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The company was formed out of the university's engineering department to design;; develop and commercialize power transistors and integrated circuits using GaN;; which is billed as lighter and more efficient than materials used in regular power devices. The GaN devices market could be worth $28.4 billion by 2027;; according to research from Fortune Business Insights;; with CGD targeting the consumer market covering everything from phones and computers to potentially electric vehicles. \"The round took a long time to raise because of COVID-19;; I am a people person and it's challenging to get to know investors over a video call;;\" CGD cofounder and CEO Dr Giorgia Longobardi told Insider. \"We want to expand our product portfolio;; we have reached market traction already;; and now it's the next step to ensure we can deliver to the market we are targeting.\" According to Dealroom data;; investors poured 3.6 billion euros ($4.4 billion) into British deep tech startups in 2020;; up from 3 billion euros ($3.3 billion) in 2019. CGD's funding was co-led by IQ Capital;; Parkwalk Advisors and BGF;; and includes investment from Foresight Williams;; Cambridge Enterprise;; Martlet Capital;; Cambridge Angels and Cambridge Capital Group. 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