Chrysalix Venture Capital Announces Completion of the Acquisition of its Portfolio Company GaN Systems by Infineon
Oct 26, 2023
Chrysalix is pleased to announce the completion of the US$830M "all cash" acquisition of its portfolio company GaN Systems Inc., a fast-growing high-tech company specialized in gallium nitride (GaN) power semiconductors, by Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) ("Infineon") a global semiconductor leader in power systems and IoT. See the press release by Infineon here:
About GaN Systems
GaN Systems is known for creating breakthrough products targeting the growing demand for more efficient power conversion by revolutionizing some of the world's most economically essential and environmentally impactful industries, including electric vehicles, computers, data centers, renewable energy generation, and industrial motors.
"Chrysalix is very happy that GaN Systems has been acquired by a large multinational that can help with the successful scaling of this crucial platform technology so important for the energy transition," said Wal van Lierop, Founding Partner at Chrysalix Venture Capital and a board member of GaN Systems. Chrysalix was the first investor in GaN Systems in 2011 when it identified early the potential for gallium nitride to revolutionize power conversion and its importance for the energy transition. As Chrysalix remained the largest investor in GaN Systems, the total return to its fund from this exit is very significant.
"We congratulate GaN Systems CEO Jim Witham and his team on this milestone acquisition and wish Infineon great success with the mass roll-out of this critical technology," added van Lierop.
GaN Systems was spun out of the federal Canadian Communications Research Centre Canada in 2008 by Girvan Patterson, the former chief executive, and John Roberts, the chief technology officer, who unfortunately passed away in 2021. They credited "great early investors" such as Chrysalix Venture Capital for their crucial support.