We believe access to cutting-edge semiconductors is essential for national resilience. @substrate is bringing advanced semiconductor manufacturing capacity back to America—a mission that led us to back its seed round. With its innovative design offering a faster, better, and less expensive alternative to Extreme Ultraviolet (EUV) lithography, Substrate is on a path to shift the global competitive landscape. We first partnered with @jamesproud and the Substrate team more than three years ago because of James’s deep hardware expertise, first-principles thinking, and unwavering resolve to address critical national security challenges. His vision to reimagine semiconductor manufacturing is exactly the bold, systems-level approach we think is needed to restore U.S. leadership. We’re looking forward to supporting James and the team as they usher in a new era of American chipmaking. Why we invested by Paul and @htaneja →