Cambridge GaN Devices (CGD), a front-runner in gallium nitride (GaN) power devices, has successfully wrapped up a $32 million Series C funding round.
This investment, spearheaded by a key strategic investor and backed by previous investors such as Foresight Group, BGF, and Cambridge Innovation Capital (CIC), will help CGD push forward with developing their groundbreaking GaN-based power gadgets.
The CGD Team.
These devices operate at a much higher switching frequency compared to standard silicon chips. The result? Improved performance alongside energy savings that could hit the 50% mark.
The company, which sprung from the University of Cambridge in 2016 thanks to Dr. Giorgia Longobardi and Prof. Florin Udrea, is aiming to commercialize a new generation of GaN power devices. These devices are game-changers, handling and converting electricity in all sorts of modern power electronics systems including power supplies, data centers, and EV chargers.
CGD’s unique approach makes its GaN chips a direct swap for silicon ones, but with far greater efficiency. The company is leading the charge in GaN-based power device tech, offering super-efficient solutions that could trim energy bills by up to 10% and potentially slash millions of tons of CO2 emissions in applications like data center power supplies.
The global GaN power device market is looking pretty hot, with projections hitting $5.15 billion by 2032, growing at a compound annual growth rate (CAGR) of 36% from 2024 to 2032.
This injection of funds will be a catalyst for CGD’s growth strategy, helping them meet a soaring demand for efficient GaN products in high-power industrial, data center, and automotive markets. Furthermore, the operations will be expanded in Cambridge, Taiwan, Europe, and North America, broadening their reach to a growing customer base.
Rubina Singh, Senior Investment Manager at Foresight Group, chimed in: “We’re thrilled to keep backing the ambitious CGD team as they bring their groundbreaking GaN technologies to market. As we strive towards a low-carbon future, CGD’s products can deliver higher performance while enabling up to 50% energy savings across multiple growing sectors such as automotive, renewable energy and data centres. We look forwarding to seeing the impact that CGD can make in enabling greener power electronics”.
Dr. Giorgia Longobardi, CEO and Founder of Cambridge GaN Devices, also gave her thoughts: “This funding round marks a pivotal moment for CGD. It validates our technology and vision to revolutionize 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”.
Foresight’s Ventures team makes equity investments into fast-growing companies, focusing on those building exciting deep tech, hard tech solutions, and enterprise software. Foresight collaborates with founders and management teams to build strong, successful companies, delivering solid economic returns while making a positive impact.
To date, Foresight’s Ventures strategy has invested £80 million and supported 39 deep tech investments.
