Startup Funding: January 2024

Chiplet packaging, AI, and quantum draw investment; 20 startups raise nearly $840 million.


Big rounds marked January, with three companies raising over $100 million. Quantum computing topped the list, with the company that resulted from the merger of Cambridge Quantum Computing and Honeywell’s quantum division raking in the third-largest round for a quantum computing company ever.

Another chart-topper was an advanced packaging company that began mass production in its first factory last year. Founded by Marvell and STATS ChipPAC execs, Silicon Box promises a novel interconnect technology for chiplet integration.

AI hardware also shone, with four companies raising nearly $200 million together. As usual, approaches to making AI compute efficient abound, from domain-specific processors to memcapacitors for edge applications.

Plus, metrology test chips, high-speed data converters, and n-type conductive inks feature in this look at 20 startups that collectively raised $840 million in January 2024. [See table below for full list.]

AI hardware

Rebellions raised $124.0M in Series B funding led by telecom KT Corp, joined by Shinhan Venture Investment, Pavilion Capital, Koreyla Capital, DG Daiwa Ventures, Korea Development Bank, Noh & Partners, KB Securities, KB InvestmentSV InvestmentMirae Asset Venture Investment, Mirae Asset Capital, IMM Investment, KT Investment, Seoul Techno Holdings, Oasis PE, Gyeongnam Venture Investment, and SDB Investment. Rebellions develops domain-specific AI processors along with optimized software. It says it re-architects AI processors to incorporate sophisticated deep learning features through silicon-dedicated DL kernels. It currently offers a product that targets the financial industry and aims to improve trading speeds and reduce latencies for high-frequency trading. It has also developed a chip focused on accelerating AI inference in the data center. Funds will be used to develop its third AI chip, focused on large language models for generative AI, and ramp up production of its data center inference chip. Founded in 2020, it is based in Seongnam, South Korea.

Krutrim drew $50.0M in financing led by Matrix Partners India and others. Krutrim plans to design and manufacture data center AI chips as part of a complete AI computing stack to power its large language model that will support generative AI applications for all Indian languages. Founded in 2023, it is based in Bengaluru, India.

Mobilint drew KRW 20.0B (~$15.3M) in a Series B round from new investors including Kyobo Securities, Union Investment Partners, Daesung Private Equity, and Game Changer Investment, and existing investors including Intervest, KDB Industrial Bank, L&S Venture Capital, and KDB Capital. Mobilint makes an NPU chip for high-performance edge AI inference. The current generation offers performance of up to 80 TOPS, along with a custom NPU compiler and architecture that maximizes data reuse and minimizes memory access. It also provides AI accelerator cards and stand-alone AI boxes. Founded in 2019, it is based in Seoul, South Korea.

Semron drew €7.3M (~$7.9M) in seed funding led by Join Capital, joined by SquareOne Venture Capital, OTB Ventures, Onsight Ventures, and individual investors. Semron is developing analog in-memory computing for edge AI chips. The chips are based on CapRAM, the startup’s transistor replacement technology that uses memcapacitors to store the weights for matrix multiplication as a variable capacitance. Semron says this method improves energy and thermal efficiency by fundamentally lowering the noise for calculations, while its 3D stacked chip can provide very high compute density, making it suitable for applications like running AI models locally on VR headsets, earbuds, and smartphones. The device is made with conventional semiconductor materials. Founded in 2020, it is based in Dresden, Germany.

Manufacturing & equipment

Femtum raised over CAD $5.0M (~$3.7M) in seed funding led by ELAS Technology Investment and i4 Capital, joined by Quantacet, Boreal Ventures, Eureka, Hamamatsu Ventures, and VIGO Ventures. Femtum makes mid-infrared laser systems with products including mid-IR pulsed fiber lasers, fiber amplifiers, and tunable sources. For semiconductor processing, the mid-IR lasers can be used to precisely ablate materials including silicon and germanium through multiphoton absorption. They can also be used in selective patterning of transparent conducting films on various substrates and for on-surface waveguide inscription. Funds will be used for commercialization of mid-infrared fiber lasers tailored to semiconductor manufacturers. A spin out from the Center for Optics, Photonics and Lasers founded in 2017, it is based in Québec, Québec, Canada.

Packaging & test

Silicon Box raised $200.0M in Series B funding from BRV Capital, Event Horizon Capital, Grandfull Convergence Fund, Hillhouse Capital, Lam Capital, Maverick Capital, Prasedium Capital, Tata Electronics, TDK Ventures, UMC Capital, and the company’s founders. Silicon Box provides advanced panel level packaging services with chiplet integration capabilities. The company’s approach uses sub 5 micron technology that enables very short chiplet-to-chiplet interconnections with benefits to density, power efficiency through reduced resistive losses and parasitic capacitance, signal integrity, fabrication of more efficient thermal management structures like microchannels and heat sinks, and design flexibility, along with reduced manufacturing costs for high performance devices. Funds will be used to expand production at its recently opened 750,000 square foot facility. Founded in 2021, it is based in Singapore.

Chipmetrics raised €2.4M (~$2.6M) in a seed round led by High-Tech Gründerfonds and Occident, joined by Innovestor, Redstone, and BALD Engineering. Chipmetrics makes a 3D ultra-high aspect ratio metrology test chip and test structures for conformality measurements in material deposition processes, including atomic layer deposition and chemical vapor deposition. The chip can be used to compare different 3D thin film processes for both process development and production monitoring. Funds will be used to accelerate product development efforts, scale production capabilities, and support global expansion. Founded in 2019 as a spin out from VTT Technical Research Centre, it is based in Joensuu, Finland.


N-ink won a €1.0M (~$1.1M) convertible note from Voima Ventures. N-ink makes n-type conductive polymer inks for printed electronics such as organic electrochemical transistors that could be used in flexible IoT devices, sensors, and bioelectronics. It also has applications in organic supercapacitors, organic solar cells, and OLED displays. Its ink formulations are compatible with existing solution-deposition processes. Founded in 2020, it is based in Norrköping, Sweden.

Analog & mixed signal

SCALINX raised €34.0M (~$37.2M) in its second round of funding from Bpifrance, Go Capital, Thales, and existing investors including NCI WaterStart Capital, Normandie Participations, BNP Paribas Development, and Unexo. SCALINX is a fabless developer of mixed signal SoCs based on ultra-high-speed analog-to-digital and digital-to-analog converters for applications such as 5G and 6G networks and autonomous vehicles. Its low-power data conversion technology enables on-chip conditioning, data conversion, and digital processing of wideband signals for microwave, millimeter-wave, and multi-band telecom equipment. Funds will be used to expand business operations, with a particular focus on the wireless communication market, launching a product family in test & measurement, and hiring. Founded in 2015, it is based in Paris, France.

Quantum computing

Quantinuum drew $300.0M in equity fundraising led by JPMorgan Chase, joined by Mitsui & Co., Amgen, and Honeywell. Quantinuum makes quantum processors and full-stack hardware based on trapped-ion computing and the QCCD architecture. The company says its approach enables flexibility in algorithmic design along with extremely high-fidelity operations and mid-circuit measurement of select qubits. Its second-generation computer uses a racetrack-shaped trap and has 32 fully-connected qubits. The company also offers middleware and application software for fields like cryptography, computational chemistry, finance, and AI. Funds will be used to continue work on a universal fault-tolerant quantum computers and extend its software offering. Formed in 2021 with the merger of Cambridge Quantum Computing and Honeywell Quantum Solutions, it is based in Broomfield, Colorado, USA.

QphoX received €8.0M (~$8.7M) in funding led by QDNL Participations, alongside the EIC Fund and existing investors Quantonation, Speedinvest, High-Tech Gründerfonds, and Delft Enterprises. QphoX is building a quantum modem and core hardware required to allow quantum computers to communicate over room-temperature optical interconnects. Its quantum transducer is based on coupling microwave and optical photons through a mechanical intermediary resonator, which the company says allows for low-loss and high-fidelity transmission of quantum states. The process is based on piezoelectric and optomechanical effects and is fully coherent and works bi-directionally. Funds will be used to bring its first products to market. A spin out from TU Delft founded in 2021, it is based in Delft, the Netherlands.

QSIMPLUS drew KRW 3,000.0M (~$2.3M) in Series A financing from Mirae Asset Venture Investment, InterVest, and Stick Ventures. The startup is developing network operation and simulation software along with hardware equipment for building fiber-based, free-space, and satellite quantum communication systems. Founded in 2021, it is based in Seoul, South Korea.


QDI Systems drew €5.0M (~$5.4M) in Series A financing led by NOM (Investment and Development Agency for the Northern Netherlands), joined by existing investors Carduso Capital, RUG Ventures, and, along with an innovation loan from Rijksdienst voor Ondernemend Nederland. QDI Systems is developing imaging devices for medical applications based on quantum dots. According to the startup, X-ray imaging systems using quantum dots can return a higher image quality at lower radiation doses. Its initial target application is mammogram screening. The company doesn’t make imaging devices themselves, but rather provides its quantum dot material with instructions on how to manufacture the high-performance X-ray sensors. QDI Systems is also developing technology using short-wave infrared (SWIR) for industrial and consumer applications. Founded as a spin out from the University of Groningen in 2019, it is based in Groningen, the Netherlands.

Displays & AR/VR

VoxelSensors added €3.0M (~$3.3M) to its seed round led new investor SFPIM Relaunch with participation from existing investors Qbic Fund and finance&, bringing the round to €9.5M. VoxelSensors develops a 3D perception architecture and sensors for XR devices. The startup’s Switching Pixels Active Event Sensor (SPAES) for laser beam scanning-based 3D perception uses single photon sensitive sensors to localize the tip of a laser beam with high temporal resolution and generate ultra-low latency depth data using scanning triangulation. The startup claims the SPAES technology provides precise segmentation, spatial mapping, anchoring, and natural interaction for XR devices with less than 10 milliwatts power consumption and less than 5 milliseconds latency while being resistant to outdoor lighting at distances over 5 meters and being immune to crosstalk interferences. Founded in 2020, it is based in Brussels, Belgium.


Company Sector Amount Raised (M, USD) Funding Type HQ
Quantinuum Quantum $300.0 Venture USA
Silicon Box Packaging $200.0 Series B Singapore
Rebellions AI HW $124.0 Series B South Korea
Krutrim AI HW $50.0 Venture India
Bluewhite ADAS & Autonomy $39.0 Series C Israel
SCALINX AMS $37.2 Venture France
Mobilint AI HW $15.3 Series B South Korea
CRISPR QC Sensors $10.0 Series A USA
QphoX Quantum $8.7 Venture Netherlands
Semron AI HW $7.9 Seed Germany
bHaptics AR/VR $7.5 Series C South Korea
Sky Engine AI ADAS & Autonomy $7.0 Series A UK
Heex Technologies ADAS & Autonomy $6.5 Seed France Manufacturing $6.3 Series A India
QDI Systems Sensors $5.4 Series A Netherlands
Femtum Equipment $3.7 Seed Canada
VoxelSensors AR/VR $3.3 Seed Belgium
Chipmetrics Test & Inspection $2.6 Seed Finland
QSIMPLUS Quantum $2.3 Series A South Korea
N-ink Materials $1.1 Convertible Note Sweden

Funds & investors

ventureLAB received CAD $4.5M (~$3.3M) from FedDev Ontario to support its Hardware Catalyst Initiative lab and accelerator that aims to help Canadian hardware and semiconductor-focused companies grow and scale up.

Three startups joined the Silicon Catalyst incubator program:

  • 4K-MEMS: Embedded infrared lighting solutions
  • Phosio: Nano-imprintable high index optical materials
  • VyperCore: Accelerating & protecting compute-intensive applications

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