Inpria Acquisition, Valuation, Funding & Investors
Inpria was acquired by JSR for $514M in September 2021.
Inpria acquisition price
$514M
Acquired by JSR · Sep 2021
Cumulative funding Inpria raised
$67M
across 4 funding rounds
Key investors in Inpria
Intel Capital
Applied Ventures
Samsung Ventures
JSR
Air Liquide ALIAD
Samsung Venture Investment
Oregon Venture Fund
SK Hynix
About Inpria
Inpria is a Corvallis-based materials science company pioneering inorganic metal oxide photoresists for extreme ultraviolet lithography in semiconductor manufacturing. Its solution-deposited films enable high-resolution patterning for 5nm nodes and below, partnering with ASML and Intel for advanced chip production.
Founded
2007
HQ
Corvallis, ORWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$514M (acquired Sep 2021)
Sectors
Inpria Acquisition
Inpria was acquired by JSR for $514M on 17 September 2021.
Before the acquisition Inpria had raised $67M across 4 funding rounds.
Inpria Corporation, based in Corvallis, Oregon, is a developer of metal oxide photoresist for extreme ultraviolet (EUV) lithography, critical for advanced semiconductor manufacturing at smaller critical dimensions. Founded in 2007 with about 50 employees, Inpria had raised $76 million in funding prior to the deal, including rounds in 2017 and 2020 where JSR invested and acquired a 21% stake, backed by investors like Intel Capital, TSMC, Samsung, and Applied Ventures. On September 17, 2021, JSR Corporation, a Japanese materials company specializing in semiconductor materials including photoresists (13% global market share), agreed to acquire the remaining 79% of Inpria for $514 million in cash, making it a wholly owned subsidiary. The deal closed on October 29, 2021, after regulatory approval, enhancing JSR's portfolio with Inpria's high-resolution metal-based resists to support next-generation EUV and high-NA EUV processes amid rising adoption in leading-edge chip production. Strategically, JSR aims to leverage its manufacturing expertise, global operations, and R&D focus to accelerate Inpria's commercialization and expand in Oregon, where JSR has facilities. The acquisition positions JSR to scale toward beyond-2nm technologies, supported by financing like a JPY25 billion loan from JBIC and Sumitomo Mitsui.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 17 Sep 2021 | Strategic M&A | $514M |
Inpria Funding History
Inpria has raised a total of $67M across 4 funding rounds.
Inpria's first fundraising round was a $5M seed round in February 2014. The most recent completed round was a $31M Series C in February 2020.
Inpria funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2020 | Series C | JSR (lead); Applied Ventures; Air Liquide ALIAD; TSMC; SK Hynix; Intel Capital; Samsung Venture Investment | $31M | Inpria Corporation, based in Corvallis, Oregon, is a pioneer in high-resolution metal oxide photoresists for extreme ultraviolet (EUV) lithography, enabling semiconductor manufacturers to achieve advanced patterning with superior resolution, dry etching durability, and simpler manufacturing flows compared to traditional polymer-based resists. Founded in 2007, the company develops non-chemically amplified photoresists comprised of tin-oxide nanoclusters that optimally absorb EUV photons, positioning it as a key supplier for the semiconductor industry's EUV adoption. On February 20, 2020, Inpria raised $31 million in its Series C funding round, led by existing investor JSR Corporation, a photoresist manufacturer. New investors included SK hynix Inc. and TSMC Partners, while existing backers Air Liquide Venture Capital (ALIAD), Applied Ventures, Intel Capital, and Samsung Venture Investment Corporation also participated. This syndicate reflects broad industry support from semiconductor manufacturers, equipment makers, and chemical suppliers adopting EUV patterning. The funding aims to accelerate commercialization of Inpria's EUV photoresist platform through collaboration with partners like JSR on quality, market acceptance, and addressing advanced patterning challenges. Previously, Inpria secured a $23.5 million Series B in 2017. CEO Andrew Grenville highlighted the investor base as validation of Inpria's strategic role in EUV lithography. Competitors include Irresistible Materials with multi-trigger small molecule polymer resists. |
| Jul 2017 | Series B | Samsung Ventures (lead); Applied Ventures; Air Liquide ALIAD; JSR; Intel Capital | $24M | Inpria is a US-based semiconductor manufacturing technology company that spun out of Oregon State University in 2007. The company produces metal oxide photoresists, light-sensitive materials used in electronics manufacturing processes such as photolithography and photoengraving, with particular focus on extreme ultraviolet (EUV) photoresist technology for advanced chip production. Founded in Corvallis, Oregon, the technology was developed at OSU's Department of Chemistry and Center for Sustainable Materials Chemistry. In July 2017, Inpria completed its Series B funding round, raising $23.5 million led by Samsung Ventures with participation from JSR Corporation, Air Liquide's Aliad subsidiary, Applied Materials' Applied Ventures subsidiary, and Intel Capital. This brought the company's cumulative funding to approximately $43.5 million, having previously raised $10 million in March 2016 from a round led by Air Liquide that also included Samsung Venture Investment Corporation, Intel Capital, and Tokyo Ohka Kogyo. The Series B funding was designated for completion of construction and commencement of commercial production at Inpria's test manufacturing facility, as well as workforce expansion to support a growing customer base. The round reflected strong investor interest from semiconductor industry leaders and materials suppliers who recognized the strategic value of Inpria's EUV photoresist technology for next-generation chip manufacturing. In 2024, the company agreed to be acquired by Japanese materials company JSR for $514 million, representing a significant exit for early investors including Intel, Samsung, and Air Liquide. |
| Jun 2014 | Series A | Samsung Ventures (lead); Applied Ventures; Intel Capital | $7M | Inpria, a Corvallis, Oregon-based spinout from Oregon State University founded in 2007, develops high-resolution metal oxide photoresists for extreme ultraviolet (EUV) lithography used in semiconductor manufacturing. The company secured a $7.3 million funding round in 2014 from Samsung Ventures, Intel Capital, and Applied Ventures, alongside Oregon Angel Fund. This investment supported the startup's early development in advanced photolithography materials. Inpria produces light-sensitive materials based on inorganic chemistry, with tin oxide molecules significantly smaller than traditional resist molecules to enable patterning at advanced feature sizes. Subsequent rounds included a $10 million investment in March 2016 led by Air Liquide with participation from Samsung Ventures, Intel Capital, and Tokyo Ohka Kogyo, bringing total funding to approximately $43.5 million by 2017. In 2017, Inpria raised $23.5 million in Series B funding led by Samsung Ventures, with JSR Corporation, ALIAD, Applied Ventures, and Intel Capital, to complete its pilot manufacturing facility and begin commercial production while expanding its workforce. The company continued with a $31 million Series C in 2020 led by JSR, including SK hynix, TSMC Partners, and prior investors. |
| Feb 2014 | Seed | Samsung Ventures (lead); Oregon Venture Fund; Applied Ventures; Intel Capital | $5M | Inpria, a spinout from Oregon State University founded in 2007, develops high-resolution metal oxide photoresists for extreme ultraviolet (EUV) lithography, a critical technology for advanced semiconductor manufacturing. The company's proprietary inorganic chemistry approach produces tin oxide resist molecules approximately one-fifth the size of conventional organic resist materials, addressing the challenge of patterning increasingly smaller features in semiconductor production. In early 2014, Inpria secured funding from a syndicate of major semiconductor industry players including Samsung Ventures, Intel Capital, Applied Materials (through Applied Ventures), and regional investors. The company used this capital to advance its technology development and pilot manufacturing capabilities. By 2017, Inpria had completed a Series B round of $23.5 million led by Samsung Ventures, which enabled the construction of its test manufacturing facility and commencement of commercial production in small volumes. Subsequent Series C funding of $31 million in 2019 was led by JSR Corporation and included participation from TSMC Partners and SK hynix, reflecting the strategic importance of Inpria's EUV photoresist platform to the global semiconductor industry's most advanced manufacturing nodes. |
Who has invested in Inpria?
9 investors have backed Inpria across its funding rounds, including Intel Capital, Applied Ventures, Samsung Ventures, JSR, Air Liquide ALIAD and Samsung Venture Investment.
Lead investors include JSR and Samsung Ventures.
Inpria Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Jose, CA | 4 | Participant | Feb 2014 | |
| Santa Clara, CA | 4 | Participant | Feb 2014 | |
 South Korea | 3 | Lead | Feb 2014 | |
 Paris | 2 | Participant | Jul 2017 | |
 Tokyo | 2 | Lead | Jul 2017 | |
| Portland, OR | 1 | Participant | Feb 2014 | |
 Taipei | 1 | Participant | Feb 2020 | |
This data is available for Pro users. Sign up to see all 9 Inpria investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialInpria Competitors
Inpria competitors include listed companies like SEALSQ and U-LEAM, and private ones like Bouffalo Lab, XINYI Information Technology Ltd, Auradine and DataBox.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Shanghai | Private | - | - | $515M | - | |
 Switzerland | Publicly listed | $18M | ($34M) | $518M | 2.0x | |
| Shanghai | Private | - | - | $522M | - | |
| Taiwan | Publicly listed | $18M | $7M | $528M | - | |
| San Jose, CA | Private | - | - | $500M | - | |
| Suzhou | Private | - | - | $500M | - |
Inpria Public Comps
Inpria is no longer listed, but its public comps include SEALSQ, U-LEAM, Raydium, NVE, Weebit Nano, Semco Technologies, Qualitau, M31 Technology, LX Semicon and Moschip Technologies.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $18M | ($34M) | 2.8x | 2.0x | (1.5x) | (1.5x) | |||
| $18M | $7M | 28.0x | - | 72.9x | - | |||
| $703M | $60M | 0.3x | 0.3x | 3.6x | - | |||
| $26M | $16M | 17.7x | - | 28.4x | - | |||
| $11M | ($41M) | 40.4x | 34.5x | (10.8x) | (13.4x) | |||
| $39M | $17M | 11.6x | 10.1x | 27.3x | 23.7x | |||
| $61M | $26M | 7.3x | - | 17.3x | - | |||
| $56M | $5M | 10.2x | 9.5x | 120.6x | 81.6x | |||
This data is available for Pro users. Sign up to see all Inpria competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Inpria
| When was Inpria founded? | Inpria was founded in 2007. |
| Where is Inpria headquartered? | Inpria is headquartered in Corvallis, OR, United States. |
| Is Inpria publicly listed? | No, Inpria was acquired by JSR in September 2021. |
| Who acquired Inpria? | Inpria was acquired by JSR in September 2021. |
| How much was Inpria acquired for? | Inpria was acquired for $514M in September 2021. |
| How much funding has Inpria raised? | Inpria has raised $67M across 4 funding rounds. |
| What was Inpria's last funding round? | Inpria's last funding round was a $31M Series C in February 2020, led by JSR. |
| Who are Inpria's investors? | Inpria's investors include Applied Ventures, Intel Capital, Samsung Ventures, Air Liquide ALIAD, JSR, Oregon Venture Fund, TSMC, SK Hynix and Samsung Venture Investment. |
| Which companies are comparable to Inpria? | Companies comparable to Inpria include Bouffalo Lab, SEALSQ, XINYI Information Technology Ltd, U-LEAM, Auradine and DataBox. |
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