xLight Raises $40 Million Series B to Revolutionize Semiconductor Manufacturing
July 22, 2025 | BUSINESS WIREEstimated reading time: 3 minutes
xLight, the American company building the world’s most powerful lasers, announced it has closed an oversubscribed $40M Series B equity raise. The round was led by Playground Global, an early-stage venture capital firm investing in entrepreneurs who have developed breakthroughs in frontier technologies, and joined by Boardman Bay Capital Management, a leading investment manager specializing in high-growth opportunities across transformative technology subsectors. Morpheus Ventures and others also joined the round. This funding further enables xLight to develop the world’s most powerful extreme-ultraviolet (EUV) free electron lasers (FEL), which will revolutionize advanced semiconductor manufacturing and unlock other critical economic and national security applications.
“xLight is on a mission to build a transformational new light source for semiconductor manufacturing that addresses the key challenges facing the industry today – cost, capabilities, and capacity. This round will equip the company with the capital needed to complete detailed design and kickstart construction of our full-scale prototype,” said Nicholas Kelez, CEO and CTO of xLight. “Advanced semiconductor manufacturing is approaching a key inflection point – together with our partners across the National Lab and semiconductor ecosystem, and with the support of our investors, we will commercialize free electron lasers and help reclaim American leadership in semiconductor manufacturing.”
“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 the Board, xLight and General Partner, Playground Global. “By delivering an energy‑efficient EUV laser with tenfold improvements over existing technologies, xLight has the potential to drive the next era of Moore’s Law – keeping chip scaling alive, accelerating fab productivity, and anchoring this foundational capability in the U.S. supply chain.”
“xLight’s breakthrough technology delivers a real edge for next-generation semiconductor manufacturing,” said Peter Barrett, General Partner and co-founder at Playground Global. “With AI driving unprecedented demand for more powerful and complex chips, the industry needs a step change in productivity. By applying proven accelerator physics in a novel way, xLight’s EUV FEL platform has the potential to enable not just more efficient production, but entirely new kinds of devices. It’s a bold leap forward, and one that will help reignite Moore’s Law.”
“We believe the semiconductor manufacturing industry is on the precipice of the next major dislocation and xLight is perfectly positioned to capitalize on that shift,” said Will Graves, Chief Investment Officer, Boardman Bay Capital Management. “The company’s platform has the potential to reshape how fabs think about light, manufacturing capabilities, and scalability. We’re proud to partner with a team pushing the boundaries of what’s possible in advanced laser light sources.”
“xLight represents exactly the kind of transformative technology we seek at Morpheus Ventures—a company that’s not just disrupting its market, but fundamentally redefining what’s possible,” said Howard Ko, Partner, Morpheus Ventures. “The company’s deeply experienced team, coupled with the incredible technology they’ve developed under Nicholas’ leadership, uniquely position the company for hypergrowth in the years to come, and we’re thrilled to be one of their partners.”
The company continues to execute against its business goals, as evidenced by the ongoing partnerships with the Cornell Laboratory for Accelerator-based ScienceS and Education (CLASSE), the Los Alamos National Laboratory (LANL), and Fermi National Accelerator Laboratory, three globally recognized, leading research facilities. In the last two years, the company has completed key systems designs, including subsystem prototyping and first articles, and established a working relationship with technical leaders at ASML.
xLight’s work with CLASSE focuses primarily on research and development, with the ultimate goal of commercializing technologies developed by Cornell’s BNL ERL Test Accelerator (CBETA). The joint venture with LANL, funded by New Mexico’s TRGR Technology Readiness Initiative, is focused on the application of modern machine learning techniques to enable the automation of a large-scale accelerator. Large-scale accelerators like those under cooperative development at LANL are an integral component of xLight’s technical roadmap. The company’s collaboration with Fermilab is focused on superconducting radio frequency cavity and cryomodule development and testing – two particle accelerator technologies that the lab mastered over decades.
Testimonial
"In a year when every marketing dollar mattered, I chose to keep I-Connect007 in our 2025 plan. Their commitment to high-quality, insightful content aligns with Koh Young’s values and helps readers navigate a changing industry. "
Brent Fischthal - Koh YoungSuggested Items
GlobalFoundries Expands Partnership with Apple to Advance Wireless Connectivity and Power Management
08/11/2025 | GlobalFoundriesGlobalFoundries (GF) announced it has entered into an agreement with Apple for a deeper collaboration that will advance semiconductor technologies and strengthen U.S. manufacturing.
Foxconn Research Institute, National Yang-Ming Chiao Tung University Jointly Create a New Era of Spatial Computing
08/08/2025 | FoxconnThis technological breakthrough was achieved by Director Guo Haozhong of the Semiconductor Division of Hon Hai Research Institute and Chair Professor at National Yang-Ming National Chiao Tung University, in collaboration with Group Leader Hong Yuheng, Researcher Xu Yezheng, and Researcher Miao Wenqian of the Semiconductor Division, and a research team led by Assistant Professor Huang Yaowei of National Yang-Ming National Chiao Tung University.
SIA Statement on Semiconductor Tariffs Announcement
08/08/2025 | SIAThe Semiconductor Industry Association (SIA) released the following statement from SIA President and CEO John Neuffer regarding President Trump’s semiconductor tariff announcement.
MKS Inc. Reports Q2 2025 Financial Results
08/07/2025 | MKS Inc.MKS Inc., a global provider of enabling technologies that transform our world, reported its financial results for the second quarter of 2025.
ASMPT Introduces MEGA Multi-chip Bonding Platform
08/06/2025 | ASMPTASMPT SEMI, a leading provider of forward-looking solutions for advanced packaging and semiconductor assembly, sets the standard in precision and speed with its new MEGA multi-chip bonding platform.