Substrate, founded in 2022, raised $100M in a seed round led by Valor Equity Partners and Founders Fund, reaching a $1B valuation. The U.S.–based startup specializes in semiconductor fabrication, developing high-performance, energy-efficient chips for AI, cloud computing, and industrial applications. Funding supported fabrication technology, talent acquisition, and scaling operations. Substrate focuses on next-generation chip manufacturing to accelerate the availability of advanced semiconductor solutions for enterprise and emerging tech markets.