All the fundraising deals in the semiconductor industry (from Q1 2025 to Q1 2026)
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Between Q1 2025 and Q1 2026, semiconductor startups raised over $18 billion across 77 publicly disclosed rounds.
Q1 2026 alone accounted for nearly $7.8 billion, making it the most capital-intensive quarter for semiconductor startups in recent memory.
AI chips, memory expansion, and foundry buildouts are driving most of the money, while photonics and connectivity startups gain serious traction quarter after quarter.
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Insights
- Q1 2026 saw $7.8 billion raised across just 18 deals, pushing the average check size to $434 million, nearly triple the Q1 2025 average.
- AI compute chips attracted roughly $9.6 billion in total funding, more than four times any other category over the five-quarter period.
- The top 3 deals captured between 57% and 81% of all funding each quarter, showing that investors consistently bet big on a few perceived winners.
- Only 3 deals fell into the memory category, yet those rounds totaled $2.5 billion, making memory the highest average deal size of any segment.
- Photonics and optical interconnect startups appeared in every single quarter, signaling that moving data efficiently is now funded almost as aggressively as computing it.
- Rapidus in Japan and Nanya Technology in Taiwan together raised $4.2 billion in Q1 2026, illustrating how national industrial policy is reshaping semiconductor funding.
- Maverick Silicon participated in 4 deals across the period, making it the most active disclosed investor by deal count in this dataset.
- Zero deals below $2 million were recorded in any quarter, suggesting the capital floor for entering this market keeps rising.
- Cerebras Systems raised twice (Series G and Series H) for a combined $2.1 billion, the largest total haul by a single semiconductor startup.
- Q2 2025 was the quietest quarter with only 7 deals totaling $422 million, likely a seasonal pause between two heavy fundraising waves.
In our semiconductor industry deck, we will give you useful market maps and grids
Summary table of the funding deals in the semiconductor industry (last 5 quarters)
We define the semiconductor market as companies whose primary revenue comes from selling semiconductor devices or wafer manufacturing services. This includes integrated device manufacturers, fabless vendors, memory suppliers, and foundries.
We exclude equipment and materials suppliers, EDA and IP vendors, packaging/test-only providers, distributors, electronics manufacturing services, and end-product OEMs.
You can also read our detailed analysis on how funding in the semiconductor industry has evolved over recent years.
We also maintain a dedicated page, updated weekly, with all the latest fundraising deals in the semiconductor industry.
| Name | What they do | Amount ($M) | Quarter | Source(s) |
|---|---|---|---|---|
| Zhcltech | Designs AI-focused semiconductor chips for data centers in China | $1,030M | Q1 2025 | New Market Pitch |
| PNJ Semiconductor | Manufactures advanced semiconductor wafers and devices in Asia | $694M | Q1 2025 | New Market Pitch |
| Celestial AI | Builds photonic interconnect technology to move data between chips faster | $250M | Q1 2025 | New Market Pitch |
| Positron | Develops inference-optimized AI semiconductor processors | $230M | Q1 2025 | New Market Pitch |
| Celestial AI | Photonic fabric technology for AI data center interconnects (Series C) | $175M | Q1 2025 | New Market Pitch |
| Hyseim | Develops semiconductor solutions for high-speed computing | $140M+ | Q1 2025 | New Market Pitch |
| Ultrarisc | Designs RISC-V processors for specialized workloads | $140M+ | Q1 2025 | New Market Pitch |
| Twinsolution | Produces semiconductor chips for industrial and automotive markets | $140M+ | Q1 2025 | New Market Pitch |
| Oritek | Develops advanced chip solutions for AI workloads | $140M+ | Q1 2025 | New Market Pitch |
| EnCharge AI | Makes analog in-memory compute chips for AI inference | $100M+ | Q1 2025 | New Market Pitch |
| Retym | Builds high-speed connectivity chips for data centers | $75M | Q1 2025 | New Market Pitch |
| Axelera AI | Designs energy-efficient AI accelerator chips for edge computing | $66.5M | Q1 2025 | New Market Pitch |
| Eliyan | Creates chiplet interconnect technology for multi-die integration | $60M | Q1 2025 | New Market Pitch |
| Baya Systems | Develops chiplet packaging and integration solutions | $36M | Q1 2025 | New Market Pitch |
| Cambridge GaN Devices | Makes gallium nitride power chips for energy-efficient electronics | $32M | Q1 2025 | New Market Pitch |
| Salience Labs | Builds photonic processors that use light for AI computation | $30M | Q1 2025 | New Market Pitch |
| Swave Photonics | Develops diffractive photonic chips for holographic displays | $29.2M | Q1 2025 | New Market Pitch |
| Chi Xin Semiconductor | Designs chips for wireless communication in China | $28M | Q1 2025 | New Market Pitch |
| CamGraPhIC | Produces graphene-based devices for photonic applications | $27M | Q1 2025 | New Market Pitch |
| Pakal Technologies | Designs advanced packaging solutions for chiplet integration | $25M | Q1 2025 | New Market Pitch |
| Vertical Compute | Develops 3D-stacked memory for high-bandwidth AI workloads | $21.6M | Q1 2025 | New Market Pitch |
| iPRONICS | Makes programmable photonic chips for optical processing | $21.6M | Q1 2025 | New Market Pitch |
| AheadComputing | Designs high-performance CPU cores for server processors | $21.5M | Q1 2025 | New Market Pitch |
| Oso Semiconductor | Builds ultra-low-power chips for IoT and edge devices | $5.2M | Q1 2025 | New Market Pitch |
| Biren Technology | Designs GPU chips for AI and cloud computing in China | $207M | Q2 2025 | New Market Pitch |
| Avicena Tech | Uses microLED-based optical links for ultra-short-reach chip interconnects | $70M | Q2 2025 | New Market Pitch |
| AttoTude | Develops sensing chips for next-generation wearable devices | $50M | Q2 2025 | New Market Pitch |
| Speedata | Builds acceleration processors for big data analytics workloads | $44M | Q2 2025 | New Market Pitch |
| Snowcap Compute | Designs energy-efficient compute chips for sustainable data centers | $23M | Q2 2025 | New Market Pitch |
| IceMOS Technology | Operates a wafer foundry specializing in silicon-on-insulator manufacturing | $22M | Q2 2025 | New Market Pitch |
| ONiO | Makes battery-free microcontrollers powered by energy harvesting | $5.8M | Q2 2025 | New Market Pitch |
| Cerebras Systems | Builds wafer-scale AI processors for training large language models (Series G) | $1,100M | Q3 2025 | New Market Pitch |
| PsiQuantum | Develops photonic quantum computing chips for fault-tolerant quantum systems | $1,000M | Q3 2025 | New Market Pitch |
| Groq | Designs LPU inference chips that deliver ultra-fast AI model responses | $750M | Q3 2025 | New Market Pitch |
| Rebellions | Designs AI accelerator chips for data center inference in South Korea | $250M | Q3 2025 | New Market Pitch |
| Empower Semiconductor | Makes integrated voltage regulator chips for power delivery | $140M+ | Q3 2025 | New Market Pitch |
| SiMa.ai | Builds ML accelerator chips purpose-built for edge AI | $85M | Q3 2025 | New Market Pitch |
| Scintil Photonics | Develops silicon photonic transceivers for optical data center links | $58M | Q3 2025 | New Market Pitch |
| Paragraf | Produces graphene-based sensors and electronic devices | $55M | Q3 2025 | New Market Pitch |
| SiPearl | Designs high-performance processors for European supercomputers | $34.6M | Q3 2025 | New Market Pitch |
| Arago | Designs AI processors optimized for edge computing | $26M | Q3 2025 | New Market Pitch |
| Netrasemi | Develops vision processors for camera and imaging applications | $12.4M | Q3 2025 | New Market Pitch |
| Nanopower Semiconductor | Makes ultra-low-power analog chips for always-on sensor applications | $10.2M | Q3 2025 | New Market Pitch |
| Mindgrove Technologies | Designs system-on-chip products for India's embedded systems market | $8M | Q3 2025 | New Market Pitch |
| FermionIC Design | Designs high-frequency RF and mmWave chips for 5G and radar | $2.5M | Q3 2025 | New Market Pitch |
| Moore Threads | Designs GPU chips for AI and graphics computing in China | $1,100M | Q4 2025 | New Market Pitch |
| Cambricon Technologies | Builds AI processors for cloud and edge inference in China | $560M | Q4 2025 | New Market Pitch |
| Unconventional AI | Develops novel AI compute architectures beyond traditional GPUs | $475M | Q4 2025 | New Market Pitch |
| Kunlunxin | Designs AI training and inference chips spun out from Baidu | $278M+ | Q4 2025 | New Market Pitch |
| Mythic | Makes analog compute chips that run AI models directly in flash memory | $125M | Q4 2025 | New Market Pitch |
| Celero Communications | Designs high-speed DSP chips for coherent optical networking | $100M | Q4 2025 | New Market Pitch |
| DreamBig Semiconductor | Develops high-performance network-on-chip solutions for data centers | $75M | Q4 2025 | New Market Pitch |
| Dnotitia | Builds AI inference chips for on-device intelligence in South Korea | $74M | Q4 2025 | New Market Pitch |
| Movandi | Designs beamforming chips for 5G and satellite communication | $40M | Q4 2025 | New Market Pitch |
| VisIC Technologies | Manufactures gallium nitride power transistors for automotive and industrial | $26M | Q4 2025 | New Market Pitch |
| RAAAM Memory Technologies | Develops high-density embedded memory IP for on-chip storage | $17.5M | Q4 2025 | New Market Pitch |
| Magics Technologies | Makes spintronic memory and sensor devices using MRAM technology | $4.6M | Q4 2025 | New Market Pitch |
| PowerCubeSemi | Operates wafer fabrication focused on power management chips | $4.4M | Q4 2025 | New Market Pitch |
| Morphing Machines | Designs reconfigurable processor chips for adaptive computing in India | $4.3M | Q4 2025 | New Market Pitch |
| Rapidus | Builds a leading-edge foundry in Japan for 2nm chip manufacturing | $1,700M | Q1 2026 | New Market Pitch |
| Cerebras Systems | Wafer-scale AI processor company expanding capacity for inference (Series H) | $1,000M | Q1 2026 | New Market Pitch |
| MatX | Designs custom AI chips optimized for transformer model inference | $500M | Q1 2026 | New Market Pitch |
| Etched | Builds transformer-specific ASIC chips for faster AI inference | $500M | Q1 2026 | New Market Pitch |
| Rebellions | South Korean AI chip company scaling production for data center deployment | $400M | Q1 2026 | New Market Pitch |
| Axelera AI | European AI accelerator company expanding into data center chips | $250M+ | Q1 2026 | New Market Pitch |
| Positron AI | Develops high-throughput inference chips for real-time AI applications | $230M | Q1 2026 | New Market Pitch |
| Kandou AI | Designs connectivity chips that move data between chiplets with low power | $225M | Q1 2026 | New Market Pitch |
| OLIX | Develops optical chips for AI data center interconnects | $220M | Q1 2026 | New Market Pitch |
| Neurophos | Builds photonic AI processors that compute using light | $110M | Q1 2026 | New Market Pitch |
| Equal1 | Designs quantum processors using standard CMOS manufacturing | $60M | Q1 2026 | New Market Pitch |
| MetaSilicon | Develops configurable chips for wireless communication baseband processing | $41.7M | Q1 2026 | New Market Pitch |
| Fractile | Designs novel chip architectures for more efficient AI computation | $22.5M | Q1 2026 | New Market Pitch |
| C2i Semiconductors | Makes compound semiconductor devices for power electronics and RF | $15M | Q1 2026 | New Market Pitch |
| SINNOV | Develops innovative sensor chips for industrial applications | ~$14M | Q1 2026 | New Market Pitch |
| Chiral | Designs chips using novel materials for next-generation electronics | $12M | Q1 2026 | New Market Pitch |
| Vervesemi | Designs RISC-V processor chips for embedded and edge applications | $10M | Q1 2026 | New Market Pitch |
| Nanya Technology | Major DRAM memory manufacturer expanding capacity in Taiwan | ~$2,500M | Q1 2026 | New Market Pitch |
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How has funding activity in the semiconductor industry changed over time?
Q1 2026 was by far the most active quarter, with $7.8 billion raised across 18 deals, driven by mega-rounds from Nanya Technology ($2.5B), Rapidus ($1.7B), and Cerebras Systems ($1B).
Q2 2025 was the quietest quarter, with only 7 deals and $422 million raised, likely due to a seasonal slowdown between two heavy fundraising cycles.
Semiconductor funding in Q1 2026 jumped 122% compared to Q4 2025 ($7.8B versus $2.9B), and more than doubled versus Q1 2025 ($7.8B versus $3.5B one year earlier).
Stripping out the top 2 deals each quarter, the trend looks more stable: most quarters land between $400 million and $1.5 billion in mid-sized rounds.
The big swings from quarter to quarter are mostly driven by a handful of billion-dollar raises, not by broad changes in deal activity.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q1 2025 | 24 | $3.5B | Busy quarter with many mid-size deals and two $1B+ rounds from Zhcltech and PNJ Semiconductor |
| Q2 2025 | 7 | $422M | Quietest quarter, with no deal above $210M and low overall activity |
| Q3 2025 | 14 | $3.5B | Funding rebounded strongly thanks to Cerebras ($1.1B), PsiQuantum ($1B), and Groq ($750M) |
| Q4 2025 | 14 | $2.9B | Moore Threads and Cambricon led Q4 with a combined $1.7B from China |
| Q1 2026 | 18 | $7.8B | Record quarter, dominated by Nanya Technology's $2.5B private placement |
| All quarters | 77 | $18.2B | Total semiconductor funding exceeded $18 billion across five quarters with strong growth |
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Which startups in the semiconductor industry raised the largest rounds over the last months?
These startups raised the most recently in the semiconductor industry:
- Nanya Technology raised ~$2,500M to expand its advanced DRAM manufacturing facilities in Taiwan.
- Rapidus raised $1,700M to build Japan's first leading-edge 2nm foundry, backed by government and private capital.
- Moore Threads raised $1,100M to scale GPU chip production for AI and graphics workloads in China.
- Cerebras Systems raised $1,100M (Series G) to expand wafer-scale AI processor manufacturing.
- Zhcltech raised $1,030M to scale AI chip design and production in China's data center market.
- PsiQuantum raised $1,000M to build its first commercial photonic quantum computing system.
- Cerebras Systems raised $1,000M (Series H) to expand its AI inference infrastructure and customer deployments.
- Groq raised $750M to ramp up production of its LPU inference chips for ultra-low latency AI.
- PNJ Semiconductor raised $694M to expand wafer and device manufacturing across Asia.
- Cambricon Technologies raised $560M to fund next-gen AI processor development and cloud deployment in China.
And, yes, we cover most of them in our beautiful pitch about the semiconductor industry.
You may also want to check our ranking of the most funded startups in the semiconductor industry as well as our list of the most valued startups.
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Is the semiconductor industry shifting toward smaller or bigger deals?
Over the last five quarters, the average deal size came in at around $236 million, reflecting the capital-intensive nature of chip design, manufacturing, and AI accelerator development.
By quarter, the average ranged from $60 million in Q2 2025 to $434 million in Q1 2026. The sharp Q1 2026 increase was largely driven by Nanya Technology's $2.5B private placement and Rapidus's $1.7B foundry round.
Excluding these outlier mega-deals, the underlying trend still tilts upward but at a gentler pace, with typical rounds settling in the $50M to $250M range.
| Quarter | Number of deals | Average deal size ($) | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q1 2025 | 24 | $146.6M | 0 | 13 |
| Q2 2025 | 7 | $60.3M | 0 | 2 |
| Q3 2025 | 14 | $252.3M | 0 | 8 |
| Q4 2025 | 14 | $206.0M | 0 | 8 |
| Q1 2026 | 18 | $433.9M | 0 | 12 |
| All quarters | 77 | $236.1M | 0 | 43 |
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How concentrated was funding activity in the semiconductor industry?
Semiconductor funding is highly concentrated: every quarter, the top 3 deals captured at least 57% of all capital raised. In Q3 2025, the top 3 rounds alone accounted for 81% of all funding.
The share captured by the top 10 deals hovered above 96% in most quarters, meaning the long tail of smaller startups collectively raised only a thin sliver of total capital.
| Quarter | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q1 2025 | 24 | 29.3% | 56.1% | 86.4% |
| Q2 2025 | 7 | 49.1% | 77.5% | 100.0% |
| Q3 2025 | 14 | 31.1% | 80.7% | 99.1% |
| Q4 2025 | 14 | 38.1% | 74.0% | 98.9% |
| Q1 2026 | 18 | 32.0% | 66.6% | 96.3% |
| All quarters | 77 | ~13.7% | ~34.8% | ~72.3% |
In our semiconductor industry deck, we have designed useful charts to give you full market clarity
Which categories in the semiconductor industry received the most funding?
AI compute startups attracted roughly $9.6 billion, more than half of all semiconductor funding over the period. Investors are clearly prioritizing any company that can reduce the cost of training or running AI models.
Memory companies raised $2.5 billion across just 3 deals, almost entirely driven by Nanya Technology's $2.5B private placement. Memory remains strategically critical, but very few startups operate in it compared to AI compute.
Foundry and wafer services pulled in $1.7 billion, led by Rapidus, which accounted for nearly all of it. Foundry funding reflects national efforts to build domestic chipmaking capacity in Japan and beyond.
| Category | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| AI compute | 24 | $9,589M | Cerebras Systems ($2,100M total), Moore Threads ($1,100M), Zhcltech ($1,030M), Groq ($750M), Cambricon Technologies ($560M), MatX ($500M), Etched ($500M), Unconventional AI ($475M), Rebellions ($650M total), Axelera AI ($316.5M total), Kunlunxin ($278M+), Positron / Positron AI ($460M total), Biren Technology ($207M), Mythic ($125M), Neurophos ($110M), EnCharge AI ($100M+), SiMa.ai ($85M), Dnotitia ($74M), and others |
| Memory | 3 | $2,539M | Nanya Technology (~$2,500M), RAAAM Memory Technologies ($17.5M), Vertical Compute ($21.6M) |
| Foundry / wafer services | 3 | $1,726M | Rapidus ($1,700M), IceMOS Technology ($22M), PowerCubeSemi ($4.4M) |
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Who are the biggest investors in the semiconductor industry?
Maverick Silicon / Maverick Capital was the most active disclosed investor, participating in 4 deals (Baya Systems, Celero Communications, AheadComputing, and Kandou AI), reflecting a focused strategy on connectivity and compute infrastructure.
Atreides Management backed 3 deals including Celero Communications, Mythic, and Cerebras Systems, favoring companies building specialized AI and optical chips.
Spark Capital participated in 2 rounds (Retym and MatX), targeting connectivity and AI inference chip startups.
Mayfield backed 2 deals (Retym and AttoTude), focusing on early-to-mid-stage startups in connectivity and sensing.
Sutter Hill Ventures invested in 2 companies (Celero Communications and AttoTude), both working on high-speed communication and sensor chips.
Future Ventures participated in 2 deals (Mythic and Unconventional AI), backing novel compute architectures beyond traditional GPU designs.
DCVC also backed 2 startups (Mythic and Unconventional AI), mirroring Future Ventures' interest in unconventional AI hardware.
Fidelity Management & Research invested in 2 rounds (Retym and Cerebras Systems), showing interest in both large-scale AI processors and connectivity startups.
Lux Capital participated in 2 deals, including Unconventional AI, with a focus on breakthrough hardware approaches.
In our semiconductor industry deck, we track adoption trends and shifts in consumer behavior
Related blog posts
- All funding deals in the semiconductor industry
- Which companies have raised the most funding in the semiconductor industry?
