Lyncean, based on research at Stanford University and its SLAC National Accelerator Laboratory, has raised $13.8m in a first close of its series B round from backers such as Intel.
Lyncean Technologies, a US-based compact light source technology developer spun out from Stanford University, raised an initial $13.8m in series B funding on Tuesday from investors including semiconductor producer Intel.
Intel, which invested through its corporate venturing division Intel Capital, participated alongside EuroUS Ventures, Anchor Fund and Quintus Vermögensverwaltung.
Founded in 2001, Lyncean Technologies is working on a miniature X-ray source dubbed Compact Light Source (CLS) that can replace undulator magnets in a type of particle accelerator known as synchrotron.
Using CLS means the synchrotron can be reduced in size by a factor of 200, making it easier for academia and industry to house such a device in a lab.
The technology is based on research conducted at Stanford University and SLAC National Accelerator Laboratory, operated by the university on behalf of the US Department of Energy.
The funding will go towards the development of a high power extreme ultraviolet source aimed at semiconductor manufacturing. The company will also boost manufacturing activities for CLS.
Lyncean has raised approximately $7m in debt and equity financing since 2011 according to regulatory filings and press releases.
Wendell Brooks, senior vice president of Intel and president of Intel Capital, said: “Our investment will help Lyncean grow its business and develop its extreme ultraviolet technology.
“We are glad to support innovative approaches to semiconductor manufacturing that support the continuation of Moore’s law.”
