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.
Executive & Board Announcements
New CEO: From September 1st, 2022, SweGaN CTO and founder Jr-Tai Chen has been appointed as CEO, replacing SweGaN Chairman Jonas Nilsson, who has been interim CEO since the fall of 2020.
New Board members: Fred Chang of InterTech Ventures, David Lam of Atlantic Bridge and semiconductor manufacturing executive Walter Wohlmuth joined the SweGaN Board.
David Lam, General Partner of Atlantic Bridge: “As we move from silicon to the third wave of semiconductor materials, GaN and SiC are poised to dominate. SweGaN’s revolutionary GaN on SiC technology brings together these two key materials to enable RF and power performance characteristics that are simply impossible to achieve today. I have met with many entrepreneurs and evaluated many innovative technologies as a semiconductor investor over the past decade, and I believe that under Ted’s leadership, SweGaN’s best days are ahead.”
Jr-Tai Chen, Co-Founder and CEO of SweGaN: “This strategic financing round enables us to lift SweGaN to the next level and beyond in our growth journey and positions us to execute on the SweGaN vision and strategy. To meet explosive market demand, SweGaN’s roadmap targets building of new production facilities and expanding our team to deliver of tens of thousands of epi-wafers annually. I am extremely proud to lead SweGaN and our dedicated team for these ongoing missions.”
Richard Weil, General Partner, Mount Wilson Ventures: “We are thrilled to welcome seasoned semiconductor investor Atlantic Bridge and global fabless semiconductor leader MediaTek as investors into SweGaN. We have been delighted to support SweGaN through the early stages of development and commercialization of its industry-leading epitaxial technology. Now, with this financing, SweGaN has access to the financial resources and industry experience required to scale to the next level. With the team in place, SweGaN is poised to become a major player in the field of third generation semiconductor materials.”
