Canadian electronics company GaN Systems plans to double its global headcount, amp up spending on product development and push further into the automotive market using cash raised in a US$150-million round.
The Ottawa-based tech firm that designs high-efficiency power transistors announced its fifth, and by far its largest funding series, Nov. 18.
Boston-based Fidelity Investments led the latest round, while German parts supplier Vitesco Technologies, which was spun off Continental AG last month, joined the company’s ranks of strategic investors. Earlier backer BMW i Ventures also participated.
GaN Systems’ CEO Jim Witham said the “magnitude” of the investment speaks to the growing emphasis the auto industry is placing on the electronics powering new and upcoming electric vehicles.
“Automotive companies weren’t all that interested in even having the discussion a couple years ago, now it’s in the forefront,” Witham told Automotive News Canada, adding that transistor price has now taken a back seat to performance.