Forge Nano closes $97M Series D with Samsung SDI ahead of NASDAQ listing
What's the deal? Forge Nano has closed a $97 million Series D, capped by a $20 million strategic investment from Samsung SDIDealroom has a profile for this one. Try Dealroom →, as the US semiconductor equipment and advanced materials company prepares to list on NASDAQ.
The details: Samsung SDI's commitment splits between $10 million in the Series D and $10 million in a separate private investment in public equity (PIPE) round. Forge Nano also added $23 million in new PIPE commitments, all priced at $10.00 per share, lifting total PIPE financing to $123 million. Horizons Ventures also joined the PIPE.
What's the endgame? Forge Nano develops Atomic Layer Deposition (ALD) technology for AI-era chip manufacturing and defense battery applications through its Atomic Armor coating platform. The capital is earmarked to accelerate commercialisation of its ALD semiconductor equipment and expand domestic production of lithium-ion battery materials.
Why now? The raise rounds out Forge Nano's pre-IPO capital formation ahead of a planned merger with Archimedes Tech SPAC Partners IIDealroom has a profile for this one. Try Dealroom → Co., a special purpose acquisition company (SPAC) trading on NASDAQ. Assuming no shareholder redemptions, the listing would deliver over $367 million in pro forma cash — combining the $123 million PIPE with roughly $244 million held in Archimedes II's trust.
The deal is expected to close in the second half of 2026, subject to Archimedes II shareholder approval and customary conditions.
What they said: "Samsung SDI's investment reinforces our shared vision for strengthening the domestic battery supply chain," said chief executive officer Paul Lichty, adding that the PIPE commitments "demonstrate continued investor conviction in Forge Nano's long-term growth strategy."
What could go wrong? The public listing hinges on shareholder approval, and SPAC deals often face redemptions that shrink the cash that actually reaches the company — a risk Forge Nano flags in its own pro forma framing.
The signal: At $97 million, the Series D sits well above the typical round of its type, landing in roughly the 61st percentile by size. The mix of a strategic backer in Samsung SDI and a SPAC route reflects how capital-intensive hardware startups tied to chips and batteries are pairing industry partners with public markets to fund the leap to scale.
Read more: GlobeNewswire
Image credit: Generated with Gemini
