US-based Transphorm, a developer of power conversion technology, has closed its Series E round at $35m. The energy efficient focused company’s funding was was led by Japan-based electronics business Nihon Inter Electronics Company (NIEC) and Japan-based public-private partnership Innovation Network Corporation of Japan (INCA).
Existing investors in California-based Transphorm include Google Ventures, the corporate venturing unit of the US-based search engine,as well as venture firms Kleiner Perkins Caufield & Byers, Foundation Capital, Quantum Strategic Partners, Lux Capital, and Bright Capital.
Transphorm, which was founded in 2007, is trying to reduce the more than 10% of all electricity lost due to power to electricity conversion inefficiencies. Transphorm previously closed their Google Ventures led series C last year at $20m. Quantum Strategic Partners led their $25m D round. The total now raised by the company is $104m. Transphorm will use these new funds to manufacture its GaN power conversion devices.
INCA, established in 2009 is a public-private partnership between the Japanese government and 27 corporations which include Toshiba and General Electric. INCA has a budget of around $$25b. INCA focus on providing support for next-generation businesses, specifically those combining technologies and varied expertise across industries ranging from IT to biotechnology.
NIEC was established in 1957. NIEC has a history of manufacturing and supplying power management semiconductors in Japan and Asia. President of Transphorm, Primit Parika commented on the deal: “Through NIEC, our customers will benefit with broader distribution channels, as well as a reputable second source for some of our packaged products”. In addition to the financial investment, NIEC have also entered into a business alliance with Transphorm.