News: Microelectronics
19 February 2025
CGD raises $32m in Series C funding round
Fabless firm Cambridge GaN Devices Ltd (CGD) — which was spun out of the University of Cambridge in 2016 to design, develop and commercialize power transistors and ICs that use GaN-on-silicon substrates — has closed a $32m Series C funding round led by a strategic investor with participation from British Patient Capital and supported by existing investors Parkwalk, BGF, Cambridge Innovation Capital (CIC), Foresight Group, and IQ Capital.
The funding will enable CGD to expand its operations in Cambridge, North America, Taiwan and Europe, and deliver the firm’s value proposition to its growing customer base. The investment will fuel CGD’s growth strategy, focusing on the continued delivery of highly efficient GaN products to high-power industrial, data-center and automotive markets.
For power electronics, gallium nitride-based devices offer faster switching speeds, lower energy consumption, and more compact designs than traditional silicon-based solutions. CGD says that its proprietary monolithic ICeGaN technology, which simplifies the implementation of GaN into existing and progressive designs, delivers efficiency levels exceeding 99%, enabling energy savings of up to 50% in a wide range of high-power applications including electric vehicles and data-center power supplies. These innovations could save millions of tons of CO2 emissions annually, accelerating the global transition to more sustainable energy systems due to the inherent ease-of-use that ICeGaN technology provides, the firm claims.
The funding round “validates our technology and vision to revolutionize the power electronics industry with our efficient GaN solutions and make sustainable power electronics possible,” says CEO & founder Dr Giorgia Longobardi. “We're now poised to accelerate our growth and make a significant impact in reducing energy consumption across multiple sectors,” she adds. “We look forward to collaborating with our strategic investor to penetrate the automotive market”.
The global GaN power device market is projected to grow at a compound annual growth rate (CAGR) of 41% to $2bn by 2029 (according to the report ‘2024 Power SiC and GaN Compound Semiconductor Market Monitor’ by Yole Intelligence). CDG says that its ICeGaN technology is a viable alternative to existing solutions using silicon carbide (SiC), combining high energy-efficiency, miniaturization and monolithically integrated smart functionalities, enabling it to have access to a high-power market estimated to be in excess of $10bn by 2029. Having already secured customers in its pipeline, CGD reckons that it is well positioned to capitalize on this rapid market expansion.
“I'm thrilled to see this funding helping to deliver on customer deals we’ve already closed for CGD’s latest-generation P2 products,” says Henryk Dabrowski, senior VP of sales. “This investment will significantly boost our ability to meet the growing demand for our reliable and easy-to-use GaN solutions,” he adds.
“CGD is at the forefront of technology that can reduce the energy demands of booming industries, like artificial intelligence and electric mobility,” says John Pearson, chief investment officer at Parkwalk Advisors. “It has enormous global potential and widespread applications which will see CGD continue to innovate and grow,” he adds.
“Following years of research, Cambridge GaN Devices have proven the impact of their semiconductor technology,” notes George Mills, director – deeptech, direct & co-investments, British Patient Capital. “Their GaN devices consume less energy than their silicon-based counterparts, which both reduces costs and has a positive environmental impact. It’s valuable technology that now needs long-term capital to scale.”
CGD’s senior VP of global sales to lead expansion into additional markets
Cambridge GaN Devices exhibiting at electronica
