We got an exclusive look at the pitch deck Cambridge University deep tech spinout CGD used to raise $9.5 million
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- Cambridge University spinout Cambridge GaN Devices has raised a $9.5 million Series A round.
- Founded in 2016, CGD is creating more efficient power systems using gallium nitride instead of silicon.
- The funding was led by Parkwalk Advisors, IQ Capital, and BGF.
Cambridge University spinout Cambridge GaN Devices has raised a $9.5 million Series A round.
CGD, founded in 2016, says it is creating more efficient power systems using gallium nitride (GaN) instead of silicon transistors.
The company was formed out of the university’s engineering department to design, develop and commercialize power transistors and integrated circuits using GaN, which is billed as lighter and more efficient than materials used in regular power devices.
The GaN devices market could be worth $28.4 billion by 2027, according to research from Fortune Business Insights, with CGD targeting the consumer market covering everything from phones and computers to potentially electric vehicles.
“The round took a long time to raise because of COVID-19, I am a people person and it’s challenging to get to know investors over a video call,” CGD cofounder and CEO Dr Giorgia Longobardi told Insider. “We want to expand our product portfolio, we have reached market traction already, and now it’s the next step to ensure we can deliver to the market we are targeting.”
According to Dealroom data, investors poured 3.6 billion euros ($4.4 billion) into British deep tech startups in 2020, up from 3 billion euros ($3.3 billion) in 2019. CGD’s funding was co-led by IQ Capital, Parkwalk Advisors and BGF, and includes investment from Foresight Williams, Cambridge Enterprise, Martlet Capital, Cambridge Angels and Cambridge Capital Group.
The startup will use the funding to continue hiring in key roles. CGD currently has around 18 members of staff but this should rise to 25 by the year’s end with a number of consultants also likely coming on board, Longobardi said.
Check out CGD’s pitch deck below: