Transaction marks end of dry period of venture deals in the Ottawa region & sets company on path to attack the $14 billion-a-year power devices market.
GaN Systems Inc, provider of next generation power conversion semiconductors for cleantech applications, today announced the closing of its Series A financing round led by Chrysalix Energy Venture Capital, the world’s most active cleantech venture capital firm in 2010, and Rockport Capital, a leading VC that partners with cleantech entrepreneurs around the world. This builds on GaN Systems’ ongoing government support from the National Research Council of Canada and the Ontario Centres of Excellence. The Company has also received support from Sustainable Development Technology Canada (SDTC) for a project to further develop and demonstrate their patented gallium nitride technology, resulting in more energy efficient and lower cost electronic products and renewable energy solutions.
“Gallium nitride is one of the most exciting new developments in electronics as it overcomes the speed, temperature, and power handling limitations of traditional silicon approaches,” said Girvan Patterson, CEO & Co-Founder of GaN Systems. “Cleantech will require a social transition and financial investment unequalled since the Industrial Revolution, and it will take radical electronics innovation to make it happen. That is our mission.”
Adds John Roberts, CTO & Co-founder of GaN Systems, “We will offer the Cool Switching™ product line of highly efficient, low-loss diodes, transistors, and integrated systems. We will also partner with other semiconductor companies looking to leverage the strengths of gallium nitride using our patented designs. Our unique island-based topology builds on years of gallium nitride process research at the NRC and will enable power devices that are typically four times smaller (resulting in lighter weight), more efficient, have longer battery life, and are lower cost. In cleantech applications, power conversion efficiency is a universal requirement and our designs dramatically impact the economics of that goal.”
"The National Research Council of Canada helps entrepreneurs such as GaN Systems grow. Together, we take ideas from concept to reality, allowing them to commercialize their technologies in a global marketplace", said Dr. Ian Potter, Vice-President, NRC Engineering. "Our work in gallium nitride electronics will turn knowledge into innovation and will result in a greener future for Canadians."
“After four hard but exciting years working on the cutting edge of gallium nitride research, we’re excited to now have the opportunity to deliver on our vision of a new generation of power conversion products that contribute directly to solving the world’s energy crisis,” continues Patterson. “Although venture backing has been slow in the region this year, Ottawa has an astounding talent pool to draw from, something we’ve been able to take advantage of. In the months and years to come, we plan to revolutionize the power devices market and in the process, help put Ottawa back in the technology spotlight.”