In a recent move, Cambridge GaN Devices (CGD), a fabless semiconductor company based in Cambridge, has secured a $9.5 million (approx £6.8 million) funding in a Series A round.
Who led the funding?
The funding round was co-led by IQ Capital, Parkwalk Advisors, and BGF. It also included investment from Foresight Williams, Cambridge Enterprise, Martlet Capital, Cambridge Angels, and Cambridge Capital Group.
How will the funding be used?
Cambridge University spinout will use the funding to double staff and expand its GaN product portfolio following decades of research in power devices.
Founded by Prof. Florin Udrea and Dr. Giorgia Longobardi in 2016, Cambridge GaN Devices (CGD) designs, develops, and commercialises GaN transistors and ICs enabling a radical step change in energy efficiency and compactness and is suitable for high volume production.
Develops customisable GaN transistors
Notably, the GaN (Gallium Nitride) power devices are significantly higher performing than silicon-based devices. The company is developing a range of GaN transistors that are customised for key applications in market segments such as consumer and industrial Switch Mode Power Supply (SMPS), lighting, data centres, and automotive HEV/EV.
Secured four projects
According to the press release, CGD has so far successfully secured four projects funded by iUK, BEIS, and EU (Penta). Moreover, the UK company is currently leading a $10 million (approx £7.2 million) European-funded project with 13 industrial and academic partners across Europe. The company also leads the GaNext project, GaN-based modules for low and high-power applications.
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Giorgia Longobardi, CEO, and founder of CGD commented: “This latest round of investment is a great recognition of our success to date, with new and existing investors confirming the strength of our technology. Since 2016, CGD has grown significantly and we are thrilled to be in a position to deliver several products to market, following decades of industry-leading research in the reliability of power devices. This investment will allow us to supplement our experienced team with additional experts and expand our markets globally, creating more sustainable electronics worldwide.”
Eric Stodel, CEO at Neways, a leading EMS System Innovator and Lifecycle Partner in the GaNext project, commented: “Our close collaboration with CGD has been an incredibly rewarding win-win experience. It enables us to develop an extremely compact solar inverter based on GaN technology. The team’s enthusiasm is inspiring and contagious, and the shared expertise within our companies has been instrumental in making our combined project a great success with much more future potential”.
Ed Stacey, the Managing Partner at IQ Capital, commented: “We are proud to support the CGD team as they build on their core technology, from a strong base of academic research and IP, to create the world’s best GaN power devices for a wide range of applications. This highly experienced team has incredible potential to disrupt the electronics industry with new devices that will unlock commercial and environmental gains for suppliers and customers.”
John Pearson, Investment Director at Parkwalk Advisors, commented: “Parkwalk are delighted to have completed this investment into CGD, with their ambitious and experienced team, we are excited to continue supporting them on their journey to commercialise their innovative and highly disruptive technology.”
Tim Rea, the investor at BGF, commented: “Cleantech and sustainable investments are at the heart of BGF’s growth strategy for 2021 and beyond. CGD’s technology has the power to make a significant impact on power consumption. Its founders are second-to-none and we look forward to working with them, and a cohort of brilliant co-investors, to bring this product to market.”
Nick Mettyear, Investment Manager at Foresight Williams, commented: “The team is designing market-leading products with a huge range of practical uses. Their devices will ultimately improve performance, reduce cost and lead to reduced emissions. It is a perfect fit with Foresight Williams, and we are excited to support the team.”