In a new share issue, custom III-nitride epiwafer maker SweGaN of Linköping, Sweden has raised SEK6m ($750,000) from existing investors US-based Mount Wilson Ventures, Almi Invest and Linköping University’s LiU Invest together with several private angel investors.
Founded in 2014, SweGaN has developed patented nitride-based epitaxial structures aimed at meeting the challenges of high-performance and high-frequency gallium nitride (GaN) devices, targeting a wide range of applications including telecoms for 5G networks, satellite communications, and defense or civilian sensors.
“The investment is further supplemented by a loan that gives us a great opportunity to grow rapidly,” says CEO Olof Kordina. “The funds raised will be used to increase production and accelerate the development of our new materials,” he adds.
The strategy is to increase and improve production to meet the growing demand for high-quality epitaxial wafers. Production capacity is to be increased by a factor of five, and by the beginning of 2018 the firm will start producing on 6-inch substrates instead of the existing 4-inch substrates. By the end of 2017 SweGaN expects to see revenue growth of 300%, the employment of three new staff, and the launch of a new product range.