Semiconductor company Cambridge GaN Devices has secured a $32m (£25.4m) Series C as the university spinout looks to expand operations.
The group is looking to expand in the delivery of its products in the data centre and automotive markets. Cambridge GaN Devices claimed the global market for its technology will reach $5.2bn (£4.1bn) by 2032, with significant growth expected to be driven by the increased demand for AI.
The investment follows the firm’s $19m Series B back in 2022. Cambridge University remains a significant shareholder in the business.
“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,” said company founder and CEO Dr. Giorgia Longobardi.
“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”.
The Series C round included a £5m investment from British Patient Capital, a commercial subsidiary of the UK government-owned British Business Bank.
“The company is a leader in a new generation of semiconductors and we want to support them as they enter the next stage of their growth,” said Christine Hockley, managing director of funds at British Patient Capital.
“They are one of a growing number of successful, ground-breaking businesses being spun out of universities which need access to long-term, patient capital to scale here in the UK.”
Other participants in the round included Cambridge Innovation Capital, IQ Capital, Parkwalk, Foresight and Business Growth Fund (BGF).
Founded in 2016, Cambridge GaN Devices develops gallium nitride (GaN) power devices, which offers greater efficiency, switching speeds and thermal conductivity than traditional silicon chips.