News: Microelectronics
26 August 2021
VisIC raises $35m in funding round led by GoldenSand
To support “strong demand coming from a rising number of automotive clients”, VisIC Technologies Ltd of Ness Ziona, Israel – a fabless supplier of power conversion devices based on gallium nitride (GaN) transistors – has completed a $35m funding round led by GoldenSand Capital and HG Semiconductors through Fast Semi Corp. Industrial partner SuZhou joined the investment round as a co-investor with an additional $10m.
VisIC provides GaN electronic devices for electric transportation (xEV) applications, focused on high-power automotive solutions.
“The electrification of the automotive industry has generated significant demand for power components, which we foresee to continue its strong growth for the next decade,” says VisIC’s CEO & co-founder Dr Tamara Baksht. “At the same time, the efficiency of battery energy usage is critical for the cost and performance of electric cars, and GaN-based components are superior over competing technologies for high efficiency. With this investment round, we will be able to expand our product offer and provide better customer support to our customers.”
Sonny Wu, representing Fast Semi, will join VisIC’s board of directors. Sonny co-founded GSR Ventures in 2004 and is currently chairman of GoldenSand Capital, with notable investments in the technology and new energy space, including Lattice Power (which won the China National First Prize for Science & Technology in 2015), Silevo Solar (sold to SolarCity/Tesla in 2014), SEEO (one of the first solid-state battery companies, later sold to Bosch in 2013), Aleees (the largest lithium iron phosphate material company in Asia), and Ronbay New Energy Technology Co Ltd (the fastest-growing EV battery NMC 811 cathode material company in China, with an IPO on the Shanghai STAR exchange in July 2019). As a board member he will lead VisIC’s marketing of automotive GaN devices in the China market through GSR Semiconductors and its High Power and Fast Charge Technology Lab in ShenZhen,
“GSR is investing in technologically game-changing companies and I am very impressed by VisIC’s product and by its highly knowledgeable team,” comments Sonny Wu. “We are excited about the opportunity to work with Tamara Baksht, Gregory Bunin and the team to accelerate the usage of GaN.”
