A University of Cambridge spinout that replaces silicon in transistors with a more energy-efficient material has raised $9.5m in a Series A funding round.
Cambridge GaN Devices (CGD) is developing transistors and integrated circuits built using gallium nitride (GaN), a transparent, glass-like material that promises higher performance and a smaller size than widely used silicon.
The company, which spun out of the University of Cambridge’s engineering department in 2016, is looking to commercialise its GaN transistors for a range of use cases including data centres, wireless charging and lighting.
CGD said it would use the raised capital to double its team and expand its product portfolio.
Investors IQ Capital, Parkwalk Advisors, BGF co-led the funding round. Foresight Williams, Cambridge Enterprise, Martlet Capital, Cambridge Angels and Cambridge Capital Group also participated.
“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,” said Giorgia Longobardi, CEO and founder of CGD.
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“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 the 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.”
The power devices market that CGD is aiming to take a slice of is worth more than $30bn. And with the silicon-based data centres that underpin the internet guzzling up more than 90 billion kilowatt-hours of electricity per year in the US alone, there is a growing focus on reducing associated emissions.
CGD has also raised seed funding prior to the Series A round and has received funding for four projects from iUK, BEIS and the European funded GaNext project.
Nick Mettyear, investment manager at Foresight Williams, said: “The team are designing market-leading products with a huge range of practical uses. Their devices will ultimately improve performance, reduce cost and lead to reduced emissions. It is a perfect fit with Foresight Williams, and we are excited to support the team.”