Israeli startup VisIC Technologies has raised $35m from Chinese investors to boost the use of its gallium nitride (GaN) power technology in electric vehicles
The funding round was led by GoldenSand Capital and HG Semiconductors through the Fast Semi Corporation. SuZhou industrial partner joined the round as a co-investor with an additional $10m.
“The electrification of the automotive industry has generated significant demand for power components, which we foresee to continue its strong growth for the next decade,” said Dr Tamara Baksht, CEO and co-founder of VisIC. “At the same time, the efficiency of battery energy usage is critical for the cost and performance of electric cars, and GaN-based components are superior over competing technologies for high efficiency. With this investment round, we will be able to expand our product offer and provide better customer support to our customers.”
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Sonny Wu, representing FastSemi, will join the Board of Directors of VisIC Technologies. FastSemi is a wholly-owned subsidiary of HongGuang Lighting, which is changing its name to HG Semiconductor.
Wu is a key investor in China, having co-founded GSR Ventures in 2004 and is currently Chairman of GoldenSand Capital which has invested in a number of power ventures. These include Silevo Solar which was sold to SolarCity/Tesla in 2014 and SEEO, one of the first solid-state battery company, later sold to Bosch in 2013 as well as Aleees, the largest Lithium Iron Phosphate material company in Asia.
As a board member he will lead the effort for marketing of VisIC automotive GaN devices for the China market through GSR Semiconductors and its High Power and Fast Charge Technology Lab in ShenZhen.
“GSR is investing in technologically game changing companies and I am very impressed by VisIC’s product and by its highly knowledgeable team. We are excited about the opportunity to work with Tamara Baksht, Gregory Bunin and the team to accelerate the usage of GaN and create a globally successful enterprise,” said Sonny Wu.
VisIC has close relationships with Tier 1 supplier ZF in Europe and is also involved in a US project for the Department of Energy.
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