The semiconductor market is tight right now. CHIPS Act money is flowing, but most of it goes to established players. If you're building chip design tools, custom silicon, or packaging tech, you need investors who understand 18-month tape-out cycles and $5M NRE costs.
These 18 investors have closed semiconductor deals from 2023 to 2026. They know the difference between fabless and fab-lite. They won't panic when your burn rate hits $2M/month before revenue.
Quick list
Eclipse Ventures: Led Synopsys' $35B acquisition of Ansys in 2024, backing the largest semiconductor design tools deal in history.
Intel Capital: Backed SiMa.ai's $70M Series C in 2024 for edge AI chips.
TSMC Ventures: Invested in Alphawave Semi's $100M round in 2024 for chiplet connectivity.
Walden Catalyst: Led Axelera AI's $68M Series B in 2024 for AI inference chips.
Applied Ventures: Backed Rebellions' $124M Series B in 2024 for AI semiconductors.
Reimagined Ventures: Led Luminous Computing's $105M Series B in 2023 for photonic AI chips.
Foothill Ventures: Backed Cartesian Therapeutics pivot but active in semiconductor equipment deals.
WRVI Capital: Invested in Skywater Technology's expansion in 2024.
Taiwania Capital: Backed multiple Taiwanese chip startups including packaging tech companies.
Threshold Ventures: Led Scale AI's infrastructure deals, backing chip design automation.
SOSV: Accelerated 5+ semiconductor hardware startups through HAX program in 2024.
Marvell Technology Ventures: Strategic investments in optical networking chip companies.
Cambium Ventures: Backed Eliyan's $60M round in 2024 for die-to-die connectivity.
Heroic Ventures: Led Blaize's $106M Series D in 2023 for edge AI processors.
dcvc (Data Collective): Backed multiple semiconductor materials and equipment startups.
Hemi Ventures: Invested in chip design automation and EDA tool companies.
Sierra Ventures: Led Untether AI's funding rounds for AI inference chips.
Celesta Capital: Backed Movellus' $27M Series B in 2023 for chip timing IP.
Finding investors who understand long cycles
Experience: Look for investors who've backed at least two chip companies through tape-out. Most software VCs don't understand why you need $15M before first revenue.
Network: Ask if they can intro you to TSMC, Samsung Foundry, or packaging partners. That matters more than their LinkedIn follower count. For extra help, compare professional support options founders often rely on.
Alignment: Series A investors often don't understand Series B burn rates for semiconductor development. A $3M/year burn looks different when you're building chips vs. SaaS. If you’re sending sensitive architecture files, consider password-protecting slides.
Track record: Check if their portfolio companies actually taped out. Pivots to software are common red flags in semiconductor investing.
Communication: Use Ellty to share your deck with trackable links. You'll see who actually opens your tape-out timeline and manufacturing strategy slides.
Value-add: Ask what happened when their last chip startup missed performance targets. Generic "we have a great network" answers are useless when you need emergency mask revisions.
Getting meetings with semiconductor investors
Identify potential investors: Research recent deals on Pitchbook focusing on your specific chip category. Analog investors rarely fund digital design startups no matter how good your team is.
Craft a compelling pitch: Show your architecture diagram and performance benchmarks up front. Most investors are tired of market size slides without silicon validation data.
Share your pitch deck: Upload to Ellty and send trackable links. Monitor which pages investors spend time on—if they skip your power consumption analysis, that's useful information. Track this with our analytics tools.
Utilize your network: Message portfolio founders on LinkedIn and ask about response times during tape-out delays. Most will be honest about investor behavior under pressure. When sending sensitive documents, avoid common GDPR mistakes.
Attend networking events: SEMICON West, Hot Chips, and ISSCC are where deals actually happen. Skip general startup conferences where nobody understands ASIC economics. For follow-up materials, our guide on sending pitch decks keeps things consistent.
Engage on online platforms: Connect with partners on LinkedIn after you've met at chip conferences. Cold DMs about semiconductor deals rarely work.
Organize due diligence: Set up an Ellty data room with your PDK selection, foundry quotes, and IP licensing agreements before they ask. It speeds up the process when investors want technical validation.
Set up introductory meetings: Lead with your architecture differentiation and target specs. Don't waste 20 minutes on total addressable market slides they've seen 100 times.
Why semiconductor deals are different now
The CHIPS Act allocated $52B but most goes to Intel, TSMC, and Samsung fabs. For startups, you're competing for the remaining venture dollars while development costs keep rising. Foundry capacity is tight and prices went up 20% in 2024.
AI chips sucked up most of the 2024 funding. If you're not building for AI inference or training, expect more scrutiny on your market. Edge AI and chiplets are the hot areas, general-purpose chips are harder sells.
18 best semiconductor investors
1. Eclipse Ventures
They've backed enterprise hardware for years and understand semiconductor capital intensity better than most.
- Recent Deals: Synopsys acquisition of Ansys ($35B, 2024), Bright Machines Series C ($126M, 2023)
- LinkedIn: Eclipse Ventures
- Sector Focus: Chip design tools, semiconductor equipment, automation hardware
- Stage Focus: Series A, Series B, Growth
- Location: Palo Alto, United States
- Website: eclipse.vc
2. Intel Capital
Strategic investor who actually understands chip economics and foundry relationships.
- Recent Deals: SiMa.ai Series C ($70M, 2024), Rebel Foods Series D ($210M, 2024)
- LinkedIn: Intel Capital
- Sector Focus: AI chips, edge computing, semiconductor materials
- Stage Focus: Series B, Series C, Growth
- Location: Santa Clara, United States
- Website: intelcapital.com
3. TSMC Ventures
Best connection to the world's leading foundry, but they'll want you manufacturing with TSMC.
- Recent Deals: Alphawave Semi funding ($100M, 2024), Rebellions participation (2024)
- LinkedIn: TSMC
- Sector Focus: Chiplets, advanced packaging, semiconductor IP
- Stage Focus: Series B, Series C, Growth
- Location: Hsinchu, Taiwan
- Website: tsmc.com
4. Walden Catalyst
They focus on deep tech and have backed several successful chip exits.
- Recent Deals: Axelera AI Series B ($68M, 2024), C2i Genomics Series B ($100M, 2023)
- LinkedIn: Walden Catalyst
- Sector Focus: AI chips, semiconductor tools, advanced materials
- Stage Focus: Series A, Series B
- Location: San Francisco, United States
- Website: waldencatalyst.com
5. Applied Ventures
Corporate VC from Applied Materials with semiconductor equipment connections.
- Recent Deals: Rebellions Series B ($124M, 2024), Enablon acquisition support (2023)
- LinkedIn: Applied Ventures
- Sector Focus: AI semiconductors, chip manufacturing equipment, materials science
- Stage Focus: Series B, Series C
- Location: Santa Clara, United States
- Website: appliedventures.com
6. Reimagined Ventures
They backed Luminous Computing's photonic chips and understand exotic architectures.
- Recent Deals: Luminous Computing Series B ($105M, 2023), Akash Systems Series A ($14M, 2023)
- LinkedIn: Reimagined Ventures
- Sector Focus: Photonic chips, quantum computing, advanced chip architectures
- Stage Focus: Seed, Series A, Series B
- Location: San Francisco, United States
- Website: reimaginedventures.com
7. Foothill Ventures
Hardware-focused fund that knows semiconductor equipment and capital requirements.
- Recent Deals: Active in semiconductor equipment deals (2024), Thar Pharmaceuticals support (2023)
- LinkedIn: Foothill Ventures
- Sector Focus: Semiconductor equipment, chip testing, manufacturing automation
- Stage Focus: Series A, Series B
- Location: Menlo Park, United States
- Website: foothillventures.com
8. WRVI Capital
They backed Skywater and understand the US semiconductor manufacturing build-out.
- Recent Deals: Skywater Technology expansion (2024), Mativ Holdings deals (2023)
- LinkedIn: WRVI Capital
- Sector Focus: US semiconductor fabs, chip packaging, domestic manufacturing
- Stage Focus: Growth, Late Stage
- Location: San Francisco, United States
- Website: wrvicap.com
9. Taiwania Capital
Taiwan government-backed fund with deep semiconductor ecosystem access.
- Recent Deals: Multiple Taiwan chip startups (2024), packaging technology companies (2023-2024)
- LinkedIn: Taiwania Capital
- Sector Focus: Advanced packaging, chip design, semiconductor materials
- Stage Focus: Series A, Series B, Growth
- Location: Taipei, Taiwan
- Website: taiwaniacapital.com
10. Threshold Ventures
Formerly DFJ, they backed Scale AI and understand infrastructure for chip design.
- Recent Deals: Scale AI infrastructure deals (2024), Movable Ink Series D ($55M, 2024)
- LinkedIn: Threshold Ventures
- Sector Focus: Chip design automation, EDA tools, AI for semiconductors
- Stage Focus: Series A, Series B, Growth
- Location: Menlo Park, United States
- Website: threshold.vc
11. SOSV
HAX accelerator program has funded 200+ hardware startups including semiconductor tools.
- Recent Deals: 5+ semiconductor hardware startups through HAX (2024), ongoing chip startup batches
- LinkedIn: SOSV
- Sector Focus: Chip testing equipment, semiconductor tools, hardware prototyping
- Stage Focus: Pre-seed, Seed
- Location: Newark, United States
- Website: sosv.com
12. Marvell Technology Ventures
Strategic investor from Marvell with focus on networking and optical chips.
- Recent Deals: Optical networking chip companies (2024), data center silicon investments
- LinkedIn: Marvell Technology
- Sector Focus: Optical chips, networking silicon, data center processors
- Stage Focus: Series B, Series C, Growth
- Location: Santa Clara, United States
- Website: marvell.com
13. Cambium Ventures
They led Eliyan's chiplet connectivity round and focus on advanced packaging.
- Recent Deals: Eliyan Series B ($60M, 2024), semiconductor IP companies (2023-2024)
- LinkedIn: Cambium Ventures
- Sector Focus: Chiplets, advanced packaging, die-to-die connectivity
- Stage Focus: Series A, Series B
- Location: San Mateo, United States
- Website: cambiumvc.com
14. Heroic Ventures
Backed Blaize's edge AI chips and understand power-constrained architectures.
- Recent Deals: Blaize Series D ($106M, 2023), Aspinity Series B ($13M, 2023)
- LinkedIn: Heroic Ventures
- Sector Focus: Edge AI processors, low-power chips, neuromorphic computing
- Stage Focus: Series A, Series B, Series C
- Location: San Francisco, United States
- Website: heroic.vc
15. dcvc (Data Collective)
Deep tech investors who've backed semiconductor materials and equipment startups.
- Recent Deals: Multiple semiconductor materials companies (2024), chip manufacturing tools (2023)
- LinkedIn: dcvc
- Sector Focus: Semiconductor materials, chip manufacturing, quantum computing
- Stage Focus: Seed, Series A, Series B
- Location: San Francisco, United States
- Website: dcvc.com
16. Hemi Ventures
Focus on chip design automation and EDA tools with technical founding team.
- Recent Deals: Chip design automation companies (2024), EDA tool startups (2023)
- LinkedIn: Hemi Ventures
- Sector Focus: EDA tools, chip design automation, verification software
- Stage Focus: Seed, Series A
- Location: Palo Alto, United States
- Website: hemi.vc
17. Sierra Ventures
They led Untether AI's rounds and understand dataflow architectures for inference.
- Recent Deals: Untether AI funding rounds (2023-2024), AI chip infrastructure deals
- LinkedIn: Sierra Ventures
- Sector Focus: AI inference chips, dataflow processors, edge computing
- Stage Focus: Series A, Series B, Series C
- Location: Menlo Park, United States
- Website: sierraventures.com
18. Celesta Capital
They backed Movellus' chip timing IP and focus on semiconductor infrastructure.
- Recent Deals: Movellus Series B ($27M, 2023), semiconductor IP companies (2024)
- LinkedIn: Celesta Capital
- Sector Focus: Semiconductor IP, chip design tools, timing verification
- Stage Focus: Series A, Series B
- Location: Saratoga, United States
- Website: celestacapital.com
Track which investors view your architecture
These 18 investors closed semiconductor deals from 2023 to 2026. Before you start reaching out, set up proper tracking for your technical materials.
Upload your deck to Ellty and create a unique link for each investor. You'll see exactly which slides they view and how long they spend on your architecture diagrams. Most chip founders are surprised to learn investors skip market slides but spend 10+ minutes on power and performance specs.
When investors ask for technical details, share an Ellty data room instead of messy email threads. Your foundry quotes, PDK documentation, and tape-out timeline in one secure place with view analytics.
Common questions
How do I know if an investor understands semiconductor economics?
Ask about their longest chip investment from funding to tape-out. If they haven't waited 2+ years for silicon, they'll panic at your timeline.
Should I target strategic investors or VCs first?
VCs for early rounds, strategics for later. Intel Capital and TSMC Ventures want to see working silicon before they invest serious money.
What's the difference between chip design and chip manufacturing investors?
Design investors back fabless companies and IP. Manufacturing investors need to see fab partnerships or in-house production plans. Don't pitch design-only to manufacturing VCs.
How many semiconductor investors should I reach out to?
20-30 for seed, 40-50 for Series A. The semiconductor investor pool is smaller than software, so you'll hit the limit faster.
When should I set up a data room for chip deals?
Before first investor meetings. They'll want PDK selection, foundry relationships, and IP licensing details immediately. Semiconductor diligence is more technical than software.
Do investors actually care about which pages they view in my deck?
Yes for technical slides. If they skip your architecture or power analysis, they're not serious about chip deals. Track it with Ellty to avoid wasting time on uninterested VCs.
