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Korean GaN Epiwafer Startup Raises $17.4M Series C Funding

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IVWorks plans for production capacity expansion and AI-based production platform advancement

IVWorks in South Korea, a GaN epitaxial wafer startup, has announced that it successfully raised $17.4M Series C round funding.

This investment was subsequent to the $6.7M raised in the Series B round in December 2019. YG Investment, Korea Investment & Securities, WONIK Investment Partners, Log Investment, Wooshin Venture Investment, Deslaube PEF, Hyundai Venture Investment, have invested a total of $17.4M in new and existing shares.

IVWorks has used the self-developed technology of a highly efficient and eco-friendly epitaxy system as well as AI-based production platform to produce 6-8 inch GaN-Si epitaxial wafer products used in power devices, 4-6 inch GaN-SiC epitaxial wafer products used in RF devices.

The funds were secured through new investments and are planned for use in the production capacity expansion and AI-based production platform advancement. In particular, recent market circumstances (application of GaN fast charger in IT products of Apple, Samsung, Huawei, and the expansion of GaN power devices use in electric vehicle onboard chargers and power convertors) have been reflected in this funding round, which demonstrate the company's interest in maintaining differentiated technological competencies and focusing on scaled growth in response to market demand.

Furthermore, to proceed with the KOSDAQ listing, IVWorks has entered into a contract with the Korea Investment & Securities listing underwriter. The company announced that it has commenced operation of a full-fledged initial public offering (IPO).

CEO Young-Kyun Noh of IVWorks said: “raising investments concluded favourably owing to recognition of the company's capacity and epitaxy technology, and expectations towards the GaN power device market has entered the growth phase amid global technological trends such as digital transformation and energy paradigm shift” and also added that “additional collaborations with global semiconductor companies and strategic investments are in progress."

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