Six months after GaN Systems, which focuses on PV inverters, closed its Series A financing round, the company has advised that it has now closed its Series B financing round. Led by existing investors Chrysalix Energy Venture Capital and RockPort Capital, the company notes that the financing round is a marker for the achievement of its initial development milestones. The company did not disclose the amount received during its Series B financing round.
"This significant financing round is a stamp of approval from our existing investors which validates our engineering excellence," said Girvan Patterson, CEO of GaN Systems. "It enables us now to accelerate commercialization of the gallium nitride power devices that we have developed on our breakthrough island technology platform."
GaN Systems’ gallium nitride transistors are marketed for the next generation of high-efficiency power conversion applications. This includes high growth applications such as solar inverters, server farms and hybrid vehicles. Mike Sherman, managing director at Chrysalix, stated, "Since the Company's Series A round, the market momentum for gallium nitride as a credible alternative to silicon for power devices has grown significantly, with devices becoming mainstream faster than we anticipated. This means commercial reality is closer and more tangible than expected and we are delighted that GaN Systems is in a position to capitalize on that opportunity."