SweGaN raises $14m in Series B round
SweGaN AB, a Swedish developer and manufacturer of GaN-on-SiC epitaxial wafers, has closed a $14m Series B round, led by Swedish investor Thisbe AB, Danish venture capital firm North Ventures and existing shareholders.
The financing brings SweGaN ́s total funding raised to $41m. Proceeds will be used to expand production capacity, strengthen commercial presence in key global markets, invest in talent and infrastructure, and accelerate R&D of next-generation GaN-on-SiC materials.
"Completing this financing as an up-round is a strong endorsement of SweGaN's progress and long-term potential," said Stefan Axelsson, CFO of SweGaN. "We are entering our next phase from a position of financial strength."
Jr-Tai Chen, CEO of SweGaN added: "It enables us to expand production, accelerate innovation, and better serve customers worldwide as demand for high-performance GaN materials continues to grow."
The financing comes at a pivotal moment for the wide-bandgap semiconductor industry. GaN materials are increasingly recognised as a critical enabling technology for next- generation RF and power electronics applications, ranging from 5G, satellite communications and telecom infrastructure to defence radar systems and high- efficiency power conversion in data centres.
Fredrik Nordh, CEO of Thisbe AB commented: "SweGaN has built a differentiated technology platform in a strategically important semiconductor market. We are impressed by the team's execution, customer momentum, and growth potential, and are delighted to support the company's next phase of expansion.”
“SweGaN has turned deep technical expertise into clear commercial progress in a strategically important market. As the company scales production, we believe it is well positioned to become an increasingly important European supplier of GaN-on-SiC materials and help strengthen Europe’s technological sovereignty,” said Mikkel Strandkjær, investment manager at North Ventures.
