who’s getting the cash in nanomanufacturing? douglas w. jamison harris & harris group, inc....
TRANSCRIPT
WHO’S GETTING THE CASH IN
NANOMANUFACTURING?
Douglas W. Jamison
Harris & Harris Group, Inc.
One Rockefeller Center, Suite 1430
New York, NY 10020
(212) 332-3600 [email protected]
PRESENTATION:
1.) Present a framework in which to think about nanomanufacturing investments.2.) Comment on where some of the established firms are focusing.3.) Comment on the survey of nanomanufacturing firms.4.) Revisit the framework of investment opportunities.
FRAMEWORK:
Why is presenting a survey of firms important?
• First, it provides a visual picture to help an investor or start-up map the landscape and develop a strategy.
• Second, it allows you to guard against capital market myopia.
• Third, it provide investors and start-ups with a set of companies to compare against when deciding if their start-up has the right type of technology to be successful in its specific industry dynamic.
SURVEY SUMMARY:
• Approximately 115 “Tool Companies” in the database at this point.
• Approximately 20+ are considered “incumbents.”
• Approximately 90 + are start-ups, small firms, or firms with a new division focused on nanomanufacturing.
• 14+ companies focused on SEMs and TEMs.• 34+ companies focused on SPMs.
• An additional 12+ firms supplying accessories for SPMs.
• 18+ Lithography companies• 5+ in NIL; 5+ in E-Beam; 2+ in EUV; 1 in X-ray lithography
• 6+ companies focusing on self-assembling manufacturing.
COMPANY: WEB SITE: TECHNOLOGY:
Applied Materials Inc. http://www.appliedmaterials.com/about/index.html
Manufactures wafer fabrication equipment withCVD and PVD steps. Inspection and metrology equipment.
ASM Lithography Holding NV
http://www.asml.com/NASApp/asmldotcom/show.do?GXHC_JSESSIONID=383da70197aa2e53&rid=1839&ctx=238
Lithography techniques for Silicon integrated circuits. Research electron/ion and extreme UV lithography with resolutions below 100nm.
Canon http://www.canon.com/technology/index.html
X-ray lithographic technology with resolution of 130nm by 2003 and 100nm by 2005.
FEI Corp. http://www.feicompany.com/eng/products/list.html
Manufactures products based on focused charged particle beam technology including TEMs, SEMs and focused ion beam systems.
HP http://www.hpl.hp.com/ Research into soft lithography. HP’s Quantum Science research group is working on a molecular electronics program for defect tolerant architectures.
Hitachi Scientific Instruments
http://www.hii-hitachi.com/ Supplies SEMs, focused ion beam milling systems, TEMs, and electron beam lithography systems.
JEOL http://www.jeol.com/products.html Manufacture a variety of material analysis instruments including SEMs and TEMs.
JMAR Technologies Inc.
http://www.jmar.com/prod.html Produce programmable, high resolution, AFM- based integrated inspection systems for semiconductors, biochips, and hard disks. Laser and X-ray source and the positioning systems are proprietary to JMAR.
KLA-Tencor Corp. http://www.kla-tencor.com/products/browse.html
Manufactures yield management solutions, process monitoring systems, and tools to identify defects.
LEO Electron Microscopy
http://www.leo-em.co.uk/ Manufacture SEMs and TEMs. Zeiss subsidiary.
NEC http://www.nec.com/global/rd/index.html
R&D projects include electron beam nanolithography and atom holography.
Nikon http://www.nikonusa.com/usa_category/category_instr.jsp
Electron projection lithography and AFM applications.
Novellus Systems Inc. http://www.novellus.com/products/prosetup.asp
Manufactures automated wafer fabrication systems for thin film deposition. Provides CVD, PVD, photoresist and residual removal.
Olympus http://www.olympus.com/global/industrial_global.htm
Produce cantilever tips for scanning tip microscopes (STMs) and near field optical microscopes.
Rudolph Technologies Inc.
http://www.rudolphtech.com/products/index.html
Manufactures process control metrology systems including a metrology line for opaque and transparent films.
Seiko Instruments http://www.sii.co.jp/info/eg/index.html Manufactures analytical equipment including scanning probe microscopes, focused ion beam machines and SEMs.
Ultratech Stepper Inc. http://www.ultratech.com/products/index.shtml
Manufactures photolithography equipment.
Veeco Instruments Inc.Digital Instruments
http://www.veeco.com/html/product_bymarket.asp
Manufactures process equipment and metrology tools including etch and deposition systems and surface measurement systems.DI manufactures scanning probe microscopes, AFMs, near field scanning optical microscopes, and related peripherals.
Zeiss http://www.zeiss.com/us/home.nsf/Contents-FrameDHTML/F2F21D215D97061C85256CAD0054C9B3
Manufacturer of optical microscopes, SPMs and SEMs. LEO is a subsidiary.
COMPANY: LOCATION:
WEB SITE: MARKET SPACE:
TECHNOLOGY: INVESTORS:
MicroMagnetics
Fall River, MA
http://www.micromagnetics.com/
Analytical Equipment
Employs magnetic fields generated by a current to determine the amount of current in a circuit on an IC. Sensitivity approaching SQUID and can resolve features smaller than 50 nm.
Nano-Or Israel http://www.nano-or.com/
Analytical Equipment
Non-contact, non-destructive 3-D measurement system. Company has incorporated interferometer metrology performance into a white-light microscope.
First round investment funds from Jerusalem Global Ventures, STI Ventures, Dellet VC, and private investors
Burleigh Analytical Equipment
Manufacturer of instruments for testing, measurement and automation in the photonics market. Produces positioning systems with nanometer precision.
Cameca Analytical Equipment
Develops instrumentation for surface and interface analysis and microprobes.
Evotec Biosystems
UK and Germany
http://www.evotecoai.com/servlet/page?_pageid=77&_dad=portal30&_schema=PORTAL30
Analytical Equipment
Development of single molecule spectroscopy
Image Metrology
Denmark http://www.imagemet.com/
Analytical Equipment
Produce software for Scanning probe microscope data and analysis.
Integrated Nanosystems, Inc.
Sunnyvale, CA
http://intnano.com/ Analytical EquipmentBio application
Developed a process for the manufacture of a carbon nanotube probe for use in semiconducting metrology and the biomedical market
Jasco Corp. Japan http://www.nni.nikkei.co.jp/FR/AWG/recs/JPManuf0033929.html
Analytical Equipment
Manufacturer of analytical instrumentation with an emphasis on advanced optical systems.
Micro Materials Burr Ridge, IL http://www.micromaterialsresearch.com/
Analytical Equipment
Manufacturer of mechanical testing instruments at nano and micro scale, especially nanoindentation, scratch and impact testing.
Photometrics Inc.
Huntington Beach, CA
http://www.photometrics.net/
Analytical Equipment
Laboratory dedicated to solving production and failure analysis.
Ion TOF Germany http://www.ion-tof.com/
Analytical Equipment.
Manufacture secondary ion mass spectrometry systems.
Positron Systems Inc.
Boise, ID http://www.positronsystems.com/
Metrology and Inspection Tool
Non-destructive technology for identifying nanoscale defects called Photon Induced Positron Annihilation System.
Rave LLC Delray Beach, FL
http://www.ravellc.com/careers.html
Metrology and Inspection Tool.
Developing a scanning probe microscope tool for mask and semiconductor repair.
Nano World Technologies
Metrology/ Inspection Tool
Electron beam nanolithography used to inspect and repair semiconductor photomasks.
Nanometrology New York Metrology/ Inspection Tool
CD-SEM calibration and line-edge roughness metrology tool to help technicians calibrate multiple CD-SEMs for increased yields.
NLine Corp. Austin, TX http://www.nline.com/
Metrology/ Inspection Tool
Digital holography to peer into narrow and deep spaces such as contacts and trench capacitors on semiconductor wafers. Tool detects defects that are smaller than the wavelength of deep ultraviolet light. Targeted at 90 nm process technology.
$7.4 million second round included Advanced Micro Devices, Hat Creek Partners, Intel Capital, Sensor Technology Development Fund, SG Cowen Venture Partners, TAT Capital Partners Ltd., and Thomas Weisel Partners. The $7.4 million raised brings the total equity investment in nLine to $18.4M.
Therma-Wave SanFrancisco, CA
http://www.thermawave.com/
Metrology/ Inspection Tool
Develop a real time, critical dimension system to scatterometrically measure 130 nm photoresist features for polysilicon gate and shallow trench applications.
Established since 1982
Hysitron Minneapolis, MN
http://www.hysitron.com/
Metrology/ Inspection Tool
Manufactures nanomechanical testing instruments especially tailored to measure hardness, elastic modulus, friction, wear resistance, fatigue, nanoscratch and indentation.
Zyvex Corporation
Richardson, TX
http://www.zyvex.com/
Molecular Self-Assembly
Assembly-based systems approach to integrating macro, micro and nanodevices, with a strong emphasis on self-assembly. Released S100 Nanomanipulator System for positioning and testing tools for nanotech research and development applications.
Molecular Electronics Corp.
Hilton Head, SC
http://www.molecularelectronics.com/
Molecular Self-Assembly
R&D company working on commercializing nanoelectronics with their main focus on self-assembly
$7.65 million originally from Angel investors.
NanoFrames LLC
Boston, MA http://www.nanoframes.com/
Molecular Self-Assembly
Perform research on the use of rod-like tails of viruses for building blocks in nanoscale self-assembly.
Nanolayers Israel http://www.nanolayers.com/about.shtml
Molecular Self-Assembly
Developed a proprietary organic thin-film technology for the enhancement of microelectronic components.
Millenium Materials Technology Fund
Nanosys Inc. Palo Alto, CA www.nanosysinc.com
Molecular Self-Assembly
Synthesize 0 and 1 dimensional nanostructures for applications in photovoltaics, macroelectronics, and chemical sensing.
ARCH Ventures, CW Group, Polaris ventures, Venrock Associates, etc.
Mound laser and Photonics center
Miamisburg, OH
http://www.mlpc.com/
Micromachining
Develop applications for laser micromachining and fabrication.
Molecular Imprints
Austin, TX http://www.molecularimprints.com/aboutmi.html
Nanoimprint Lithography
Step & Flash Imprint Lithography. Imprio 100 has a price tag of $2 million.
$12 million in VC funding from Alloy Ventures, Asset Management, DFJ, Huntington Ventures, KT Venture Group, Lam research and Motorola Ventures
Nanonex Corp. Princeton, NJ http://www.nanonex.com/
Nanoimprint Lithography
Shipping nanoimprint lithography tools ranging in price from $300-700K.
undisclosed
Obducat AB Malmo, Sweden
http://www.obducat.com/sida_2.asp
Nanoimprint Lithography
Develop and supply technologies for the production of advanced micro and nano structures for research and manufacturing including electron beam writers, electron microscopes and nanolithography. Sold 5 pilot production NIL machines with 20-25 to be delivered to customers in 2003.
Public company
EV Group Austria http://www.evgroup.com/products/hotembossing.htm
Nanoimprint Lithography
A semiconductor and MEMS production equipment maker. EV Group has three nanoimprint lithography systems, the hot embossing device that works at high temperatures and precise pressure, a device that solidifies the polymer material with UV light and a microcontacting printing process that uses a flexible stamp to deposit patterns on surfaces with existing topographical features.
LumArray Cambridge, MA
http://www.lumarray.com/index.htm
Next Generation Lithography
Maskless zone plate array lithography controlled by Microsystems. Technology is extendable to 10-20 nm.
Advantest Japan http://www.advantest.co.jp/products/en-index.shtml
Next Generation Lithography
Manufacture electronic measuring instruments, automatic test equipment and electron beam lithography systems for ICs.
AMO GmbH Germany http://www.amo.de/amo/welcome_en.html
Next Generation Lithography
Develop interference lithography and nanoimprint technology
NanoInk Chicago, IL http://www.nanoink.net/home.html
Next generation Lithography
AFM based dip-pen lithography* Raised approximately $6 million Galway partners and Lorie Investment Fund
Quantiscript Canada http://www.quantiscript.com/english/intro.htm
Next Generation LithographyE-Beam
Developer of electron beam lithography.
Raith GmbH Germany http://www.raith.de/intro.html
Next generation LithographyE-Beam
Manufacturer of electron beam lithography systems.
JC Nability Lithography Systems
Next Generation Lithography – E beam
Manufacture an interface for performing e beam lithography with SEMs and STMs.
Applied Physics Technologies Inc.
Next Generation Lithography – E-Beam
Produces metal carbide tips that emit a thin beam of electrons with potential for use in electron beam lithography.
Mapper Lithography
Delft University
http://www.mapperlithography.com/
Next generation Lithography - Electron Beam Lithography
Technology based on a combination of e-beam writing and conventional optical imaging that enables high resolution and high-speed lithography without a conventional photomask. Designed pattern is imaged on a converter plate rather than on the wafer directly. Developing a wafer stepper for 22-45 nm semiconductor lithography.
July, 2001 $2.2 million from Residex Venture Capital Network and Delft University. In August 2002 KT Ventures also invested.
Molecular Robotics
Robotic manipulation
Researching conversion of the atomic force microscope into a production robot with atomic manipulation capabilities.
Chemat Technology
Northridge, CA
http://www.chemat.com/
Self-Assembly via sol-gel
Manufacture and sell a wide range of precursor materials for sol-gel. They have developed a new form of anti-reflective coating using a sol-gel based spin-on process.
Imago Scientific Instruments Corp.
Madison, WI http://www.imago.com/#
Imaging and Manipulation
Developing proprietary Nanolytical™ equipment to meet the characterization needs of the nanotechnology revolution. Imago’s premier product, the LEAP™ microscope, provides unsurpassed three-dimensional materials analysis at the nanoscale.
$7 million in VC funding from DFJ, Infineon Ventures, Draper Triangle Ventures, Stanford Management Company
Nanoscience Instruments Inc.
Phoenix, AZ http://www.nanoscience.com/
Imaging and Manipulation
Scanning probe image processor product permitting researchers to add 3-D animation tools to scanning probe microscope images.
National Instruments
worldwide http://www.ni.com/ Imaging and ManipulationBio applications
Manufacture a piezo tuning wizard for motion control. Permits developers to easily tune and control piezo-based motors for high-precision applications such as wafer alignment and biotech microarray handling.
Nion Co. Kirkland, WA http://www.nion.com/
Imaging and Manipulation
Specializes in precision optical instrumentation such as aberration correctors, imaging filters, slow scan CCD cameras, parallel electron energy loss spectroscopy and STMs.
Established for some time
3rdtech Inc. Chapel Hill, NC
http://www.3rdtech.com/
Imaging and Manipulation
Produces the NanoManipulator, a set of virtual reality interface tools for TM scanning probe microscopes.
Accurion Menlo Park, CA
http://www.accurion.com/
Imaging and Manipulation
Produces AFMs, SPM and some optical measurement instruments
Adept Technology
Livermore, CA
http://www.adept.com/main/index.html
Imaging and Manipulation
Producer of nanopositioning equipment
Angstrovision California http://www.angstrovision.com/
Imaging and Manipulation
Exploiting interferometry to allow rapid-frame-rate 3-D imaging at nanoscale.
Arryx Chicago, IL http://www.arryx.com/home.html
Imaging and ManipulationBio applications
Develops and commercializes a technology for the manipulation of nano-objects with focused beams of laser light.
Raised $7.2 million from DFJ, Fahnestock Fund and ARCH Development Fund
Asylum research
Santa Barbara, CA
http://www.asylumresearch.com/
Imaging and Manipulation
Seller of scanning probe microscopes and related materials.
Atomic Force F&E GmbH
Germany http://www.af-fe.de/ Imaging and Manipulation
Producer of microscope accessories such as cantilevers, SEM accessories, surface profile measuring instruments and layer thickness measuring instruments.
Attocube Systems
Germany http://www.attocube.com/
Imaging and Manipulation
Develops nanopositioning actuators
Atos Imaging and Manipulation
Surface topography equipment seller – AFM, near field scanning optical microscopes, SPM and nanoindenter.
BioForce Nanosciences
www.bioforcenano.com
Imaging and ManipulationBio applications
Developer of AFMs for biological applications.
Camscan Electron Optics
Great Britain http://www.camscan.co.uk/
Imaging and Manipulation
Manufacturer of SEMs.
Danish Micro Engineering DME
Denmark http://www.dme-spm.dk/
Imaging and Manipulation
Manufactures AFMs and near field scanning optical microscopes.
Focus GmbH Germany http://www.focus-gmbh.com/
Imaging and Manipulation
Manufacturer of instruments for electron microscopy.
Fries Research & Technology
Germany http://www.frt-gmbh.com/home/home.php3?sprache=uk
Imaging and Manipulation
Develops processes and tools for the production and modification of nanostructures with ion beams.
General Nanotechnology
Berkeley CA http://www.gennano.com/
Imaging and Manipulation
Produces imaging and operating software for AFMs and optical microscopes.
Independent research Engineering Group
Imaging and Manipulation
Scanning probe microscope manufacturer.
Infinitesima Bristol, UK Imaging and ManipulationBio applications
Develops systems for improving scanning probe microscope performance in applications of biology and polymer science.
JPK Instruments
Berlin, Germany
http://www.jpk.com/index2.htm
Imaging and ManipulationBio application
Maker of dual function microscopes, designed for use in biological fields.
Kelvin Nanotechnology
Glasgow, Scotland
http://www.elec.gla.ac.uk/knt/
Imaging and ManipulationBio application
Semiconductor fabrication and processing for electronics and biology, including e beam writing and molecular beam epitaxy.
Kleindiek Nanotechnik
Germany http://www.nanotechnik.com/
Imaging and Manipulation
Manufacturer of nanopositioning equipment.
K-Tek International Inc.
Portland, OR http://www.ktekintl.com/
Imaging and ManipulationAccessories
Manufacturer of AFM cantilevers and gratings.
Mikromasch http://www.mikromasch.com/
Imaging and ManipulationAccessories
Manufacturer of Scanning probe microscope tips, cantilevers and calibrating samples.
Minus K Inglewood, CA
http://www.minusk.com/
Imaging and Manipulation
Manufacture vibration isolation systems for scanning probe microscopes.
Molecular Devices & Tools for Nanotechnology
Moscow, Russia
http://www.ntmdt.ru/
Imaging and Manipulation
Produce scanning probe microscopes and related accessories for surface characterization in gas, air and liquid environments.
Molecular Imaging
Tempe, AZ http://www.molec.com/
Imaging and Manipulation
Design and produce scanning tunneling microscopes, AFMs, peripherals and scanning probes.
Nanodevices Inc.
Santa Barbara, CA
http://www.nanodevices.com/
Imaging and ManipulationAccessories
Manufactures AFM cantilevers.
NanoFab ColumbiaMD http://www.nanofab.com/
Imaging and Manipulation
Manufacturer of high voltage focused ion beam devices
Nanofactory Instruments
Sweden http://www.nanofactory.com/
Imaging and Manipulation
Manufacture an instrument that features STM as well as TEM technology for 3-D manipulation of nanoscale objects.
Nanofilm Westlake Village, CA
http://www.nanofilm.com/
Imaging and Manipulation
Manufacture instrument accessories for analysis and microscopy of surfaces.
Nanomagnetics Instruments
UK http://www.nanomagnetics-inst.com/products.htm
Imaging and Manipulation
Developing scanning Hall probe microscopes for quantitative and non-invasive imaging of magnetic materials with nanoscale resolution.
Nanomechanics LLC
Worcester, MA
http://www.nanomechanics.com/
Imaging and ManipulationAccessories
Developer of algorithms for the simulation of AFM behavior.
Nanometrics worldwide http://www.nanometrics.com/
Imaging and Manipulation
Produce equipment for the mapping of thin film properties for applications in semiconductors and flat panel displays.
Nanomotion Ltd.
Israel http://www.avem.org/MemDirF/Nanomotion.html
Imaging and Manipulation
Developing nanopositioning systems.
Nanonics Imaging Ltd.
Israel http://www.nanonics.co.il/
Imaging and Manipulation
Commercializing advancements in near field optical microscopy.
Nanosensors Switzerland http://www.nanosensors.com/
Imaging and ManipulationAccessories
Manufacturer of scanning probe microscope cantilevers and calibration tools.
Nanosurf Switzerland http://www.nanosurf.com/
Imaging and Manipulation
Developer of scanning probe microscope systems
Nanotec Electronics SL
Spain http://www.nanotec.es/staff.htm
Imaging and Manipulation
Manufacturer of scanning probe microscopes
Nanotools Germany http://www.nano-tools.com/
Imaging and ManipulationAccessories
Manufacturer of silicon AFM tips coated with diamond like amorphous carbon.
Nanowave Santa Clara, CA
http://www.nanowave.com/
Imaging and Manipulation
Produce positioning systems based on scanning probe microscope technology.
Neolim Ltd. Imaging and Manipulation
Develop nanopositioning equipment
Norsam Santa Fe, NM http://www.norsam.com/about.htm
Imaging and Manipulation
Commercialize sub 20 nm resolution ion beam technology.
Omicron Germany http://www.omicron-instruments.com/
Imaging and Manipulation
Manufacturer of scanning tunneling microscopes.
Orsay Physics France http://www.orsayphysics.com/
Imaging and Manipulation
Producer of focused ion beam columns in partnership with LEO.
Pacific Nanotechnology Inc.
Santa Clara, CA
http://www.pacificnanotech.com/
Imaging and Manipulation
High performance inexpensive AFM with intuitive imaging capabilities.
Physical Electronics Inc.
Germany http://www.phi.com/ Imaging and Manipulation
Manufacture a variety of surface science instruments.
Piezomax(now nPoint)
Madison, WI http://www.piezomax.com/
Imaging and Manipulation
Manufacture scanning probe tips and nanopositioning devices.
PSIA Korea http://www.psia.co.kr/
Imaging and ManipulationAccessories
Manufacture SPMs and cantilevers.
Queensgate Imaging and Manipulation
Manufacturer of nanopositioning systems.
Quesant Instruments Corp.
worldwide http://www.quesant.com/
Imaging and Manipulation
Manufacturer of scanning probe microscopes.
RHK Technology
Troy, MI http://www.rhk-tech.com/
Imaging and Manipulation
Manufacturer of UHV AFM/STM systems for molecular imaging.
Surface Imaging Systems
Germany http://www.sis-gmbh.com/
Imaging and Manipulation
Manufacturer of scanning probe microscope peripherals.
Triple-O Microscopy
Germany http://www.triple-o.de/Triple-O.Microscopy.html
Imaging and Manipulation
Manufacturer of SPM.
Visitec Germany http://www.visitec-em.de/
Imaging and Manipulation
Very large chamber SEM producer.
WHERE SOME MAY FIND POSSIBILITIES:
• SPM manipulation devices for biological applications – 5-6 companies and none of the “incumbents” yet.
• BioForce Nanosciences, National Instruments, Kelvin Nanotechnology
• Companies with a very specific focus and expertise with customers lined up.
• NanoFab in Maryland focusing on high voltage focused ion beam devices.
• Pacific Nanotechnologies, Inc. – low priced SPM niche.• Imago Scientific Instruments – 3-D imaging capabilities
REVISITING THE FRAMEWORK FOR INVESTMENT OPPORTUNITIES:
• Source of a Visual Picture for Strategy Purposes:– Found some nanoimprint lithography techniques that may be disruptive.
Found a lot of “tool” companies trying to compete against the incumbents with sustaining technologies.
– Most technologies are still “top-down” manufacturing processes, that don’t fully take advantage of the opportunities that will some day be enabled at the nanoscale. A bit early for “bottom-up” promises.
– Great companies are selling applications (Nanosys, NanoGram Devices)
• The excitement for nanotech tools may be leading us to capital market myopia.
• Good due diligence is critical as this field has matured quickly. There is significant intellectual property and plenty of companies that are already in business.
CONCLUSION:
• The opportunities for specialized firms in nanomanufacturing – what they will need.
• The opportunities for a firm such as Harris & Harris Group, Inc.
• Strategies and rules are often designed to then be broken or proven incorrect. However, then at least one has been conscious of the process and knows what one is getting into.