SweGaN Strengthens Position With New Share Issue
Swedish III-nitride epitaxial wafer company raises $750,000
SweGaN, a Swedish manufacturer of custom-made epitaxial wafers of group III-nitrides, has raised close to $750,000 through a summer investment round. Bringing in Mount Wilson Ventures, a US-based venture capital firm, Almi Invest, LiU Invest, and several angel investors, the share issue will allow the company to scale up its production of nitride-based structures.
"We are very happy that the investment round received such a fantastic response from the investors. The investment is further augmented with a loan which will give us a great opportunity to grow fast. The raised funds will be used for increasing the production and to accelerate the development of our new materials", says CEO Olof Kordina.
Since its founding in 2014, SweGaN has kept developing its patented technology in order to meet the challenges needed for high performance high-power and high-frequency GaN devices. Their nitride-based epitaxial structures are designed on demand for a very wide range of applications, including telecom for the 5G network, satellite telecommunications and defence or civilian sensors.
The funds raised will be used to increase and improve the production to help the company meet the growing demand for high-quality epitaxial wafers. The manufacturing capability will then raise by a factor of five, and in early 2018, the company will start production on 6 inch substrates on top of the current 4 inch substrates.
With a growth of 300 percent in terms of sales revenue in 2017, the hiring of 3 new employees and the launch of a new product range by the end of the year, SweGaN views its future with optimism and confidence.