GaN Systems Beats Own Development Targets
The firm has hit its development milestones ahead of schedule and secured more financing to accelerate the commercialisation of its gallium nitride power transistors
GaN Systems has closed a Series B financing round with existing investors Chrysalix Energy Venture Capital and RockPort Capital, two cleantech venture capital firms.
This funding comes only six months after the closing of GaN Systems' Series A round and signals the achievement of the company's initial development milestones months ahead of schedule.
"This significant financing round is a stamp of approval from our existing investors which validates our engineering excellence," says Girvan Patterson, CEO of GaN Systems. "It enables us now to accelerate commercialisation of the gallium nitride power devices that we have developed on our breakthrough island technology platform.
GaN Systems gallium nitride power transistor
Mike Sherman, Managing Director at Chrysalix, adds, "Since the Company's Series A round, the market momentum for GaN as a credible alternative to silicon for power devices has grown significantly, with devices becoming mainstream faster than we anticipated. This means commercial reality is closer and more tangible than expected and we are delighted that GaN Systems is in a position to capitalise on that opportunity."
GaN Systems' gallium nitride transistors are targeted at the next generation of highly efficient power conversion applications, the fastest growing segment of the $14 billion-a-year power devices market. This includes high growth applications such as solar inverters, server farms, and hybrid vehicles.
Beyond the inherent advantages of GaN in efficiency, speed and temperature, GaN Systems' Cool Switching technology enables extremely compact, low cost designs. It also provides a seamless transition to foundry-independent GaN-on-silicon fabrication for flexible access to high volume production resources.
"With these advantages, GaN Systems is uniquely positioned to drive broad adoption of gallium nitride as a superior alternative to conventional silicon power devices," remarks Daniel Hullah, Partner at RockPort Capital. "Their unmatched execution against plan and achieved milestones to date confirm for us this is the company to back in the gallium nitride race."