GaN Systems Acquisition, Valuation, Funding & Investors

GaN Systems was acquired by Infineon for $830M in March 2023.

GaN Systems acquisition price

$830M

Acquired by Infineon · Mar 2023

Cumulative funding GaN Systems raised

$171M

across 2 funding rounds

Key investors in GaN Systems

  • BDC Capital
  • Fidelity
  • BMW i Ventures
  • Cycle Capital
  • BDC Capital Corporation
  • Chrysalix Venture Capital
  • Rockport Capital
  • GoldenSand Capital

GaN Systems Overview

About GaN Systems

GaN Systems is a fabless semiconductor company designing Gallium Nitride power transistors and diodes for high-efficiency applications. Ottawa-headquartered, it supplies Island Technology devices for electric vehicles, data centers, solar inverters, and consumer chargers. Acquired by Infineon Technologies in 2023, GaN Systems holds over 100 patents and ships millions of units annually to OEMs worldwide.


Founded

2008

HQ

CanadaToronto

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$830M (acquired Mar 2023)

GaN Systems Acquisition

GaN Systems was acquired by Infineon for $830M on 2 March 2023.

Before the acquisition GaN Systems had raised $171M across 2 funding rounds.

GaN Systems acquisition details
AcquirerDateTypePrice
2 Mar 2023Strategic M&A$830M

GaN Systems Funding History

GaN Systems has raised a total of $171M across 2 funding rounds.

GaN Systems' first fundraising round was a $20M Series C in May 2015. The most recent completed round was a $151M undisclosed-stage round in November 2021.

GaN Systems funding rounds

GaN Systems funding rounds
DateStageInvestorsRaisedDeal Summary
Nov 2021Undisclosed stageFidelity (lead); GoldenSand Capital; Vitesco Technologies; BDC Capital; BMW i Ventures$151MGaN Systems, a fabless developer of gallium nitride (GaN)-based power switching semiconductors based in Ottawa, Ontario, Canada, announced a US$150m growth capital funding round on 18 November 2021 to accelerate innovation and adoption of GaN technology in automotive, consumer, industrial, and enterprise markets. The round was led by Fidelity Investments and included new strategic investor Vitesco Technologies, existing investor BMW i Ventures, and others such as BDC Capital and GoldenSand Capital. The funding aims to fuel market penetration as power electronics shift from silicon to more efficient GaN systems, with CEO Jim Witham highlighting an $8bn pipeline and shipments to automotive, consumer, industrial, and data-center customers. The investment supports GaN Systems' expansion amid growing demand for higher-performing power electronics, where GaN enables smaller, cooler, and material-efficient platforms. GaN chips represent 1% of a $16 billion power chip market but are growing rapidly, with applications in electric vehicles (EVs), power chargers, robots, servers, industrial motors, and renewable energy. The company has secured production with Taiwan Semiconductor Manufacturing Co despite chip shortages. Strategic partnerships include a capacity agreement with BMW and co-development efforts. Additional investments came from HG Semiconductor via its subsidiary FastSemi, subscribing for series F-2 convertible preference shares, positioning HG to leverage GaN expertise. GaN Systems was later acquired by Infineon Technologies on 2 March 2023, following cumulative venture funding of around US$172-202m across multiple rounds.
May 2015Series CCycle Capital (lead); Tsing Capital; BDC Capital Corporation; BDC Capital; Rockport Capital; Chrysalix Venture Capital$20MGaN Systems is a developer of gallium nitride (GaN) power switching semiconductors, leveraging its Island Technology for smaller, more efficient devices compared to silicon alternatives. The company targets applications in data centers, solar inverters, TVs, motors, electric vehicles, and other consumer, enterprise, industrial, and transportation sectors, aiming to disrupt the $15 billion power transistor market. On May 7, 2015, GaN Systems closed a $20 million Series C venture capital financing round led by Cycle Capital, with participation from BDC Capital, Tsing Capital, Chrysalix Venture Capital, and RockPort Capital. The funds were allocated to ramp up sales and marketing for its growing international customer base and expand manufacturing lines as customers launched GaN-based products. At the time, GaN Systems was positioning itself as a leader in GaN power electronics amid an emerging market forecasted for rapid growth, with Yole Développement predicting device sales of $10-12 million in 2014, exceeding $50 million by 2016, and reaching significant scale by 2020. The company had attracted customers globally demonstrating GaN's benefits, such as products one-quarter the size and weight with super-high speed switching. CEO Jim Witham highlighted the investors' role in providing financing, strategic advice, and market access to establish market leadership. GaN Systems continued raising capital post-2015, reaching over $170 million total by later stages, before being acquired in 2023. The GaN sector saw consolidation and anticipated high growth rates, with market projections up to $300 million by 2020 in power electronics.

Who has invested in GaN Systems?

10 investors have backed GaN Systems across its funding rounds, including BDC Capital, Fidelity, BMW i Ventures, Cycle Capital, BDC Capital Corporation and Chrysalix Venture Capital.

Lead investors include Fidelity and Cycle Capital.


GaN Systems Investors

Investors in GaN Systems by funding rounds participated
InvestorHQRoundsRoleFirst check
BDC CapitalCanadaMontreal2ParticipantMay 2015
GoldenSand CapitalChinaBeijing1ParticipantNov 2021
Cycle CapitalCanadaMontreal1LeadMay 2015
FidelityUnited StatesBoston, MA1LeadNov 2021
Tsing CapitalChinaBeijing1ParticipantMay 2015
BDC Capital CorporationUnited StatesUnited States1ParticipantMay 2015
Vitesco TechnologiesGermanyRegensburg1ParticipantNov 2021
BMW i VenturesUnited StatesSan Francisco, CA1ParticipantNov 2021

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GaN Systems Competitors

GaN Systems competitors include listed companies like Ennostar, Sanken Electric, Hosiden and Silex Systems, and private ones like Silicon Box and Beiyi Semiconductor.

Public and private companies comparable to GaN Systems
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
EnnostarTaiwanTaiwanPublicly listed$696M$33M$821M0.6x
Sanken ElectricJapanJapanPublicly listed$515M($24M)$852M2.3x
HosidenJapanJapanPublicly listed$2.9B$172M$807M0.2x
Silex SystemsAustraliaAustraliaPublicly listed$9M($33M)$857M53.0x
Silicon BoxSingaporeSingaporePrivate--$1B-
Beiyi SemiconductorChinaShenzhenPrivate--$363M-

GaN Systems Public Comps

GaN Systems is no longer listed, but its public comps include Vishay Precision Group, IntelliEPI, Ennostar, CEVA, Black Sesame Technologies, Silicon Integrated, Hangzhou Sunrise Tech, Sanken Electric, Daqo New Energy and Hosiden.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Vishay Precision Group$307M$25M2.6x2.4x31.7x28.1x
IntelliEPI$34M$6M24.3x20.8x142.7x66.5x
Ennostar$696M$33M0.6x0.6x12.2x-
CEVA$110M($7M)5.8x5.3x(95.5x)35.2x
Black Sesame Technologies$123M($200M)6.3x3.9x(3.9x)(4.8x)
Silicon Integrated$89M$28M8.8x-28.1x-
Hangzhou Sunrise Tech$252M$95M1.7x1.8x4.5x4.6x
Sanken Electric$515M($24M)2.3x2.3x(49.0x)64.6x

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Common questions about GaN Systems

When was GaN Systems founded?GaN Systems was founded in 2008.
Where is GaN Systems headquartered?GaN Systems is headquartered in Toronto, Canada.
Is GaN Systems publicly listed?No, GaN Systems was acquired by Infineon in March 2023.
Who acquired GaN Systems?GaN Systems was acquired by Infineon in March 2023.
How much was GaN Systems acquired for?GaN Systems was acquired for $830M in March 2023.
How much funding has GaN Systems raised?GaN Systems has raised $171M across 2 funding rounds.
What was GaN Systems' last funding round?GaN Systems' last funding round was a $151M undisclosed-stage round in November 2021, led by Fidelity.
Who are GaN Systems' investors?GaN Systems' investors include BDC Capital, GoldenSand Capital, Cycle Capital, Fidelity, Tsing Capital, BDC Capital Corporation, Vitesco Technologies, BMW i Ventures, Rockport Capital and Chrysalix Venture Capital.
Which companies are comparable to GaN Systems?Companies comparable to GaN Systems include Ennostar, Sanken Electric, Hosiden, Silex Systems, Silicon Box and Beiyi Semiconductor.

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