US power conversion specialist Transphorm has raised $35m through Series E financing, led by the Innovation Network Corporation of Japan (INCJ) and the Nihon Inter Electrics Company (NIEC).
Other contributors included existing venture investors Kleiner Perkins Caufield & Byers, Foundation Capital, Google Ventures, Quantum Strategic Partners, Lux Capital and Bright Capital.
This investment brings the total raised by the company to $104m, which will be used to commercialise Transphorm’s new GaN technology.
In addition, NIEC has entered into a business alliance with Transphorm, with the aim of enabling the mass production of GaN products.
Umesh Mishra, CEO of Transphorm, said, “The investment from INCJ substantiates GaN as the next generation energy efficiency technology.
“The need for energy efficiency remains paramount even as the sources of energy change. Today’s strategic financing, coupled with the earlier investments, enables scaling of this disruptive technology and helps eliminate energy waste in multiple markets from servers to solar panels, from HVACs to hybrids.
Kleiner Perkins has not joined the exodus away from cleantech investment, with two investments in the sector within the past two weeks, participating in a $100m fundraise for electric vehicle developer Fisker and a $25m round for energy efficient data centre SimpliVity.
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