xLight’s breakthrough EUV FEL platform addresses critical industry pain points, the cost, scalability, and throughput involved in semiconductor fabrication.
In a significant step toward reshaping the future of advanced semiconductor manufacturing, xLight, a Palo Alto-based technology innovator, has raised $40 million in an oversubscribed Series B round.
The company’s mission is bold and urgent: to revolutionize the global chipmaking industry with the development of the world’s most powerful extreme-ultraviolet (EUV) free electron lasers (FELs).
Led by Playground Global, with participation from Boardman Bay Capital Management, Morpheus Ventures, and other investors, the funding marks a major milestone for xLight’s vision to deliver a next-generation light source that could redefine semiconductor lithography and reestablish U.S. leadership in chip manufacturing.
Transforming the Semiconductor Industry
Founded in 2021, xLight is building a breakthrough EUV FEL platform that addresses critical industry pain points—namely cost, scalability, and throughput in semiconductor fabrication.
Current EUV lithography systems, such as those used by leading manufacturers like ASML, are expensive, energy-intensive, and complex. xLight’s innovative approach promises tenfold improvements in performance while significantly reducing operational costs.
“xLight represents a once-in-a-generation opportunity to restore American leadership in one of the most critical technologies underpinning the semiconductor industry,” said Pat Gelsinger, Executive Chairman of xLight and General Partner at Playground Global.
With AI, edge computing, and IoT driving explosive demand for more powerful and compact chips, the global semiconductor industry is approaching a critical inflection point.
xLight’s laser platform could offer the leap in performance and productivity needed to keep pace with Moore’s Law, accelerating chip scaling and driving innovation forward.
A Visionary Leadership Team
xLight’s leadership brings decades of experience in accelerator physics, laser systems, and semiconductor technology.
CEO and CTO Nicholas Kelez, along with a team of seasoned experts—Bruce Dunham (VP of Accelerator Systems), Chris Anderson (VP of Photon Systems), Andrew Burrill (VP of Engineering and Industrialization), Ben Purser (VP for Global Policy), and Kevin Heidrich (Chief Commercial Officer)—are at the forefront of building what they call a transformational light source for next-gen semiconductor fabs.
“This round will equip the company with the capital needed to complete detailed design and kickstart construction of our full-scale prototype,” said Kelez. “We’re collaborating with national laboratories and private industry to bring this to life—and ensure America regains its competitive edge in semiconductor manufacturing.”
Support from Deep-Tech Investors
xLight’s potential has drawn attention from top-tier investors across the technology ecosystem. Playground Global, known for its backing of breakthrough companies such as PsiQuantum and MosaicML, believes xLight is poised to anchor the next era of chipmaking.
“xLight’s EUV laser technology is a bold leap forward,” said Peter Barrett, General Partner at Playground Global. “Their platform has the potential to not just improve chipmaking but to enable entirely new device architectures that were previously out of reach.”
Boardman Bay Capital Management, an investment firm with a history of supporting hard-tech ventures like Groq and Ayar Labs, sees xLight as perfectly positioned to capitalize on a market transformation.
“We believe the semiconductor manufacturing industry is on the precipice of the next major dislocation,” said Will Graves, Chief Investment Officer at Boardman Bay. “xLight’s platform could fundamentally change how fabs think about light sources, scalability, and production costs.”
Morpheus Ventures also joined the round, emphasizing xLight’s fit within their portfolio of transformative companies.
“This is a company redefining what’s possible,” said Howard Ko, Partner at Morpheus Ventures. “xLight’s leadership and technology are a recipe for hypergrowth.”
Strategic Partnerships with National Labs
To accelerate development, xLight is working closely with three of the nation’s most prestigious research facilities: Cornell Laboratory for Accelerator-based ScienceS and Education (CLASSE), Los Alamos National Laboratory (LANL), and Fermi National Accelerator Laboratory.
At Cornell, xLight is collaborating to commercialize technologies developed through the CBETA accelerator, one of the world’s leading ERL testbeds.
With LANL, the company is pioneering the use of machine learning for accelerator automation, an essential step toward scalable FEL systems.
At Fermilab, the team is focused on superconducting radio frequency cavity and cryomodule development, both critical to the FEL’s efficiency and stability.
These collaborations demonstrate xLight’s commitment to merging academic R&D with real-world commercialization, reinforcing its status as a national strategic asset in semiconductor innovation.
Reclaiming U.S. Leadership in Semiconductor Manufacturing
As the United States races to rebuild its semiconductor supply chain, xLight’s innovations could become a cornerstone in reestablishing domestic manufacturing capabilities.
With over 90% of the world’s advanced chipmaking currently concentrated overseas, xLight’s U.S.-based EUV FEL platform offers a high-impact opportunity to localize advanced fabrication technologies.
The Series B funding will allow xLight to complete its prototype system and position itself for future deployments at commercial fabs, defense contractors, and national labs. It’s not just a technological leap—it’s a strategic imperative.
