Goleta-based Transphorm has received a $70 million investment.

Transphorm, an early stage semi-conductor company focused on creating ways to convert electricity more efficiently, announced the investment Monday, which was led by global investment firm KKR.

Transphorm will use the money to fund product innovation and expansion projects.

“By merging the technological leadership of Transphorm with the semiconductor business expertise of KKR, we are taking a major step forward in solving the global problem of energy wasted in power conversion,” Umesh Mishra, Transform chairman, said in a news release.

KKR’s David Kerko, Brittany Bagley and Eiji Yatagawa will join Transphorm’s board of directors.