Impact Nano secures $32 million in funding from Intel Capital and Goldman Sachs Asset Management
- ByStartupStory | May 4, 2023
On Thursday, Impact Nano, a startup based in Massachusetts that produces specialty chemicals for the semiconductor industry and other sectors, announced that it has raised $32 million in funding from investors including Intel Capital and Goldman Sachs Asset Management. The company stated that Sean Doyle, Intel Capital’s managing director, will also join its board of directors. With the CHIPS and Science Act aimed at restoring semiconductor manufacturing in the US, investing in developing the broader supply chain in addition to the multi-billion-dollar chip fabrication facilities will be necessary.
Matthew Stephens, CEO and co-founder of Impact Nano, stated that the ongoing conflict in Ukraine has revealed certain vulnerabilities in the chemical supply chain of the chip industry that require attention. Neon gas, a critical component in chip manufacturing, is mainly produced in Ukraine. Impact Nano, a chemical manufacturing startup based in Massachusetts, is working to develop innovative methods for producing the chemicals that chip manufacturers require. The startup’s focus areas include improving the purity of chemicals, finding more abundant and ethically compliant raw materials, and making the manufacturing process more environmentally sustainable.
These measures are necessary as many of the chemicals used in chip manufacturing are not currently produced in North America and are sourced from regions affected by political instability, according to Stephens. Impact Nano recently secured $32 million in funding from investors such as Intel Capital and Goldman Sachs Asset Management, and has added Intel Capital’s Managing Director Sean Doyle to its board of directors.
Matthew Stephens, CEO and co-founder of Impact Nano, did not disclose the names of the startup’s existing customers but revealed that the chemicals it produces are vital materials for the extreme ultraviolet lithography process (EUV), used in the manufacturing of the most advanced chips. With the $32 million funding, the Massachusetts-based startup plans to expand its factory. Stephens also expressed interest in applying for funding from the CHIPS Act, which is meant to support semiconductor manufacturing suppliers.
Goldman Sachs Asset Management belongs to the Goldman Sachs Group Inc, while Intel Capital is the investment division of Intel Corp, the US semiconductor company.
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