News Article
Exagan Raises €5.7M to make GaN Power devices on 200mm wafers
Leti-and-Soitec spinout focuses on becoming leading European source of GaN devices
Exagan, a start-up innovator of GaN semiconductor technology that enables smaller and more efficient electrical converters, today announced it has raised €5.7 million in first-round financing that will be used to produce high-speed power switching devices on 200mm wafers.
The investors include leading French venture funds with a record of identifying and fostering promising, fast-growth, early-stage technology companies: Technocom2, managed by Innovacom, a pioneering French venture capital firm; CM-CIC Innovation, the investment arm of the European bank group, Crédit Mutuel-CIC Group; IRDInov, a regional seed investor in emerging, fast-growth companies; CEA investissement, a manager of funds invested in technology companies, and which invested via the CEA strategic fund; and Soitec a company providing leading edge semiconductor materials
Following Exagan's recent announcement of an agreement with X-FAB to produce devices on 200mm wafers, the financing will help support its mission of becoming Europe's primary supplier of GaN-based power switches for the solar, automotive, IT electronics and other markets. That mission includes its strategic partnership with CEA-Leti, which is developing applications with some of its industrial partners based on Exagan's G-FET 650 V platform and its unprecedented power-switching performance with extremely low conduction losses.
Exagan, based in Grenoble with a branch office in Toulouse, was spun off by Leti and Soitec in 2014 and licenses materials and technology from both organisations.
"This significant first round of financing validates our efforts over the past five years with Leti and Soitec to commercialize GaN-on-silicon technology and supports our commitment to provide customers with qualified GaN devices in large volumes," said Frédéric Dupont, Exagan CEO and co-founder. "We are focused on offering our customers reliable, high-performance devices that are developed with industrial partners already sourcing technologies or products for the targeted markets."
Vincent Deltrieu, a partner at Innovacom, said: "Exagan has developed a G-FETTM product platform that offers major competitive advantages for electrical-converter makers serving the power-electronics industry. By leveraging the platform's efficiency and power-saving features, Exagan is well positioned to establish itself as a key technology provider in this high-growth market that has the potential to exceed 1 billion euros in the coming years."
Stéphane Simoncini, investment director at CM-CIC Innovation, said: "Frédéric and Exagan COO and co-founder Fabrice Letertre are the ideal team to accomplish Exagan's business and technology goals. With their technical and business vision, they are opening a huge market segment in power electronics, between silicon and SiC."
Jean-Michel Petit, managing director of IRDInov, said: "Based on our experience with the automotive and aerospace industries, we are convinced of the potential markets for GaN power electronic devices. This is all the more reason to further develop its presence in Toulouse, which has a concentration of competencies in power-electronics applications and many potential future clients."
Soitec CEO Paul Boudre said: "Soitec is obviously excited about this successful round of financing for Exagan. Their GAN-on-silicon technology, which leverages our own materials expertise, opens very interesting opportunities in promising markets such as electronics, automotive and energy. Exagan is well positioned to drive innovation in power switching technology, due to its location in Grenoble among the strong mix of innovative companies and technology-integration clusters."
Soitec and CEA Investissement also provided financial support to Exagan prior to the first round of venture-fund backing.
Leti CEO Marie Semeria said Leti has invested many years in developing GaN technologies because it believes they will drive innovation in the power-electronics industry and accelerate development of sustainable-energy technologies.
"We are very excited about the prospects for Exagan, a European source of new GaN power switches for our key industrial partners in the fields of transportation and energy, as well as broader markets," she said. "Through our partnership with Exagan, Leti will accelerate its investment in this area to further develop our leading expertise in GaN technology and related systems and applications."
As one of three advanced-research institutes within the CEA Technological Research Division, CEA Tech-Leti serves as a bridge between basic research and production of micro- and nanotechnologies that improve the lives of people around the world. It is committed to creating innovation and transferring it to industry. Backed by its portfolio of 2,800 patents, Leti partners with large industrials, SMEs and startups to tailor advanced solutions that strengthen their competitive positions.
It has launched 54 startups. Its 8,500m2 of new-generation cleanroom space feature 200mm and 300mm wafer processing of micro and nano solutions for applications ranging from space to smart devices. With a staff of more than 1,800, Leti is based in Grenoble, France.
Exagan was created in 2014 with support from CEA-Leti and Soitec to accelerate the power-electronics industry's transition from silicon-based technology to smaller and more efficient electrical converters based on GaN-on-silicon technology.
