StoryFunding
Substrate emerges from stealth with $100M Series A to build US X-ray lithography fabs
SubstrateX-ray Lithography System
San Francisco startup Substrate announced a $100M Series A funding round, valuing the company at over $1 billion. The company has shifted from developing lithography equipment to building its own US-based semiconductor foundries. Substrate's particle accelerator X-ray lithography targets 2nm and smaller chip nodes, aiming for first production by 2028.
- $100M Series A at $1B+ valuation (pre-revenue unicorn)
- Technology: particle accelerator driving X-ray lithography for 2nm and below
- Business shift: building own US foundries rather than selling equipment
- Target: first production chips by 2028
- Aims to restore US semiconductor manufacturing competitiveness