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BGF backs Cambridge GaN Devices
BGF has announced its investment in Cambridge GaN Devices (CGD) as part of a $9.5 million funding round alongside a consortium of investors.
The investment was co-led by BGF, IQ Capital and Parkwalk Advisors, and includes investment from Foresight Williams, Cambridge Enterprise, Martlet Capital, Cambridge Angels and Cambridge Capital Group.
The funding will be used by CGD to expand its product portfolio of energy-efficient power devices and to double the size of its team.
CGD was spun out of the renowned power device group at the Engineering Department of the University of Cambridge in 2016 to exploit a revolutionary technology in power devices, a market worth in excess of $30 billion. The company’s core business is to design, develop and commercialise power transistors and integrated circuits based on the most energy-efficient material available, Gallium Nitride (GaN).
GaN power devices are significantly higher performing than state-of-the-art silicon-based devices, enabling significant reductions in the size and weight of power converters, whilst producing energy efficiencies higher than 99%.
CGD is developing a range of GaN transistors that are customised for key applications in market segments such as consumer and industrial Switch Mode Power Supply (SMPS), lighting, data centres and automotive HEV/EV. The higher efficiency of CGD devices combined with the unique ease-of-use introduced by the Company’s proprietary IP will allow CGD GaN to easily replace silicon in those key applications, while enabling more compact power systems and better use of energy resources.
The company is the result of decades of research in power devices and GaN reliability carried out with world leading organisations in the field, and through several partnerships and collaborations. CGD is currently leading a $10 million European-funded project with 13 industrial and academic partners across Europe, GaNext, developing GaN-based modules for low and high-power applications.
Giorgia Longobardi, CEO and founder of CGD, commented: “This latest round of investment is a great recognition of our success to date, with new and existing investors confirming the strength of our technology. Since 2016, CGD has grown significantly and we are thrilled to be in a position to deliver several products to market, following decades of industry-leading research in reliability of power devices. This investment will allow us to supplement our experienced team with additional experts and expand our markets globally, creating more sustainable electronics worldwide.”
Tim Rea, investor at BGF, commented: “Clean tech and sustainable investments are at the heart of BGF’s growth strategy for 2021 and beyond. CGD’s technology has the power to make a significant impact on power consumption. Its founders are second-to-none and we look forward to working with them, and a cohort of brilliant co-investors, to bring this product to market.”
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