SweGaN Raises €12.09 Million Series B to Scale GaN-on-SiC Production and Global Growth

The funding round was led by Swedish investor Thisbe AB and Danish venture capital firm North Ventures, along with existing shareholders. The round was completed at a higher valuation than the company’s previous funding round.

With the new funding, SweGaN plans to increase production and expand its business globally. The latest investment brings the company’s total funding raised to €35.4 million (US$41 million).

“Completing this financing as an up-round is a strong endorsement of SweGaN’s progress and long-term potential. The support from both new and existing investors strengthens our balance sheet and provides the resources needed to scale responsibly while continuing to invest in innovation, operational excellence, and global growth. We are entering our next phase from a position of financial strength,” said Stefan Axelsson, CFO of SweGaN AB.

“SweGaN has turned deep technical expertise into clear commercial progress in a strategically important market. As the company scales production, we believe it is well positioned to become an increasingly important European supplier of GaN-on-SiC materials and help strengthen Europe’s technological sovereignty,” said Mikkel Strandkjær, Investment Manager at North Ventures.

SweGaN was founded in 2014 as a spin-off from a research group at Linköping University led by Professor Erik Janzén. One of the company’s co-founders, Dr. Jr-Tai Chen, was a PhD student in the research group at the time.

The company develops and manufactures gallium nitride on silicon carbide (GaN-on-SiC) wafers using its patented technology. Its QuanFINE® technology is designed to improve device performance while helping reduce energy use. SweGaN also creates customised, high-performance wafers based on customer requirements.

SweGaN’s materials are used by device manufacturers, foundries, and technology companies across different industries. Applications include 5G networks, defence radar, satellite communications, aerospace, electric vehicles, and data centres particularly for high-frequency and high-voltage technologies.

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