GaN Systems snags $20 mln in Series C round led by Cycle Capital

GaN Systems Inc, a Canadian developer of gallium nitride power switching semiconductors, has secured US$20 million in a Series C financing. Canadian venture capital firm Cycle Capital Management led the round with participation from BDC Capital, Tsing Capital, Chrysalix Energy Venture Capital and RockPort Capital. Update: GaN Systems, which has its headquarters in Ottawa, said the investment's proceeds will enable it to ramp up sales and marketing support for its international customer base and to continue manufacturing line expansion. Founded in 2008, the company has with the latest round raised close to US$30 million since 2011, according to Thomson Reuters' data.

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