GAN TECHNOLOGY SweGaN AB raises USD 14 million in Series B financing

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SweGaN AB, a Swedish developer and manufacturer of gallium nitride on silicon carbide (GaN-on-SiC) epitaxial wafers, has announced the closing of a USD 14 million Series B round. The round was led by Swedish investor Thisbe AB, Danish venture capital firm North Ventures and existing shareholders, underscoring continued investor confidence in SweGaN’s technology, market position, and growth trajectory. Completed as an up-round, the financing brings SweGaN´s total funding raised to USD 41 million.

The financing follows a period of strong execution and growth for SweGaN, marked by an expanding customer base, new strategic partnerships, and the achievement of key customer qualification milestones.

“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 built a differentiated technology platform in a strategically important semiconductor market. We are impressed by the team’s execution, customer momentum, and growth potential, and are delighted to support the company’s next phase of expansion,” said Fredrik Nordh, CEO of Thisbe AB.

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The financing comes at a pivotal moment for the wide-bandgap semiconductor industry. GaN materials are increasingly recognized as a critical enabling technology for next generation radio frequency (RF) and power electronics applications, ranging from 5G, satellite communications and telecom infrastructure to defense radar systems and high efficiency power conversion in data centers.

As global demand for higher-frequency, higher-power, and more energy-efficient semiconductor solutions continues to grow, SweGaN is positioning itself to meet increasing customer needs through its proprietary epitaxial technology, developed and refined at its Linköping facility in Sweden.

“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.

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The proceeds will be used to:

• Expand production capacity to meet increasing customer demand.

• Strengthen commercial presence in key global markets.

• Invest in talent and infrastructure to support future expansion.

• Accelerate R&D of next-generation GaN-on-SiC materials.

“This financing is a strong validation of our technology, team, and strategy. It enables us to expand production, accelerate innovation, and better serve customers worldwide as demand for high-performance GaN materials continues to grow,” said Jr-Tai Chen, CEO of SweGaN.

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