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The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
Low Cost is
Critical !!
The Digital
Consumer
Revolution
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
1m
Feature
Size
Technology
Node
Bipolar
Era
100nm
NMOS
Era
CMOS
Era
130nm
90nm
65nm
45nm
5V
1V
Transition
Ultra-low
Ultra
low
Power
power
$1B
Fab
Cost
$3B
$5B ??
10nm
1970
1980
1990
2000
2010 Smaller
2020 geometries
Thinner films
New materials
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
2004
Film Stack Thickness &
Composition
$3B
Wafer
Inspection
$30B
Semiconductor
Equipment
$175B
Semiconductor Devices
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
High Growth
Favorable Valuation
$5.4B
$3B
Wafer
Inspection
Wafer Inspection
$30B
Semiconductor
Equipment
$50B
Semiconductor Equipment
$175B
Semiconductor Devices
$250B
Semiconductor Devices
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
Process Control
segment provides
head room for new
companies
Source: UBS
Securities 1/05
20
40
60
% market share
80
100
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
Smaller geometries
New materials
Integration challenges
The barrier to
entry is high, but not
insurmountable!
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
Application area
Founded
Funded
Stage
Imago
Scientific
Instruments
Three-dimensional atomic
scale imaging
1999
2000
Shipping
product
Metara, Inc.
1996
2002
Shipping
product
nLine
Corporation
1999
2000
Restart
OnWafer
Technologies
Wafer-based metrology
systems
2000
2002
Shipping
product
Oraxion
Diagnostics
Wafer deformation,
flatness and stress
2000
2004
Shipping
product
Pivotal
Systems
2003
2004
Shipping
product
Qcept
Technologies
Chemical metrology
solutions on
semiconductor wafers
2000
2003
Product
development
ReVera Inc.
Thickness and
composition of hyper thin
films
2004
2004
Shipping
product
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
Source: Dow/Jones Venture Source
2005 International Conference on Characterization and Metrology for ULSI Technology
Sources of investment
Equipment Company
Chip Company
Expectations
Founder expertise
Strong IP portfolio
Disruptive technology
Barrier to competition
Scalable solution
University
CalTech
MIT
Stanford
Distributor
Investment Group
19
Traditional VC
0
10
15
20
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
25
Whaddya mean,
its only a model?
How much bigger
dyou wanna build
it?
Investors have
many other
options!
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
$7.8M
$8.0M
C
Metrology
Company
$9.4M
$160M in
cumulative
funding!
$13.5M
$17.1M
$18.0M
$39.2M
G
H
$47.5M
4 rounds
$M
$10M
$20M
$30M
$40M
$50M
Total Funding
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
Supporting customers both pre- and postsales with applications expertise and
rapid response to changing requirements
I love
a
challenge.
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
Case Studies
Application area
Founded
Funded
Stage
Imago
Scientific
Instruments
Three-dimensional atomic
scale imaging
1999
2000
Shipping
product
Metara, Inc.
1996
2002
Shipping
product
nLine
Corporation
1999
2000
Restart
OnWafer
Technologies
Wafer-based metrology
systems
2000
2002
Shipping
product
Oraxion
Diagnostics
Wafer deformation,
flatness and stress
2000
2004
Shipping
product
Pivotal
Systems
2003
2004
Shipping
product
Qcept
Technologies
Chemical metrology
solutions on
semiconductor wafers
2000
2003
Product
development
ReVera Inc.
Thickness and
composition of hyper thin
films
2004
2004
Shipping
product
Company
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
$$
Guidance
Relationships
Executive Team Recruiting
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
Source: Tim
2005 International Conference on Characterization and Metrology for ULSI Technology
Stultz
$$
Guidance
Relationships
Executive Team Recruiting
World-wide proliferation of
Wireless, Zero-Footprint
Metrology
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
Source:
Rod Browning
2005 International Conference on Characterization and Metrology for ULSI
Technology
Products
IP
Employees
$$
Guidance
Relationships
In-line compositional
metrology for hyper
thin films
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
Source: Dave
2005 International Conference on Characterization and Metrology for ULSI Technology
Ring
Stage 2: Proof-of-Concept
Thats fantastic!
I cant keep up
with all this
modern technology.
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
Stage 2: Proof-of-Concept
Investment capital in the range of $4M $5M is obtained from outside investors to
reach demo-readiness
Its my new
invention. Talk to
your mother for an
hour on this and it
will heat the whole
house.
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
If you buy a
goldfish Ill
throw in the
aardvark.
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
A car or boat,
maybe; Im not
lending you money
for groceries.
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
1996
1997
August
1999
2000
$31M
$31M
Opal &
Orbot
2004
$160M
$160M
STI
Merger ?
IPO
Tencor
Instr.
$1.17B
$1.17B
Quantox
Phase
Metrics
Amray
IPO
Rudolph
$180M
$180M
IPO
ThermaWave
$120M
$120M
$206M
$206M
Wyko
Instr.
Candela
Inspex
$77M
$77M
Act. Imp.
ISOA
$24M
$24M
Sensys
Timbre
$67M
$67M
Digital
Instr.
*purchased
of e-beam inspection
business
VC
FundedassetsSensys
B.Cross Quantox
Amray
Metrology
Candela
Startups
Phase
Metrics
2005
$14M
$14M
$40M
$40M
Mera
KLA-Tencor
Veeco
2003
Boxer
Cross
IPO
Nova
TEL
2002
Schlumberger*
$162M
$162M
Nanometrics
Philips
2001
Ph. Shift
ADE
Applied
Mats.
1998
Candela
Inspex
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology
Concluding remarks
Acknowledgements
The Opportunities and Challenges of Bringing New Metrology Equipment to Market by D. S. Perloff
2005 International Conference on Characterization and Metrology for ULSI Technology