Among one of the fastest startups in the semiconductor industry to go IPO, Navitas Semiconductor took just seven years to ring the bell at NASDAQ. The company started trading on the NASDAQ Global Market under the ticker ‘NVTS’. The company was valued over $1 billion and more than $320 million was raised for new markets expansion.
Navitas’ all co-founders, who are still a part of the company, celebrated at the NASDAQ podium, including Gene Sheridan, CEO, Dan Kinzer, COO/CTO, Nick Fichtenbaum, VP Engineering and Jason Zhang, VP Applications and Technical Marketing. With over 130 patents issues or pending, and significant trade secretes including a proprietary process design kit, Navitas is leading the next-generation GaN power ICs by several years.
“It’s an exciting day, and a great chance to congratulate the whole next-gen power eco-system, from talented IC designers plus dedicated sales and applications teams, to partner customers and allied investors,” said Gene Sheridan, CEO and co-founder. “The first seven years have seen extreme growth in Navitas IP, revenues, customers… and we’re looking forward to the next seven years, as we look to accelerate the transition to EVs, save billions in data center electricity costs and lower CO2 emissions by up to 2.6 Gtons/year by 2050. Let’s Go GaNFast!”
Navitas completed its business combination with Live Oak Acquisition Corp. II (“Live Oak II”) on October 19th. “We’re celebrating along with the Navitas team today,” said Rick Hendrix, formerly Live Oak II’s CEO and now board member at Navitas. “This is a deep-tech business, and the Navitas team comprehensively and confidently educated investors on the next-gen technology, the diverse markets and the detailed business model that makes GaN power ICs a great long-term story. We’re confidently locked-in with the Navitas senior management team for several years, which shows our commitment to this game-changing technology and our long-term investors”
