Substrate
Substrate is building a next-generation semiconductor foundry in the United States using compact particle accelerator-based X-ray lithography.
Raised $100M across disclosed rounds.[1][2][4][8]
Series A closed October 2025, led by Founders Fund.[1][2][4][5]
post-money valuation is not publicly disclosed.
Named investors include Founders Fund, General Catalyst, In-Q-Tel, Valor Equity Partners, Allen & Co, Long Journey Ventures.[1][4][5][6]
James Proud, Founder and CEO[5][8][9]
Oliver Proud, Co-Founder[5][8][9]
Brendon Bula, CFO[8]
ASML · asml.com · Same buyer (semiconductor fabs), same job to be done (advanced lithography for chip patterning), and Substrate explicitly positions as a rival to ASML's EUV technology.[1][2][5]
TSMC · tsmc.com · Same buyer segment (chip designers needing foundry services), same workflow (advanced wafer fabrication), and Substrate plans to operate as a vertically integrated foundry competing with TSMC.[5]
The customer proof is company-sourced only. No independent source in this ledger confirms it.[8]
Ask for one referenceable production customer.
Not a recommendation. The first thing this ledger cannot answer.
Filled in the side panel for invited readers. This card carries sourced facts only.
Jul 2026 · builtinsf.com
reported
Jul 2026 · convergedigest.com
reported
Jul 2026 · techovedas.com
reported
Jul 2026 · reuters.com
reported
Jul 2026 · americanreindustrialization.com
vendor
Substrate
Substrate is building a next-generation semiconductor foundry in the United States using compact particle accelerator-based X-ray lithography.
Ask for one referenceable production customer.
Not a recommendation. The first thing this ledger cannot answer.