Impact Nano, a Massachusetts-based firm that creates specialized chemicals for the semiconductor industry and other markets, announced on Thursday that it had secured $32 million in funding from backers that included Goldman Sachs Asset Management and Intel Capital.
Sean Doyle, managing director of Intel Capital, was also announced to join the board of directors.
Along with the multibillion-dollar chip fabrication facilities, the United States will need to invest in expanding the wider supply chain as it attempts to restart semiconductor manufacturing with the CHIPS and Science Act.
On the chemical side of the chip industry, there are a number of choke spots that need to be repaired as a result of the conflict in Ukraine. This is due to the fact that Ukraine is a significant producer of neon gas, a crucial component used in the creation of chips
“We’ve been asked to synthesis a lot of substances that aren’t currently produced in North America. Additionally, they are produced in unstable political environments, according to Impact Nano’s CEO and co-founder Matthew Stephens.
Stephens claimed that Impact Nano is creating fresh methods for making the chemicals used by chip manufacturers. According to him, the company is concentrating on discovering raw materials that are more plentiful, ethical, and pure as well as ways to make the process more environmentally friendly.
Although he declined to give specific names of current clients, he claimed that the chemicals produced are essential components of the extreme ultraviolet lithography (EUV) process, which is used to create today’s most cutting-edge chips.
The money will be applied to the Massachusetts factory’s expansion. Stephens added that Impact Nano intends to apply for some of the CHIPS Act cash, which will help the manufacturers’ suppliers of semiconductors.
A division of the Goldman Sachs Group Inc., Intel Capital is the investment arm of the world’s largest chipmaker, Intel Corp.