Korean GaN epi foundry IVWorks raises $6.7m in Series B funding

South Korea-based IVWorks, which manufactures gallium nitride (GaN) epitaxial wafers, has raised $6.7m in Series B funding, including follow-on funding from seed-round investor Samsung Venture Investment, joined by new investors such as KB Investment, KDB Bank and Dt&Investment. This boosts total funding to $10m.

IVWorks, which claims to be the first South Korean GaN epiwafer foundry to develop 8-inch GaN-on-Si epiwafers and 4-inch GaN-on-SiC epiwafers, says that it has recently entered into ODM (original design manufacturer) contracts with USA and Korean semiconductor companies and begun mass production.
The proceeds are expected to be used for ODM production and a planned capacity expansion, as well as upgrading the firm’s artificial intelligence (AI)-based epitaxy production system.

Picture: IVWorks’ GaN epitaxy facility.

“We highly value its technological advantages, including the cost competitiveness it has secured through the advanced equipment technology and the defect reduction technology, as well as the revolutionary AI epitaxy technology,” comments Samsung Venture Investment about IVWorks.

“GaN power devices, which are more efficient than existing silicon power devices and which can be miniaturized, are being applied to high-speed chargers, data-server power supplies, LiDAR sensors, etc, thereby rapidly replacing silicon power devices,” says IVWorks’ CEO Young-kyun Noh. “Additionally, as GaN RF devices are being used as an essential component in 5G communication base stations, the demand for GaN epiwafers, which is a core material in GaN RF devices, is also rapidly rising,” he adds. “We expect to expand our market share rapidly through the supply of the contracted ODM volume and preemptive capacity expansion.”

Tags: GaN-on-Si GaN-on-SiC

Visit: www.ivwkr.com