Ardian innovates with pioneering semiconductor investment platform


Pioneering private equity investment platform dedicated to the semiconductor industry that will invest across the value chain focusing on Europe, with a unique approach combining Ardian’s expertise and world-class semiconductor leaders.

Ardian, a world-leading private investment house, today announces that it is expanding into semiconductor investment with the launch of Ardian Semiconductor. This innovative platform will invest across the semiconductor value chain with a focus on Europe and will enable companies to grow into global leaders in their markets.

Semiconductor devices are pervasive in the world economy and are the critical enablers of the digital transformation and green transition of key sectors, such as data infrastructure, mobility, industrial and consumer. Following several decades of consistent mid to high single digit growth, industry analysts believe the semiconductor industry will continue to grow and reach $1 trillion by 2030, driven by predictable megatrends such as artificial intelligence, cloud computing, electrification and automation of mobility and industry, or smart & connected devices.

Europe is one of the most attractive regions to invest in the coming decade. European companies in the value chain are global leaders in semiconductors for the mobility and industrial end-markets that are experiencing rapid technological transformation and expected to grow the fastest. Europe also leads through its innovation ecosystems, IP, specialized equipment and materials companies, that underpin major megatrends such as the artificial intelligence revolution. Europe leverages strong foundations and attractive government incentives, including the €43 billion European Chips Act, to strengthen its leadership and benefit from an increased regionalization of the global supply chain.

Ardian Semiconductor aims at becoming the partner of choice of the European semiconductor value chain, bringing innovative and flexible capital solutions, as well as strategic and operational expertise, to companies with the potential to enable megatrends leveraging their distinctive technologies.

Ardian is launching the Ardian Semiconductor platform through an exclusive strategic partnership with Silian Partners, a team of highly successful senior executives from the semiconductor industry with more than 115 years of combined experience in the space, bringing unique industry relationships, strategic vision, and operational focus. Ardian and Silian Partners will work as One Team, and will bring together Ardian’s proven and successful private equity capabilities and investment processes with unparalleled industry leadership and expertise.

Ardian Semiconductor is managed by Ardian France. Silian Partners assists Ardian as an industry expert.

Ardian Semiconductor will be powered by a detailed analysis of technology megatrends and their implications across the semiconductor value chain. The team will work together to identify attractive opportunities, carry out expert due diligence, and work closely with entrepreneurs and management teams to define strategic roadmaps and execute.

This expansion builds on Ardian’s track record of investing in attractive high-growth sectors, in addition to its flagship investment activities.

“Semiconductors are everywhere and enable the world’s digital transformation and green transition. As demand for semiconductors is expected to more than double over the next decade, a whole supply chain needs to scale and bring continued innovation, including countless European mid-sized companies. We’re assembling a unique team with tremendous experience and track-record, and I can’t enjoy more than welcoming Paul, Christophe, Helmut and Thomas. It’s therefore the perfect time to launch Ardian Semiconductor, leveraging Europe’s leading positions in critical segments of the semiconductor value chain. Building on Ardian’s proven track record as a global private investment leader, the platform will bring innovative capital solutions to this strategic value chain at a pivotal moment, working alongside world-class industry leaders.” Thibault Basquin, Member of the Executive Committee, Ardian

“We are delighted to partner with Ardian, who perfectly understand the unique opportunity to address a critical need of the European semiconductor value chain and become its financial sponsor of choice. Through a bespoke strategic partnership, we bring together in One Team seasoned private equity investors, proven investment processes, and successful semiconductor leaders. Ardian is the ideal firm with the right people and culture to build this first-of-its-kind investment platform together. As we initiate dialogues with companies and entrepreneurs, we have confirmation that we enable solutions for the industry that do not exist today and that our approach will create significant value across the board.” Paul Boudre, Senior Managing Director & Co-Founder of Silian Partners

Silian Partners is led by:

  • Paul Boudre, Senior Managing Director & Co-Founder, who brings c.35 years of semiconductor experience. As Chief Executive Officer of Soitec from 2015 to 2022, he successfully led the company through a restructuring and positioned it as a global leader of engineered semiconductor materials. Prior to Soitec, he held senior positions in semiconductor equipment and manufacturing with KLA, STMicroelectronics, IBM Microelectronics, Motorola Semiconductor and Atmel.
  • Christophe Duverne, Senior Managing Director & Co-Founder, who has been a semiconductor and electronics executive for the past c.30 years. He was President and Chief Executive Officer of Linxens from 2010 to 2020, which he founded from a corporate carve-out, and led through two successful buyout transactions sponsored by CVC, Astorg and Bain Capital, to create a global leader in smart card components manufacturing. Prior to founding Linxens, he worked for over 10 years at NXP Semiconductors where he was Senior Vice President of the Identification business unit.
  • Dr Helmut Gassel, Senior Managing Director & Co-Founder, who contributes c.30 years of semiconductor industry experience. He served as a member of Infineon’s Management Board as Chief Marketing Officer from 2016 to 2022 with responsibilities encompassing marketing, sales, strategy and M&A. In this capacity, he led the €9bn acquisition and integration of Cypress Semiconductor and contributed to transform Infineon into a global top 10 semiconductor company. Prior to joining Infineon in 1995 as a semiconductor design engineer, he worked in semiconductor research at Fraunhofer Institute
  • Thomas Pebay-Peyroula, Managing Director & Co-Founder, who brings c.15 years of investment banking experience and has advised many European semiconductor companies on strategic, M&A and financing matters. He is joining from Rothschild & Co, and started his career with Lazard.


Ardian is a world-leading private investment house, managing or advising $156bn of assets on behalf of more than 1,470 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.



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AlixLabs secures SEK 40 million investment to advance energy-efficient semiconductor innovation


Swedish semiconductor trailblazer, AlixLabs, has successfully secured SEK 40 million in funding to accelerate their pioneering work. Specializing in semiconductor advancements, AlixLabs has developed a revolutionary Atomic Layer Etching (ALE) Pitch Splitting technology (APS), which has attracted substantial investment from notable backers including Navigare Ventures, Industrifonden, and This marks a significant step towards transforming semiconductor manufacturing by making it more energy-efficient and cost-effective.

The semiconductor industry has long faced challenges related to escalating expenses, particularly due to the high costs of Extreme Ultraviolet Lithography (EUV) equipment and has an escalating need for energy-efficient alternatives and more sustainable practices. AlixLabs is disrupting the semiconductor landscape with their innovative approach to manufacturing. Through their ALE Pitch Splitting technology (APS), they enable the precise division of nanostructures while significantly reducing energy consumption and emissions. This breakthrough has now caught the attention of investors, as it addresses the rising costs associated with current manufacturing techniques.

Jonas Sundqvist, CEO of AlixLabs, stated: “The investment plays a pivotal role in propelling our company towards scalable success. The infusion of capital not only validates our vision but also empowers us to bring our groundbreaking technology to the forefront of semiconductor manufacturing. This investment marks a significant milestone as we work towards our goal: to have our meticulously developed process adopted by circuit manufacturers in their most advanced production by 2025. With this support, we are forging a path to transform the semiconductor landscape and usher in a new era of efficiency and innovation.”

AlixLabs’ innovation arrives at an opportune moment, with the European Union’s ambitious semiconductor initiative, the EU Chips Act, allocating substantial resources for semiconductor companies. With over 43 billion euros earmarked for the next five years, this initiative complements AlixLabs’ mission to drive technological progress and sustainable manufacturing.

Tobias Elmquist, Senior Investment Director at Industrifonden, commented: “At Industrifonden, we’re committed to science-backed, scalable investments that have the power to drive meaningful change in society. AlixLabs is redefining semiconductor manufacturing and we’re proud to support them on their journey towards a more efficient and sustainable industry.”

Learn more about AlixLabs ↗

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Adamant Quanta closes SEK 9.2 million financing round to deliver breakthrough diamond-based atomic clocks


damant Quanta, a Swedish deep tech startup that has developed innovative diamond-based IC microchips, announced today the successful closure of a SEK 9.2 million financing round. Industrifonden, along with Almi Invest and Navigare Ventures, have invested in the round. The company’s initial technology application focuses on diamond-based atomic clocks, which are more accurate than the current market-leading chip-scale atomic clocks, while smaller, cheaper, and ageless. The new funding will be utilized to further develop and scale the delivery of their first diamond-based chip-scale atomic clocks.

Adamant Quanta is a Swedish quantum technology startup which specializes in the development of diamond-based IC systems for precision timing, sensing and detection. Their flagship product, a chip-scale diamond-based atomic clock, offers unprecedented accuracy and performance. With a focus on innovation and customer requirements,  Adamant Quanta aims to transform the industry with immediately applicable diamond quantum tech solutions for resilient positioning, navigation, and timing applications.

Haitham El-Ella, CEO at Adamant Quanta, states: “We are pleased to have closed this financing round and grateful for the given opportunity to continue developing our diamond-based IP and to deliver our cutting-edge diamond atomic clocks. With this investment, we will be able to scale our product delivery and realize our vision of providing competitive and immediately applicable quantum tech hardware.

Adamant Quanta is committed to continued technological innovation and establishing themselves as leaders in their field. With the successful closure of the financing round, the company will scale and accelerate the delivery of chip-scale diamond systems and strengthen their position in the timing, sensing and detection markets.

Iliam Barkino, Principal at Industrifonden, commented: “What sets Adamant Quanta apart is their innovative use of diamond-based IC microchips to revolutionize time and frequency-based measurements. Their technology offers quantifiable performance improvements in chip-scale atomic clocks as their initial market but has multiple additional measurement applications across various industries. We believe that Adamant Quanta has the potential to disrupt their target sectors, and we are excited to be part of their success story.”

About Adamant Quanta

Adamant Quanta strives to innovate and deliver immediately useful cost- and energy-efficient quantum tech using defects in diamond crystals. Leveraging their extensive experience and know-how, their mission is to serve the timing, sensing, and detection markets with innovative functionalised diamond crystals that utilize their quantum mechanical properties to deliver superior functionality and performance. In collaboration with their industry network and partners, they are poised to deliver their unique diamond-chip systems for both embedded devices and terrestrial/satellite-based infrastructure.

Read more about Adamant Quanta ↗

Categories: News


CapMan Growth exits semiconductor equipment company Picosun


CapMan Growth press release

16 June 2022 at 2:45 p.m. EEST

CapMan Growth exits semiconductor equipment company Picosun  

Picosun Oy has been acquired by Applied Materials, Inc., a US-based leading semiconductor equipment company. This is the largest exit in CapMan’s operating history, measured by the portfolio company’s exit value. The investment has been very successful, taking the Growth 2017 fund into carry upon exit.

CapMan invested in Picosun in 2019, and since then Picosun has grown as a company, building new facilities, opening new markets, and developing ALD technology primarily for specialty semiconductors. Based in Espoo, Finland, the company has operations in Europe, the United States and Asia. The company serves hundreds of customers, including Nasdaq top-10 companies, and has over 200 employees worldwide.

ALD, or Atomic Layer Deposition, a technology originally developed in Finland, enables the fabrication of ultrathin precise films, which is a prerequisite for the functionality of modern electronics. ALD is used in, among others, silicon wafers, electronic sensors, optoelectronics, and medical devices with new applications being established constantly.

“Picosun is a highly successful growth story and has achieved global recognition and a loyal customer base. The strengthened management team and expanded production capacity have built a strong foundation for further growth with the new owner. This journey has been a great success thanks to the extraordinary Picosun team lead by CEO Jussi Rautee. It has also been an honour to work in close co-operation with a truly committed main owner Stephen Industries (family office of Kustaa Poutiainen) and other active investors,” says Juha Mikkola, Senior Partner at CapMan Growth.

CapMan Growth Equity 2017 Fund Ky starts generating carried interest following the completion of the exit and the fund has eight companies remaining. Picosun is the largest exit in CapMan’s operating history, measured by the portfolio company’s exit value.

For more information, please contact:

Juha Mikkola, Senior Partner, CapMan Growth, +358 50 590 0522

About CapMan Growth

CapMan Growth is a leading Nordic growth investor making significant minority investments in companies targeting strong growth and internationalisation. CapMan Growth is part of CapMan, a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With over to €4.7 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. For more information, visit and

About Picosun

Picosun provides the most advanced ALD (Atomic Layer Deposition) thin film coating solutions for global industries. Picosun’s ALD solutions enable technological leap into the future, with turn-key production processes and unmatched, pioneering expertise in the field – dating back to the invention of the technology itself. Today, PICOSUN® ALD equipment are in daily manufacturing use in numerous leading industries around the world. Picosun is based in Finland, with subsidiaries in Germany, USA, Singapore, Japan, South Korea, China mainland and Taiwan, offices in India and France, and a world-wide sales and support network. Visit

Categories: News


Navitas Semiconductor, the Industry Leader in Gallium Nitride (GaN) Power ICs, to Go Public at an Enterprise Value of $1.04 Billion via Live Oak II SPAC Business Combination

Atlantic Bridge
  • Deal raises approximately $400M capital, including an over-subscribed and upsized $145M PIPE.
  • Capital to be used for accelerated product development and expansion into power semi markets estimated at a $13B TAM, including mobile, consumer, enterprise, renewables and EV / eMobility.
  • Navitas estimates that its proprietary and highly patent-protected GaNFast™ power ICs deliver up to 3x faster charging in half the size and weight and up to 40% energy savings compared with legacy silicon chips.
  • Featured Image
  • Over 18 million GaNFast™ power ICs have shipped, with zero reported field failures, to Tier-1 customers including Dell, Lenovo, Xiaomi, OPPO, LG, Amazon, Belkin and dozens more.
  • Committed manufacturing capacity well in excess of current forecasts to confidently meet strong customer demand.
  • Navitas estimates that GaN ICs can impact up to 2.6 Gtons of CO2 reduction annually by 2050.


DUBLIN and MEMPHIS, Tenn., May 7, 2021 – (NYSE: LOKB) Navitas Semiconductor (“the Company” or “Navitas”), the industry leader in GaN Power ICs, today announced that it has entered into a definitive agreement to combine with Live Oak Acquisition Corp. II (“Live Oak II”), a publicly-traded special purpose acquisition company. The transaction, which values the combined entity at a pro forma equity value of $1.4 billion, will result in Navitas becoming a publicly traded company on a national exchange under a new ticker symbol.

Gallium nitride (GaN) is a next-generation semiconductor technology that runs up to 20x faster than legacy silicon, and enables up to 3x more power or 3x faster charging in half the size and weight. Navitas GaNFast™ power ICs integrate GaN power and drive plus protection and control to deliver simple, small, fast and efficient performance.

Driven by increasing demand for connectivity, electrification away from fossil fuels, and efficient sustainable energy sources, Navitas predicts GaN ICs can address markets estimated to grow to over $13 billion in 2026. Markets include mobile, consumer, enterprise (data center, 5G), renewables (solar, energy storage) and EV / eMobility.

With a proven leadership team with over 300 years of combined power semiconductor experience and a track record of extraordinary value creation, Navitas is in mass production and ramping shipments to many major OEM’s and aftermarket suppliers, including Dell, Lenovo, LG, Xiaomi, OPPO, Amazon, Belkin and dozens of others. Over 18 million GaNFast™ power ICs have shipped, with zero reported field failures.

With a proprietary process design kit (PDK) and over 120 patents granted or pending, Navitas has an early mover advantage in the GaN market. A robust roadmap for new GaN generations and continued cost reductions accelerate the transformation to “Electrify Our World™” away from CO2-burdened fossil fuels. Navitas estimates that GaN can impact up to 2.6 Gtons of CO2 reduction annually by 2050.

Gene Sheridan, co-founder and CEO of Navitas commented: “Navitas was formed with the vision to revolutionize the world of power electronics, while addressing significant sustainability challenges for our planet. Not only has Navitas’ world-class team invented and patented revolutionary new technology, but we have also overcome all the key hurdles associated with successfully bringing it to market. We are proud to enter the public capital markets with strong operating momentum and investor partners who share our enthusiasm for our long-term mission.”

“We are excited to partner with Navitas,” said Rick Hendrix, Chief Executive Officer of Live Oak, “This is the most compelling opportunity we have seen in the semiconductor industry, and we are delighted that Navitas’ solutions contribute meaningfully to reduced carbon emissions through more efficient power delivery. The capital raised through this transaction will allow Navitas to accelerate that vision as they expand from mobile and consumer markets into even more power-intensive applications like data centers, solar energy and electric vehicles – all while delivering a significant CO2 reduction as part of their Net Zero initiative.”

Navitas was originally funded by the company’s management team, along with top venture capitalists with exceptional long term track records highly focused on disruptive businesses in the clean tech and electronics industries. Capricorn Investment Group,  Atlantic Bridge  and seed investor Malibu IQ, along with all current investors are rolling 100% of their equity into this transaction. Malibu IQ founder David Moxam noted, “With a doubling of electrical energy demand driving the global energy transition, Navitas’ GaN Power ICs are already having a powerful, positive energy efficiency impact, benefiting all of us globally.”

Transaction Overview
The transaction is anticipated to deliver up to $398 million of gross proceeds to the combined company, assuming minimal redemptions by Live Oak II’s public stockholders. This includes an oversubscribed and upsized $145 million private placement of Class A common stock in Live Oak II at $10.00 per share (the “PIPE”), from a diversified group of top-tier institutional investors. Proceeds of the transaction will be used to fund Navitas’ future growth initiatives. Existing Navitas shareholders will roll 100% of their equity into the combined company, demonstrating their conviction of Navitas’ continued growth trajectory. The transaction, which has been unanimously approved by the boards of Live Oak II and Navitas, is expected to close in the third quarter of 2021, subject to approval by Navitas’ shareholders, which has been secured through support agreements, Live Oak II’s shareholders and other customary closing conditions, including any applicable regulatory approvals.

Deutsche Bank Securities and Jefferies are serving as co-financial advisors to Navitas.  Jefferies and BofA Securities are acting as placement agents on the PIPE and capital markets advisors to Live Oak II. Nomura Greentech and BofA Securities are serving as financial advisors to Live Oak II. DLA Piper LLP is serving as legal counsel to Navitas. Vinson & Elkins LLP is serving as legal counsel to Live Oak II. Winston & Strawn LLP is serving as legal counsel to the placement agents on the PIPE. Blueshirt Capital Markets LLC is serving as an advisor to Navitas.

Investor Conference Call Information
Management of Navitas and Live Oak II have recorded an audio webcast reviewing the proposed transaction and investor presentation, which will be available on

Categories: News