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We have developed a GaAs Bi-FET technology which opens a new field of a m-v LSI. The Bi-FET is a unit consisting of a GaAs/GaAIAs heterobipolar transistor (HBT) and a modulation-doped FET (MODFET) so that the unit has advantages of both low power consumption in MODFET and large current driving capability in HBT. The Bi-FET technology is based on a newly developed structure where the MODFET is merged into the collector region of the HBT through a single epitaxial growth. A new inverter circuit has been implemented with the Bi-FET technology, which has minimum gate delay of 150 psec with the power dissipation of 3.0 mW/gate.