Transphorm Inc., a developer of high reliability, high performance gallium nitride (GaN) semiconductors for power conversion, has raised $21.5 million in a private placement equity financing. Prior to the financing, Transphorm Technology Inc. completed a reverse merger with Peninsula Acquisition Corporation (Peninsula), a public Delaware corporation, whereby Transphorm became a wholly owned subsidiary of Peninsula. Following the merger, Peninsula changed its name to Transphorm Inc., and will 
continue the historical business of Transphorm. Previous members of Transphorm’s board of directors will remain as directors of the company.
With its leading technology position, Transphorm has developed, and is in the market with, multiple families of products that are the building blocks for an array of power converter and inverter systems. Transphorm’s GaN products switch much faster than traditional silicon-based solutions and provide higher efficiency with increased system power density while enabling system size reduction. Transphorm has a proven track record of high quality, high reliability (Q+RTM) solutions as well as a series-of-firsts including the first JEDEC and automotive (AEC-Q101) qualification of high voltage GaN devices. Its robust GaN platform makes GaN products easy to use and integrate in systems with standard drive electronics.
Given the clear advantages of GaN, Transphorm has begun to see meaningful customer adoption in power adapters/fast chargers, power supplies for data-centers, communication infrastructure and broad industrial applications. In addition, Transphorm continues to see heightened interest from automotive EV suppliers for chargers, converters and inverters. This is in-line with the ongoing overall adoption of GaN solutions in power conversion applications which, per the company’s analysis, amounts to an accessible total available market for GaN (GaN TAM) of approximately $3.1 billion in 2024. Factoring in GaN market adoption rates, market research firm Yole Développement predicts robust growth and that GaN power device revenues may approach $400 million by 2023.
