A Kanata North semiconductor company closed a major funding round recently – bringing in $US150 million in fresh capital.
GaN Systems received the investment from several equity firms including Vitesco Technologies, Fidelity and existing investor BMW i Ventures.
GaN is working to revolutionize the automotive sector – among others – with its smaller, faster and more energy efficient gallium nitride semiconductors. The company’s transistors give clients the ability to significantly decrease the size, weight, and power of their products, while also reducing system costs and power waste.
“This transaction is a game-changer and comes at a perfect time,” Jim Witham, CEO of GaN Systems said in a statement. “The demand for higher performing, more efficient power electronics is growing exponentially, and traditional silicon solutions cannot keep up. We stand apart from the competition as the only GaN power transistor company currently shipping to automotive, consumer, industrial, and data center customers.”
The major investment will allow GaN to expedite its market penetration and target new customer verticals.