GaN Systems said it raised a Series A found of financing in a deal led by Chrysalix Energy Venture Capital‘s CELP III Fund and joined by Rockport Capital. The Ottawa startup makes power conversion semiconductors for cleantech applications.
Chrysalix Invests in Gallium Nitride Power Conversion Semiconductor Company
GaN Systems’ technology stands to change the future of power electronic devices making them smaller, more energy efficient, & lower cost
VANCOUVER, BC, November 9, 2011 – Today, Chrysalix Energy Venture Capital, the world’s most active cleantech venture capital firm in 2010, announced its investment in GaN Systems, provider of next generation power conversion semiconductors for cleantech applications. The Firm’s investment from its CELP III Fund led the Series A round for the start-up and is joined by Rockport Capital.
“At Chrysalix, we believe the time has come for gallium nitride to be a superior material alternative to silicon for power electronics overcoming many of the limitations silicon approaches face today. Now thanks to GaN Systems’ technology, cost parity is finally possible paving the way for a future of improved power devices and renewable energy solutions,” remarked Mike Sherman, Managing Director at Chrysalix. “We’re proud to support a management team with a successful track record of company building and exits, and believe we have found the right company and place to invest in the power electronics value chain.”
GaN Systems is an Ottawa-based start-up building a product line of highly efficient, low-loss diodes, transistors, and integrated systems. They also partner with other semiconductor companies looking to leverage the strengths of gallium nitride using their patented designs and layouts. The company’s unique island-based topology is based on over 10 years of process research stemming from the National Research Council of Canada and will lead to power devices that are smaller, more efficient, and lower cost. For cleantech applications specifically where power conversion efficiency is a key requirement, their semiconductor solutions improve the economics by reducing energy conversion losses and increasing power production.
For further details on GaN Systems, please visit http://www.gansystems.com.
About Chrysalix Energy 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. In the past few years, the firm has consistently ranked among the top most activeclean energy technology venture capital firms in the world. The Chrysalix team has an exceptional track record in this still young industry. Collectively, it has over 100 years of experience in the energy industry and over 100 years in the venture capital business. The firm is backed by a strong group of blue-chip international industrial and financial Limited Partners, and is headquartered in Vancouver, British Columbia. In total Chrysalix has approximately $300M in assets under management from CELP III and earlier funds. For more information, please visit www.chrysalix.com.