions yearly, speeding up the global transition to more sustainable energy systems.
Market Opportunity and Proven Success
The market for GaN power devices is expected to reach $2 billion by 2021, growing at an impressive 41% CAGR. Meanwhile, ICeGaN®, which combines great energy efficiency, compactness, and monolithically integrated smart features, is being considered as a competitive alternative to current technologies that use Silicon Carbide (SiC).
By 2091, this will allow Cambridge GaN Devices to access a high power market valued at over $10 billion. CGD is in a strong position to benefit from this quick market expansion thanks to its state-of-the-art technology and dominant position in the industry.
Since gaining industry-leading clients, CGD has continuously proven its capacity to provide dependable and significant solutions, fostering innovation in the field.
Global Expansion and Vision for the Future
CGD continues to provide solutions that improve common electronics with its global team of professionals, decades of research, and a dedication to pushing the limits of GaN technology.
Cambridge GaN Devices leadership in GaN technology provides a method to cut costs, lessen environmental impact, and use less energy as the world moves toward electrification and sustainability. The company aims to establish a new benchmark for sustainable power electronics by enabling high-performance, small, and efficient power devices.
With the funding, the company will be able to provide its expanding clientele with CGD’s distinctive value offer and increase its operations in Cambridge, North America, Taiwan, and Europe. With an emphasis on the continuous supply of highly efficient GaN products to the high-power industrial, data center, and automotive markets, this sizeable investment will support CGD’s growth plan.
Leadership Comments
Dr. Giorgia Longobardi, CEO and Founder of CGD, said: “This funding round marks a pivotal moment for 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”.
Henryk Dabrowski, SVP of Sales at CGD, said: “I’m thrilled to see this funding helping to deliver on customer deals we’ve already closed for CGD’s latest-generation P2 products. This investment will significantly boost our ability to meet the growing demand for our reliable and easy-to-use GaN solutions.”
John Pearson, Chief Investment Officer at Parkwalk Advisors, said: “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. 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.”
George Mills, Director – Deeptech, Direct & Co-Investments, British Patient Capital, said: “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.”
