Linköping, Sweden, October 4, 2022: SweGaN AB, manufacturer of custom-made Gallium Nitride on Silicon Carbide (GaN-on-SiC) epitaxial wafers for an extensive range of devices used in telecom, satellite, defense, and power electronics, announces it has completed a Series A financing round totaling 125 MSEK (12M Euro). The financing was co-led by Intertech Ventures, Mount Wilson Ventures and leading European investor Atlantic Bridge, with participation by STOAF of Sweden and global fabless semiconductor leader MediaTek, forming a powerful global network from the US, Taiwan, and Europe.
SweGaN’s innovative GaN semiconductor epitaxy process enables industry-leading performance and opens new applications in the multi-billion-dollar GaN-based radio frequency (RF) and power markets. Powered by SweGaN’s patented QuanFINE® buffer-free GaN-on-SiC epitaxial wafers, customers can reach new levels of device performance and reliability, previously unachievable with conventional materials available on the market. The Company has over 30 paying customers and is in qualification for a wide range of applications in Europe, the US and Asia.
The investment allows SweGaN to significantly increase production capacity to meet market demand from major suppliers of 5G base stations, defense radars, low-orbit satellite communications and on-board chargers in electric vehicles. Additionally, the financing funds empower the company’s plans to expand its executive team and to boost engineering, sales, and production staff.
In conjunction with the investment, SweGaN also announced the appointment of Jr-Tai “Ted” Chen, a renowned thought leader in the field of third-generation semiconductor materials, as CEO. Ted co-founded SweGaN in 2014 and invented the Company’s proprietary QuanFINE® technology as its Chief Technology Officer.
“I am pleased to introduce Ted Chen as SweGaN’s new CEO and look forward to our continued work together to fulfill SweGaN’s strategy, vision, and future-oriented goals for serving the industry with the best GaN on SiC technology available on the market. Since starting SweGaN, Ted has displayed remarkable determination, passion, and professional growth, and he is well-equipped to lead SweGaN’s in this next chapter of its journey to become a dominant player in the GaN-on-SiC market,” said Jonas Nilsson, SweGaN chairman.
“Additionally, I am proud to introduce new members to the SweGaN board and the completion of a highly successful investment round, both of which will significantly boost SweGaN’s growth trajectory,” he said.