Cambridge GaN Devices (CGD), an innovator in gallium nitride (GaN) power devices, announced it closed a $32 million Series C funding round. The funding round was led by a strategic investor with participation from British Patient Capital and supported by existing investors Parkwalk, BGF, Cambridge Innovation Capital (CIC), Foresight Group, and IQ Capital.
Gallium nitride-based devices represent a breakthrough in power electronics, providing faster switching speeds, lower energy consumption, and more compact designs than traditional silicon-based solutions. And CGD’s proprietary monolithic ICeGaN technology, which simplifies the implementation of GaN into existing and progressive designs, delivers efficiency levels exceeding 99%, enabling energy savings of up to 50% in a wide range of high-power applications, including electric vehicles and data center power supplies. These innovations have the potential to save millions of tons of carbon dioxide emissions annually, accelerating the global transition to more sustainable energy systems due to the inherent ease of use that ICeGaN technology provides to its customers.
The global GaN power device market is projected to grow rapidly. At the same time, ICeGaN is seen as a viable alternative to existing solutions using Silicon Carbide (SiC), combining high energy efficiency, miniaturization, and monolithically integrated smart functionalities. With its advanced technology and market leadership position, CGD is well-positioned to capitalize on this rapid market expansion. Having secured industry-leading customers in its pipeline, CGD has consistently demonstrated its ability to deliver reliable and impactful solutions, enabling innovation in the sector.
This funding will enable the company to expand its operations in Cambridge, North America, Taiwan and Europe, and deliver CGD’s unique value proposition to its growing customer base. And this significant funding will fuel CGD’s growth strategy, focusing on the continued delivery of highly efficient GaN products to high-power industrial, data centre, and automotive markets.
KEY QUOTES:
“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.”
– Dr. Giorgia Longobardi, CEO and founder of GCD
“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.”
– Henryk Dąbrowski, SVP of Sales at GCD
“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.”
– John Pearson, CIO at Parkwalk Advisors
“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.”
– George Mills, Director of Deeptech, Direct, and co-investments at British Patient Capital
