GaN Systems raises USD$20 Million in Series C Financing
GaN Systems Inc. today announced a USD$20 million venture capital financing. Cycle Capital Management led the round and was joined by BDC Capital and Beijing-based Tsing Capital, as well as existing investors Chrysalix Energy Venture Capital and RockPort Capital. As GaN Systems' customers launch multiple 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.
GaN-based transistors are increasingly positioned to disrupt the $15 Billion power transistor market, and GaN Systems is one of the clear leaders in realizing this potential. The companyâ€™s innovative Island TechnologyÂ® results in devices that are smaller and more efficient than traditional silicon design approaches. Its products enable previously unseen switching efficiencies that lead to more sustainable energy use and increased power efficiency, while reducing costs and environmental impacts of some of the worldâ€™s fastest growing industries.
GaN Systemsâ€™ 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 (EVs), and a multitude of other consumer, enterprise, industrial and transportation applications.
â€œBy dramatically increasing power electronics efficiency while reducing resource consumption and environmental impacts, GaN Systemsâ€™ 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 Capitalâ€™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,â€ said AndrÃ©e-Lise MÃ©thot, Founder and Managing Partner at Cycle Capital.
â€œWith 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 Systemsâ€™ expansion and product delivery,â€ added Michael Li, Managing Partner at Tsing Capital.
â€œWe 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 recognized leader in the power semiconductor market,â€ said Jim Witham, CEO of GaN Systems. â€œAs I visit customers around the world, they are showing me how our technology is enabling more efficient products that are one quarter the size and one quarter the weight, as well as entirely new products that could only be achieved with our super-high speed switches.â€