Transphorm, the US-based power conversion technology provider backed by semiconductor producer Nihon and diversified internet company Google, secured $70m in funding today in a round led by investment firm KKR.
Founded in 2007, Transphorm manufactures power conversion devices and modules using gallium nitride (GaN) semiconductor technology for use in products such as motor drives, electric vehicles and solar panels. It did not disclose the identity of any other investors in the round.
The company has now raised approximately $228m in debt and equity altogether according to regulatory filings and press reports, including $26.9m from undisclosed backers in July 2014.
Nihon Inter Electronics and Innovation Network Corporation of Japan co-led Transphorm’s $35m series E round in 2012, which also included existing investors Google Ventures, the corporate venturing unit of Google, Kleiner Perkins Caufield & Byers, Foundation Capital, Quantum Strategic Partners, Lux Capital and Bright Capital.
KKR senior advisor David Kerko said: “Transphorm’s technology is paving the way for a revolutionary change in energy efficiency. Right now, Transphorm is the only place where customers can acquire reliable, production volume GaN products that meet or exceed required performance specs for commercial products.
“Long term, we believe this has the potential to replace all of the existing silicon-based technology used in high voltage products, and wide adoption of this technology will dramatically reduce the amount of energy that is wasted by electric devices.”