Ottawa-based semiconductor company GaN Systems announced Thursday it has secured $20 million in series C financing.
The round was led by Montreal’s Cycle Capital Management, joined by BDC Capital and Beijing-based Tsing Capital. Existing investors Chrysalix Energy Venture Capital out of Vancouver and Boston’s RockPort Capital are also involved.
"We are delighted to welcome a diverse group of investors who collectively will provide critical financing, strategic advice, and additional entry points into growth markets while we establish GaN Systems as a recognised leader in the power semiconductor market," GaN CEO Jim Witham said in a statement.
The financing will help GaN increase sales and marketing support for its international customer base and continue manufacturing line expansion, the company said.
"As I visit customers around the world, they are showing me how our technology is enabling more efficient products that are one quarter the size and one quarter the weight, as well as entirely new products that could only be achieved with our super-high speed switches," Mr. Witham said.
Cycle Capitals founder and managing partner, Andrée-Lise Méthot, said GaN is emerging as a leader in a semiconductor market which is facing a “major shakeup.”
“We see great value in supporting a company that is well on its way to becoming a leader in this multi-billion dollar market,” Ms. Méthot said in a statement.
Tsing Capital managing partner Michael Li said China is one of the largest and fastest growing markets for power electronics in the world.
“We look forward to helping support GaN Systems' expansion and product delivery,” Mr. Li said in a statement.