Rapidus Corporation completes $943 million funding round

Semiconductor manufacturer Rapidus Corporation has announced that it has completed an additional funding round of 150 billion yen (equivalent to USD 943 million USD) from the Information-Technology Promotion Agency (IPA), Japan, an independent administrative agency under the jurisdiction of the Ministry of Economy, Trade and Industry (METI) based on the “Act on Facilitation of Information Processing.”

Earlier this year, the Japanese company announced that it received a 100 billion yen (about USD 620 million) investment from the IPA, in addition to private-sector funding, totaling 167.6 billion yen (about USD 1.1 billion) from 32 companies including Canon, Development Bank of Japan Inc., Fujitsu, NTT, SoftBank and Sony Group. 

Simultaneously, Rapidus announced that the total amount of stated capital and legal capital surplus reached 274.95 billion yen (about USD 1.7 billion). As a result of this latest capital increase by the IPA, Rapidus funding now totals 424.95 billion yen (about USD 2.7 billion), the company said.

Since its fiscal year 2022, Rapidus has received subsidies from Japan’s New Energy and Industrial Technology Development Organization under the “Post-5G Information and Communication Systems Infrastructure Enhancement R&D Project / Development of Advanced Semiconductor Manufacturing Technology (Commissioned).” 

These projects are part of the “Research and Development of 2nm-Generation Semiconductor Integration Technology and Short Turnaround Time (TAT) Manufacturing Technology Based on Japan–U.S. Collaboration” and “Development of Chiplet, Package Design and Manufacturing Technology for 2nm-Generation Semiconductors.”

“To support its evolution from the R&D stage to full-scale 2nm logic semiconductor manufacturing by 2027, Rapidus will continue to raise capital and financing from a mix of public and private sources,” the company said.