GAN Systems raises US$20 million in venture funding

GAN Systems Inc has raised US$20 million in venture capital financing from a consortium of funders led by Montreal-based Cycle Capital Management. The Ottawa-based developer of gallium nitride power switching semiconductors will use the latest funding to ramp up sales and marketing internationally and continue to expand its production line of electronics transistors. GAN is an Ottawa-based fabless semiconductor company aimed at disrupting the $15-billion power transistor market with products that dramatically increase efficiency while reducing resource consumption. Participating in the financing are BDC Capital, (Montreal) Chrysalix Energy Venture Capital (Vancouver) RockPort Capital (Boston), and Tsing Capital (Beijing)....