ONAMI Gap Fund company Inpria acquired for $514M

Friday, September 17th, 2021

JSR, with growing Oregon presence, acquires Corvallis EUV photoresist developer

Technology leader in EUV resist

ONAMI is delighted to report that Inpria, which received its first outside funding from ONAMI's gap fund, has been acquired by longtime partner and investor JSR Corporation, which also has a large and growing presence in Oregon.

Business Wire story here

From Portland Inno 9/17/21:

Corvallis-based materials startup Inpria Corp. is being acquired by JSR Corp, one of the company’s strategic partners and investors.

It's a $514 million cash deal. Inpria has raised a total of $76 million to date, including $31 million secured last year in a round led by JSR Corp. The acquiring company already owned 21 percent of Inpria.

Inpria, which is an Oregon State University spinout, develops metal oxide-based material that will allow semiconductor companies to make smaller chips and features using the next-generation manufacturing process of extreme ultraviolet lithography. The company’s material is a photoresist that employs molecules one-fifth the size of the current standard, allowing for smaller and more precise patterns in the chipmaking process. It’s also been designed from the outset for EUV lithography.

EUV is a foundational process in chip manufacturing to continue to shrink the size of chips.

“Together, we will combine Inpria’s metal oxide photoresist technology with JSR’s unmatched experience in quality, manufacturing, and customer focus to accelerate the full adoption of our platform in high volume semiconductor manufacturing," said Andrew Grenville, CEO of Inpria, in a written statement. "JSR’s global operations will also allow us to meet customer needs as we ramp our product introductions in critical markets."

The company’s backers are a list of industry heavyweights including Taiwan Semiconductor Manufacturing Co., Intel Capital, Applied Ventures and Samsung Investment Corp. The company also has investment from Oregon Venture Fund and $1.3 million in federal research grants from the National Science Foundation’s Small Business Innovation Research program.

Inpria, founded in 2007, has roughly 50 employees. The deal is subject to regulatory approval and is expected to close in October. Inpria will be a wholly owned subsidiary of JSR.

“Inpria has a truly revolutionary approach to EUV lithography,” said Eric Johnson, CEO of JSR, in a written statement. “Not only is their technology a great fit for us, but they also, like JSR, have a culture that is centered on R&D and moves with an innovation-driven mindset. Together, we will focus our shared passion in these areas to drive our industry forward.”

JSR is a Japanese-based chemicals and materials company. Its products are used in the semiconductor industry as well as plastics and life sciences industries. JSR Corp’s U.S.-based subsidiary is headquartered in Sunnyvale, California, and is called JSR Micro.

JSR Micro recently completed a $100 million expansion of its outpost in Hillsboro. The 75,000-square-foot facility includes quality assurance/quality control, engineering and advanced process control capabilities. The company has been operating in Oregon since 2013.

JSR Micro President Mark Slezak is on the board of Inpria.

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