GaN Systems Achieves Technical Milestones Months Ahead of Schedule Positioning the Company to Quickly Capitalize on the $14 billion-a-year Power Devices Market
VANCOUVER, BC – Today, Chrysalix Venture Capital, the world’s most active cleantech venture capital firm, announced their participation in GaN Systems’ Series B financing round aimed at accelerating commercialization of the Company’s gallium nitride power switching semiconductor product line months ahead of schedule.
“Although it’s been only six months since the Series A round, the GaN Systems team has proven their engineering excellence by de-risking their technology and achieving technical progress unmatched in the industry to date. It made sense to take advantage of this rapid development and ramp spending to support earlier-than-planned commercialization. This allows the company to focus on execution, extending their runway beyond important value-creating milestones,” stated Mike Sherman, Managing Director at Chrysalix EVC. “The market momentum for gallium nitride as a credible alternative to silicon for power devices has grown significantly since our participation in GaN Systems’ Series A round, with devices becoming mainstream faster than we anticipated. We believe GaN Systems will be the winner of this gallium nitride race.”
GaN Systems provides power switching semiconductors based on their CoolSwitching™ platform – a unique, island-based technology with a heritage of over 14 years of gallium nitride innovation. The Company’s line of highly efficient, low-loss diodes, transistors, and integrated systems, and its patented gallium nitride designs address the limitations of silicon power conversion approaches. For the first time, compound semiconductor devices will be cost competitive with silicon devices, enabling future power conversion products that will be more energy efficient, lower cost, and lighter weight. Additionally, the Company uniquely provides a seamless transition to foundry-independent GaN-on-silicon fabrication for flexible access to high-volume production resources.
For more information on GaN Systems, please visit www.gansystems.com.
About Chrysalix Venture Capital
Chrysalix is a venture capital firm investing in technologies that will drive the new energy economy. The Firm provides early-stage financing, hands-on assistance and strategic connections to innovative companies confronting the world’s most important energy and environmental issues. For the past two years, the Firm has ranked the most active clean energy technology venture capital firm in the world. The Chrysalix team has an exceptional track record in this emerging industry. Collectively, it has over 120 years of experience in the energy industry and over 120 years in the venture capital business. The Firm is backed by a strong group of international blue-chip industrial and financial Limited Partners, and is headquartered in Vancouver, British Columbia. For more information, please visit www.chrysalixevc.com.
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