• Cambridge GaN Devices continues to develop groundbreaking gallium nitride (GaN) based power devices, which can operate at much higher switching frequency, delivering improved performance while increasing energy savings by as much as 50%
• The funding will enable the company to expand its operations in UK, Taiwan, Europe and North America, and deliver its unique value proposition to the growing customer base
• Foresight’s Ventures team continues to support Cambridge GaN Devices, with an investment of £1.1m in their new Series C round

London, February, 2025: Cambridge GaN Devices (CGD), a leading innovator in gallium nitride (GaN) power devices, has successfully closed a $32 million Series C funding round. The investment was led by a strategic investor and supported by existing investors Foresight Group, BGF, Cambridge Innovation Capital (CIC), Parkwalk, IQ Capital and with participation from British Patient Capital.

CGD is a University of Cambridge spin-out founded by Dr. Giorgia Longobardi and Prof. Florin Udrea in 2016 to commercialise a new generation of GaN power devices. Power devices are used to control and convert electricity in all modern power electronics systems including power supplies, data centres and EV chargers.

CGD has developed a new architecture that makes its GaN chips a like-for-like replacement for silicon chip devices but with greater efficiency. The Company continues to lead in the development of GaN-based power devices, offering high efficiency solutions that can enable up to 10% savings in energy bills and potentially save millions of tons of CO2 emissions in applications such as data centre power supplies.

The global GaN power device market is projected to reach $5.15 billion by 2032, growing at a CAGR of 36% from 2024 to 2032. This substantial market opportunity underscores the potential for CGD's innovative technologies.

This significant investment will fuel CGD's growth strategy and boost its ability to meet the growing demand for efficient GaN products from the high-power industrial, data centre and automotive markets. The funding will also enable the Company to expand its operations in Cambridge, Taiwan, Europe and North America, and deliver its unique value proposition to its growing customer base.

Foresight's Ventures team makes equity investments into fast-growing companies that are building some of the most exciting deep tech and hard tech solutions and enterprise software. Foresight works with the founders and management teams to build resilient, prosperous companies to deliver strong economic returns and to have a positive impact on the societies in which they operate. To date, Foresight’s Ventures strategy has invested £80 million and supported 39 deep tech investments. 

Dr. Giorgia Longobardi, CEO and Founder of Cambridge GaN Devices, commented on the investment: "This funding round marks a pivotal moment for CGD. It validates our technology and vision to revolutionize the power electronics industry with our efficient GaN solutions and make sustainable power electronics possible. We're now poised to accelerate our growth and make a significant impact in reducing energy consumption across multiple sectors. We look forward to collaborating with our strategic investor to penetrate the automotive market".

Rubina Singh, Senior Investment Manager, at Foresight Group, added: “We are delighted to continue backing the ambitious CGD team in bringing groundbreaking GaN technologies to market. As we strive towards a low-carbon future, CGD’s products can deliver higher performance while enabling up to 50% energy savings across multiple growing sectors such as automotive, renewable energy and data centres. We look forwarding to seeing the impact that CGD can make in enabling greener power electronics”

ENDS

Advisers to the Company: Mishcon de Raya
Advisers to Foresight: Ashfords

Notes to Editors

For more information contact:
Chris Barry at Influential on 07733 103693 / foresight@thisisinfluential.com
Foresight Group on +44 (0)20 3667 8100 / marketing@foresightgroup.eu

About Foresight’s Ventures Strategy
Foresight's Ventures team makes equity investments into fast-growing companies that are building some of the most exciting deep tech, hard tech solutions and enterprise software. It is part of Foresight Group’s award-winning Private Equity division, which specialises in growth & buyout, venture capital and private credit. Its investment team is based across the UK and Ireland, with venture partners based in the US, Israel and UAE. 
Foresight Group, with over £12 billion AUM, invests to support the energy transition, decarbonise industry, enhance nature recovery and realise the economic potential and positive impact of ambitious companies.