INCJ backs $35m venture investment in US green energy company
Japanese state-sponsored fund Innovation Network Corp of Japan (INCJ) has teamed up with a Japanese corporation to lead a $35 million Series E funding round for Transphorm, a US provider of energy-saving devices.
INCJ invested alongside Nihon Inter Electronics (NIEC), a manufacturer and supplier of power management semiconductors, which has entered into an alliance with Transphorm, with the aim of enabling the stable, mass production and supply of next-generation GaN (Gallium nitride) power devices.
The company's existing backers, Kleiner Perkins Caufield & Byers, Foundation Capital, Google Ventures, Soros Fund Management's Quantum Strategic Partners, Lux Capital, and Bright Capital also participated in the round. The latest investment brings the total capital raised by Transphorm to $104 million.
GaN power solutions claim to be capable of making saving significant amounts of energy for businesses and consumers. Transphorm is the first company to commercialize high voltage (600V) GaN products. It provides power conversion devices and modules that reduce energy loss by up to 90%, and simplify the design and manufacturing of motor drives, power supplies and inverters for solar panels and electric vehicles.
"After a thorough evaluation process, INCJ is pleased to support Transphorm, together with NIEC, in its mission of redefining energy efficiency with GaN," said Hidetoshi Shibata, executive managing director at INCJ. "We look forward to working with Transphorm as they continue to build energy efficient solutions for consumers and businesses around the world."
More on North Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.