VisIC Technologies, an Israeli startup that develops high-power auto-tech solutions has completed a $35 million funding round led by GoldenSand Capital and HG Semiconductors, through Fast Semi Corporation. SuZhou industrial partner joined the investment round as a co-investor with an additional $10M.
VisIc Technologies was founded in 2010 by CEO Dr. Tamara Baksht and CTO Gregory Bunin. VisIC Technologies produces Gallium Nitride (GaN) devices for electric transportation applications, focused on high-power automotive solutions.
Everybody knows that electric cars are the way of the future. Whole nations like China have set a deadline for the phasing out of gasoline powered motor vehicles. And no, the electricity used by such cars does not have as much of an impact on the environment as does the internal combustion engine, which is about to go the way of the horse drawn carriage.
Gasoline and coal are what is bad for the environment. Coal is also on the way out as it is being replaced worldwide by the much cleaner burning natural gas. Also, power stations use industrial filters to help clean the smoke that they vent on a level that could never be done with individual cars.
And beyond that, all over the world more and more electricity is being produced by wind and solar panels.
The major problem with switching over to electric vehicles is the lack of infrastructure in place to provide charging stations everywhere. And people will need to be retrained to work on the new all electric engines as the need for old style auto mechanics wains.
“The electrification of the automotive industry has generated significant demand for power components, which we foresee to continue its strong growth for the next decade,” said Dr. Tamara Baksht, CEO and co-founder of VisIC. “At the same time, the efficiency of battery energy usage is critical for the cost and performance of electric cars, and GaN-based components are superior over competing technologies for high efficiency. With this investment round, we will be able to expand our product offer and provide better customer support to our customers.”
FastSemi Holding Limited is a wholly-owned subsidiary of HongGuang Lighting Holdings Company Limited, a corporation listed in the Stock Exchange of Hong Kong since 2016. Sonny Wu, representing Fast Semi Corporation, will join the Board of Directors of VisIC Technologies.