Substrate
X-ray lithography for next-generation semiconductor manufacturing, challenging ASML
Semiconductors
📍 El Segundo, CA
Founded 2024
Current Valuation
$1.0B
as of 2025-Q4
UNICORN
Substrate is a Los Angeles-based semiconductor equipment startup developing soft X-ray lithography tools as a 'Beyond EUV' alternative to ASML's dominant extreme-ultraviolet machines. Founded in 2024 by serial entrepreneur James Proud, the company raised $100M at a $1B valuation in October 2025 to build its first lithography tool and ultimately launch a U.S.-based contract chip-manufacturing business. Positioned at the intersection of AI compute demand and U.S. chip reshoring policy.
Company Profile
Growth
Pre-revenue, tool development phase
Last Round
Series A — $100M (Oct 2025) · Lead: Founders Fund
Founders & Key People
James Proud
Investors
Founders Fund · Lux Capital · 8VC
Products
- Soft X-ray lithography tool (sub-EUV alternative)
- Planned U.S.-based contract chip-manufacturing service
Competitors
ASML · Canon Nanotechnologies · Nikon · xLight
SemiconductorsLithographyX-rayDeep TechReshoring
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2025-Q4. Refreshed quarterly.