GaN Systems will use the investment to fuel the rapid market penetration of GaN
Canadian power chipmaker GaN Systems has announced that it has raised $150 million in a funding round to accelerate innovation and adoption of GaN technology across its automotive, consumer, industrial, and enterprise markets.
The round was led by Fidelity and included strategic investors like Vitesco Technologies and existing investor BMW i Ventures.
As per the company, GaN Systems will use the investment to fuel the rapid market penetration of GaN as global power electronics companies shift from legacy silicon devices to unlock the value of small, low-cost, efficient power systems.
Vitesco Technologies is the lead strategic partner in the round and has announced a broad strategic partnership with GaN Systems to enable GaN solutions across the EV platform. The strategic partnership comes on the heels of GaN Systems’ recent announcement of a capacity agreement with BMW.
“We share a successful track record in power electronics. By combining our automotive know-how with our partner’s GaN expertise, we will be able to reap the benefits of comprehensive wide-bandgap technology in the car,” said Thomas Stierle, Member of the Executive Board and head of Vitesco Technologies’ Electrification Technology business unit.
Jim Witham, CEO of GaN Systems, said, “This transaction is a game-changer and comes at a perfect time. The demand for higher performing, more efficient power electronics is growing exponentially, and traditional silicon solutions cannot keep up. Gallium Nitride takes the baton from legacy silicon to enable smaller platforms to run cooler and use fewer materials. We stand apart from the competition as the only GaN power transistor company currently shipping to automotive, consumer, industrial, and data center customers. Our relationships with industry leaders and our $8 billion pipeline tell us that the GaN inflection is here, and the time is now to accelerate investment in the business.”
