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British Patient Capital announces £5m investment into Cambridge GaN Devices as part of a $32 million Series C funding round

Press release 18 February 2025

British Patient Capital, a commercial subsidiary of the British Business Bank, has made a £5m investment into Cambridge GaN Devices (CGD), a leading innovator in gallium nitride (GaN) power devices, as part of a $32 million Series C funding round.

The investment was led by a strategic investor with participation from Cambridge Innovation Capital (CIC), IQ Capital, Parkwalk, Foresight, and BGF.

British Patient Capital’s investment was made through the £425m Future Fund: Breakthrough programme, which co-invests with private sector investors in innovative, R&D-intensive UK companies.

This significant investment will fuel CGD's growth strategy, focusing on the continued delivery of highly efficient GaN products to high-power industrial, data centre, and automotive markets.

The global GaN power device market is projected to reach $5.15 billion by 2032, growing at a CAGR of 35.80% from 2024 to 2032. CGD’s leading technology positions the company to capitalise on this rapid market expansion.

With CGD’s proprietary ICeGaN® technology, efficiency levels exceeding 99% are achievable, translating into energy savings of up to 50% in a wide range of high power applications including data centre power supplies and automotive EVs. This has the potential to save millions of tons of CO2 emissions annually, advancing the global transition to more sustainable energy systems.

The funding will enable the company to expand its operations in Cambridge, Taiwan, Europe, and North America, and deliver CGD’s unique value proposition to its growing customer base.

Dr. Giorgia Longobardi, CEO and Founder of Cambridge GaN Devices, said:

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.

Christine Hockley, Managing Director, Funds, British Patient Capital, said,

We're demonstrating our commitment to Cambridge GaN Devices by investing in them directly. The company is a leader in a new generation of semiconductors and we want to support them as they enter the next stage of their growth. They are one of a growing number of successful, ground-breaking businesses being spun out of universities which need access to long-term, patient capital to scale here in the UK.

George Mills, Director – Deeptech, Direct & Co-Investments, British Patient Capital, said,

Following years of research, Cambridge GaN Devices have proven the impact of their semiconductor technology. Their GaN devices consume less energy than their silicon-based counterparts, which both reduces costs and has a positive environmental impact. It's valuable technology that now needs long-term capital to scale.

Further Information

Notes to editors

About British Patient Capital

British Patient Capital Limited is a wholly owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large-scale businesses. Launched in June 2018, British Patient Capital has more than £3bn of assets under management, investing in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more at British Patient Capital

British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the  British Business Bank plc website.

British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party in respect of Cambridge GaN.

About Cambridge GaN

Cambridge GaN Devices (CGD) is a fabless semiconductor company spun-out by Prof. Florin Udrea and Dr. Giorgia Longobardi from Cambridge University in 2016 to exploit a revolutionary technology in power devices. Our mission is to shape the future of power electronics by delivering the most efficient and reliable transistor. CGD designs, develops and commercialises GaN transistors and ICs enabling a radical step change in energy efficiency and compactness and is suitable for high-volume production. CGD technology is protected by a strong IP portfolio which constantly grows based on the company's leading innovation skills and ambitions.

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