Cambridge GaN Devices secures $32M to drive growth
Cambridge GaN Devices (CGD) has successfully raised $32 million in a Series C funding round, led by a strategic investor with contributions from British Patient Capital and existing backers. This funding will allow the company to expand its operations in Cambridge, North America, Taiwan and Europe.
GaN-based devices offer significant advantages over traditional silicon solutions, including faster switching speeds, lower energy consumption, and compact designs. CGD's ICeGaN technology achieves efficiency levels above 99%, which can result in energy savings of up to 50% in a range of high-power applications, such as electric vehicles and data centre power supplies.
"This funding round marks a pivotal moment for CGD. It validates our technology and vision to revolutionise the power electronics industry with our efficient GaN solutions and make sustainable power electronics possible. We're now poised to accelerate our growth and make a significant impact in reducing energy consumption across multiple sectors. We look forward to collaborating with our strategic investor to penetrate the automotive market," says Dr. Giorgia Longobardi, CEO and Founder of CGD, in a press release.
The global GaN power device market is projected to grow at a CAGR of 41%, reaching USD 2 billion by 2029, providing ample opportunities for CGD's innovative solutions.
With plans to expand operations in Cambridge, North America, Taiwan, and Europe, CGD aims to deliver highly efficient GaN products to industrial, data center, and automotive sectors.
