Cambridge GaN Devices Raises 32m for Automotive Push

Cambridge GaN Devices, a leading provider of integrated power technology, has successfully secured $32 million in funding to further advance its presence in the automotive market. The Series C funding round was spearheaded by a strategic investor, with additional contributions from British Patient Capital and ongoing support from existing investors such as Parkwalk, BGF, Cambridge Innovation Capital (CIC), Foresight Group, and IQ Capital. This latest round of funding brings the total investment raised by the company to an impressive $62 million.

With this substantial financial backing, Cambridge GaN Devices is poised to expand its operations across key locations in Cambridge, North America, Taiwan, and Europe. The company's strategic growth plan includes enhancing its research and development efforts, scaling up production capabilities, and strengthening its market presence in the rapidly evolving automotive sector.

One of the key innovations driving Cambridge GaN Devices' success is its proprietary monolithic gallium nitride technology known as ICeGaN. This cutting-edge technology streamlines the integration of GaN components into both existing and future power system designs, offering unparalleled efficiency levels exceeding 99%. By leveraging integrated GaN solutions, customers can achieve significant energy savings of up to 50% across a diverse range of high-power applications, including AI data centers and industrial power supplies.

Dr. Giorgia Longobardi, CEO and co-founder of Cambridge GaN Devices, expressed enthusiasm about the recent funding round, stating, “This 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 a reality. We are now well-positioned to accelerate our growth and drive substantial energy consumption reductions across multiple sectors. We eagerly anticipate collaborating with our strategic investor to penetrate the automotive market.”

The global GaN power device market is forecasted to experience significant growth, with a projected compound annual growth rate (CAGR) of 41% and an estimated market value of $2 billion by 2029, according to insights from market research firm Yole Intelligence. This robust market outlook underscores the immense potential for Cambridge GaN Devices to capitalize on the increasing demand for advanced power solutions in various industries.

Transitioning GaN devices into the automotive sector necessitates a heightened focus on reliability, safety-critical designs, and ISO26262 certification. The integrated sensors and monitoring capabilities offered by the ICeGaN technology play a crucial role in meeting these stringent requirements. Cambridge GaN Devices is actively engaged in multiple projects aimed at integrating its GaN devices into modules with innovative packaging solutions to enhance usability and performance.

John Pearson, Chief Investment Officer at Parkwalk Advisors, a prominent deeptech investor in the UK, commended Cambridge GaN Devices for its pioneering technology and global potential. He remarked, “CGD is at the forefront of technology that can reduce the energy demands of booming industries, like AI and e-mobility. With its broad applications and innovative approach, CGD is well-positioned to drive further innovation and expansion. We are proud to have supported CGD since 2019 and are excited to collaborate with an exceptional team of investors to accelerate its global growth.”

George Mills, Director of Deeptech, Direct & Co-Investments at British Patient Capital, highlighted the significant impact of Cambridge GaN Devices' semiconductor technology on energy efficiency and environmental sustainability. Mills emphasized the importance of long-term capital investment to scale up the company's groundbreaking GaN devices, which offer superior energy efficiency compared to traditional silicon-based alternatives. The innovative technology developed by Cambridge GaN Devices holds immense promise for driving positive environmental outcomes and cost savings across diverse industries.