<ul>
<li style="font-weight: bold;">Cambridge GaN Devices continues to develop groundbreaking gallium nitride (GaN) based power devices, which can operate at much higher switching frequency, delivering improved performance while increasing energy savings by as much as 50%</li>
<li style="font-weight: bold;">The funding will enable the company to expand its operations in UK, Taiwan, Europe and North America, and deliver its unique value proposition to the growing customer base</li>
<li style="font-weight: bold;">Foresight’s Ventures team continues to support Cambridge GaN Devices, with an investment of £1.1m in their new Series C round</li>
</ul>
London, February, 2025: Cambridge GaN Devices (CGD), a leading innovator in gallium nitride (GaN) power devices, has successfully closed a $32 million Series C funding round. The investment was led by a strategic investor and supported by existing investors Foresight Group, BGF, Cambridge Innovation Capital (CIC), Parkwalk, IQ Capital and with participation from British Patient Capital.
CGD is a University of Cambridge spin-out founded by Dr. Giorgia Longobardi and Prof. Florin Udrea in 2016 to commercialise a new generation of GaN power devices. Power devices are used to control and convert electricity in all modern power electronics systems including power supplies, data centres and EV chargers.
CGD has developed a new architecture that makes its GaN chips a like-for-like replacement for silicon chip devices but with greater efficiency. The Company continues to lead in the development of GaN-based power devices, offering high efficiency solutions that can enable up to 10% savings in energy bills and potentially save millions of tons of CO2 emissions in applications such as data centre power supplies.
The global GaN power device market is projected to reach $5.15 billion by 2032, growing at a CAGR of 36% from 2024 to 2032. This substantial market opportunity underscores the potential for CGD's innovative technologies.
This significant investment will fuel CGD's growth strategy and boost its ability to meet the growing demand for efficient GaN products from the high-power industrial, data centre and automotive markets. The funding will also enable the Company to expand its operations in Cambridge, Taiwan, Europe and North America, and deliver its unique value proposition to its growing customer base.
Foresight's Ventures team makes equity investments into fast-growing companies that are building some of the most exciting deep tech and hard tech solutions and enterprise software. Foresight works with the founders and management teams to build resilient, prosperous companies to deliver strong economic returns and to have a positive impact on the societies in which they operate. To date, Foresight’s Ventures strategy has invested £80 million and supported 39 deep tech investments.&nbsp;
Dr. Giorgia Longobardi, CEO and Founder of Cambridge GaN Devices, commented on the investment: "This funding round marks a pivotal moment for CGD. It validates our technology and vision to revolutionize the power electronics industry with our efficient GaN solutions and make sustainable power electronics possible. We're now poised to accelerate our growth and make a significant impact in reducing energy consumption across multiple sectors. We look forward to collaborating with our strategic investor to penetrate the automotive market".
Rubina Singh, Senior Investment Manager, at Foresight Group, added: “We are delighted to continue backing the ambitious CGD team in bringing groundbreaking GaN technologies to market. As we strive towards a low-carbon future, CGD’s products can deliver higher performance while enabling up to 50% energy savings across multiple growing sectors such as automotive, renewable energy and data centres. We look forwarding to seeing the impact that CGD can make in enabling greener power electronics” 
ENDS
Advisers to the Company: Mishcon de Raya Advisers to Foresight: Ashfords
Notes to Editors
For more information contact: Chris Barry at Influential on 07733 103693 / foresight@thisisinfluential.com Foresight Group on +44 (0)20 3667 8100 / marketing@foresightgroup.eu
About Foresight’s Ventures Strategy Foresight's Ventures team makes equity investments into fast-growing companies that are building some of the most exciting deep tech, hard tech solutions and enterprise software. It is part of Foresight Group’s award-winning Private Equity division, which specialises in growth &amp; buyout, venture capital and private credit. Its investment team is based across the UK and Ireland, with venture partners based in the US, Israel and UAE.&nbsp; Foresight Group, with over £12 billion AUM, invests to support the energy transition, decarbonise industry, enhance nature recovery and realise the economic potential and positive impact of ambitious companies.

Pioneering power technology company, Cambridge GaN Devices, closes $32m Series C fund raise

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<ul>
<li>Northern Ireland based Hospital Services Limited (HSL) has grown from a family business into a key player in healthcare distribution across Ireland, Northern Ireland and Great Britain, with revenues soaring sevenfold to nearly £60 million and employee numbers rising from 30 to 175 since 2015</li>
<li>HSL distributes diagnostic medical devices and provides mission-critical service and maintenance to healthcare organisations across Ireland, Northern Ireland and Great Britain</li>
<li>Strong organic growth, strategic acquisitions alongside significant ESG improvements have been achieved over Foresight’s investment period&nbsp;</li>
</ul>
Belfast, February 2025: Foresight Group (“Foresight”), a leading listed private equity and infrastructure investment manager, has exited its fast-growing medical products distributor Hospital Services Limited (HSL) to Asker Healthcare Group, a leading provider of medical products and solutions across Europe.&nbsp;
The transaction will deliver returns ranging between 2.5x to 8.5x across Foresight’s four invested funds, depending on entry date.
HSL is a specialist distributor of diagnostic medical devices, surgical equipment and consumable products, servicing public and private hospitals across the Northern Ireland, the Republic of Ireland and Great Britain. HSL is headquartered in Belfast with offices in Dublin, Meath and Wicklow in Ireland and Derby in Great Britain. HSL has seen strong growth over the investment period with revenues increasing seven-fold to almost £60 million, of which approximately 75% are generated in Ireland, and employee numbers rising from approximately 30 to 175.
The Company, which was founded as a family business in 1962, received an initial £4.5 million investment from Foresight's Growth VCTs in 2015, backing incoming CEO Dominic Walsh. A further £4.9 million was invested between 2021 and 2023 by Foresight’s Northern Ireland Fund and the AIB Foresight SME Impact Fund.&nbsp;
The Company has seen strong organic growth and has made eight strategic bolt-on acquisitions, most notably in Ireland. MDI Medical was acquired in 2021, transforming HSL into a market-leading player in the healthcare distribution sector in Ireland and the UK. Fleetwood Healthcare was then acquired in 2023 with the support of the AIB Foresight SME Impact Fund. The senior management team was also significantly bolstered over the years with the additions of CFO Graham Stewart, Service Director Alan Milliken and more recently COO Mark Collins.
Reflecting Foresight's commitment to supporting sustainable growth, HSL has made significant strides in improving governance and sustainability. With the appointment of Christopher Langley as non-executive Chair in 2015, who brought significant healthcare and listed company experience, HSL improved its commercial focus and implemented new clinical governance and health and safety processes.&nbsp;
Following the 2023 investment by the AIB Foresight SME Impact Fund, HSL conducted its first carbon emissions audit to identify the main drivers of emissions and establish an emissions reduction plan.&nbsp;
HSL provides high-quality equipment to a growing number of customers on both sides of the Irish Sea, with over 500 medical facilities supported in 2024. Its service and maintenance division ensures minimal downtime for key hospital equipment - a vital issue for healthcare providers amid high patient demand.
James Livingston, Partner at Foresight Group said: "HSL is an excellent example of our unique commitment to investing in, building and growing companies across Great Britain, Northern Ireland and the Republic of Ireland. HSL has transformed from a small, family business into one of the largest privately-owned healthcare product distributors, with its team providing important on-going technical and clinical support to hospitals on both sides of the Irish Sea.&nbsp;
"We wish its dedicated and entrepreneurial team every success under the new ownership and are confident it will continue to thrive."
Dominic Walsh, Chief Executive of HSL added: "Foresight has been a superb partner to the business over the last decade, helping Hospital Services to grow quickly in the right way. It has been a great relationship and they have brought so much more to our business than just investment - positive challenge, strategic direction and expertise in ESG."
Foresight is committed to investing into growing businesses throughout Ireland as a continuation of its regional investment strategy and has significant funds to invest across the island supported by AIB, ISIF, British Business Investments and 57 Stars.&nbsp;
Across Ireland and over the last six months, Foresight has backed three exciting, growing companies, DP Medical, TES Group and Scorebuddy, while successfully exiting Kingsbridge Healthcare Group, the largest private hospital group in Northern Ireland. This builds on Foresight’s track record of investing in the island of Ireland, where HSL now has offices in Dublin and Belfast and a five strong investment team.&nbsp;
HSL is Foresight’s latest successful exit in the healthcare sector and follows the sale of Kingsbridge and ABL Healthcare last year and Mi Healthcare in 2023. &nbsp;
ENDS&nbsp;
Advisers to Foresight:
Lead Advisor – PwC
Legal – Mills Selig
&nbsp;
Notes to Editors
&nbsp;
About Foresight Group (“Foresight”) 
Founded in 1984, Foresight is a leading investment manager in real assets and capital for growth, operating across UK, Europe, and Australia.
With decades of experience, Foresight offers investors access to attractive investment opportunities at the forefront of change.&nbsp; Foresight actively builds and grows investment solutions to support the energy transition, decarbonise industry, enhance nature recovery and realise the economic potential of ambitious companies.
A constituent of the FTSE 250 index, Foresight’s diversified investment strategies combine financial and operational skillsets to maximise asset value and provide attractive returns to its investors. Its wide range of private and public funds is complemented with a variety of investment solutions designed for the retail market.
Foresight is united by a shared commitment to build a sustainable future and grow thriving companies and economies.
Visit <a href="https://foresight.group">https://foresight.group</a> for more information.
Follow us on <a href="https://www.linkedin.com/company/foresight-group/mycompany/?viewAsMember=true">LinkedIn</a> for key updates.
<img src="https://media.umbraco.io/dev-foresight/cxybd5ze/image.png?mode=max&amp;anchor=&amp;width=500&amp;height=96" alt="" width="500" height="96">
For more information contact: Chris Barry, Influential: Barry@thisisinfluential.com / +44 (0)7733 103 693 Foresight Group: marketing@foresightgroup.eu / +44 (0)20 3667 8100

Foresight extends strong track record in healthcare with up to 8.5x returns as it exits Hospital Services Ltd after a transformational period of growth

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