A combination of technology maturation and market need resulted in today’s half-billion dollar acquisition of Corvallis-based Inpria Corp.
The buyer, JSR Corp., first invested in Inpria in 2017, but had been engaged with the company even before that, said Mark Slezak, president of JSR Micro, the Japanese chemicals and materials company's U.S.-based arm.
JSR knew the startup's technology and was familiar with CEO Andrew Grenville and the team he'd built.
“The technology they have developed and the innovation they have been able to bring along are in a nice sweet spot in (extreme ultraviolet) lithography,” said Slezak. “EUV is getting traction with industry as the leading edge lithography solution and leads to more advanced semiconductor chips.”
EUV is a foundational process in chip manufacturing to continue to shrink the size of chips. While the technology has taken shape for years, the industry is now moving beyond the first generation into even more complex generations.
Chip shortages and massive changes in technical leadership have put the semiconductor industry in the spotlight. Intel, which long held the manufacturing edge over rivals, lost that leadership position and is aggressively working to get it back, under new CEO Pat Gelsinger.
Gelsinger hopes to fully incorporate EUV lithography and push that manufacturing process forward.
It’s likely no coincidence the deal happened here, where JSR has facilities in Beaverton and Hillsboro for a different aspect of its semiconductor business. Those facilities aren't far from Intel’s massive Ronler Acres manufacturing facility, which houses Intel’s manufacturing research and development.
“Both Inpria and JSR feed into the global semiconductor ecosystem,” said Slezak. “We are participating in advanced material solutions throughout the world. Intel has stated recently their technology goals as it related to High NA EUV for specific technology that will enable them to regain their technical position.”
Grenville said the deal reflects the company's relationship building skills.
“This really builds on the partnership we have established with JSR over the years and leverages what we believe are JSR’s outstanding capabilities in terms of bringing products to market at scale,” he said. “The quality manufacturing and global presence will be critical. Together, we can accomplish so much more.”
Inpria has a team of roughly 50, and its leadership will remain. Once the deal is complete, Inpria will be a wholly owned subsidiary of JSR.
Any future hiring or growth activity will depend on business needs, Grenville said. He noted the Corvallis company is happy to have helped lead the way in boosting its hometown's ecosystem. The startup spun out of Oregon State University and has continued to work with the institution through shared facilities, It even leases its manufacturing space from the school.
“We have had a productive relationship with OSU from the beginning and they are a tremendous partner,” he said. “I can’t speak highly enough of how that relationship has been.”
