Swedish semiconductor manufacturer plans to increase production following investment round
SweGaN, a Swedish manufacturer of custom-made Gallium Nitride on Silicon Carbide (GaN-on-SiC) epitaxial wafers, has completed a Series A financing round totaling SEK 125 million (EUR 12 million).
SweGaN states in a press release that the investment will allow the company to "significantly increase production capacity" to meet market demand from major suppliers of 5G base stations, defense radars, low-orbit satellite communications and on-board chargers in electric vehicles. Additionally, the financing will also allow the company to expand its executive team and boost its engineering, sales, and production staff.
The financing was co-led by Intertech Ventures, Mount Wilson Ventures and Atlantic Bridge, with participation by STOAF of Sweden and global fabless semiconductor company MediaTek.
SweGaN has over 30 paying customers and is in qualification for a wide range of applications in Europe, the US and Asia.
In conjunction with the investment, SweGaN also announced the appointment of Jr-Tai “Ted” Chen as CEO. Ted co-founded SweGaN back in 2014 and invented the company’s proprietary QuanFINE technology as its Chief Technology Officer.
“I am pleased to introduce Ted Chen as SweGaN’s new CEO and look forward to our continued work together to fulfill SweGaN’s strategy, vision, and future-oriented goals for serving the industry with the best GaN on SiC technology available on the market. Since starting SweGaN, Ted has displayed remarkable determination, passion, and professional growth, and he is well-equipped to lead SweGaN’s in this next chapter of its journey to become a dominant player in the GaN-on-SiC market,” says Jonas Nilsson, SweGaN Chairman, in the press release.
“To meet explosive market demand, SweGaN’s roadmap targets building of new production facilities and expanding our team to deliver of tens of thousands of epi-wafers annually. I am extremely proud to lead SweGaN and our dedicated team for these ongoing missions,” says the new CEO.