On November 13, German startup FMC announced that it had successfully raised €100 million (roughly equivalent to $116 million) in funding, with the aim of commercializing energy-efficient memory chips. A significant portion of this funding, €77 million, came from an equity financing round that was co-led by venture capital firms HV Capital and DeepTech & Climate Fonds. FMC confirmed this development in a statement issued on Thursday.

Furthermore, the startup has been awarded a €23 million subsidy. This financial support is earmarked for the development of chip prototypes and to streamline their entry into the market. This infusion of capital arrives at a crucial juncture, as Europe is actively working to preserve its foothold in the global chip production landscape. At present, Europe lacks prominent manufacturers of dynamic random-access memory (DRAM) chips, a sector that is currently dominated by industry giants such as Micron Technology, Samsung Electronics, and SK Hynix.