The Illinois Department of Commerce and Economic Opportunity (DCEO) has committed $20 million to advance semiconductor innovations throughout the state’s technology sectors.
Funded by the U.S. Department of the Treasury, the Venture Investment for Semiconductor Technology Advancement (VISTA) program is specifically dedicated to small businesses and will provide funds to nurture startups, develop innovations and cultivate private investments.
“We’re providing the critical support that startups need to thrive and advancing sectors that will define tomorrow’s technology,” Gov. JB Pritzker said in a press release. “We’re pushing the boundaries in semiconductor technology and bringing in investments that will further cement Illinois as a leader in both innovation and business.”
The VISTA initiative requires businesses to have less than 750 employees with over 51% employment of Illinois’ residents. Opportunities are available for out-of-state ventures; however, these businesses must relocate their headquarters to Illinois within two years of receiving funds. Interested businesses can expect to receive up to $6 million in grants after submitting an expression of interest to the DCEO.
The VISTA initiative will channel funding into five technology sectors:
Advanced Computing and Software
Advanced Materials
Microelectronics
Quantum Science
Semiconductor Manufacturing/Packaging
The VISTA initiative is a part of DCEO’s broader $114 million Illinois Innovation Venture Fund (INVENT) program, which aligns with the Federal CHIPS and Science Act. The INVENT program is set to provide resources to Illinois’ underserved communities and businesses fueling Illinois’ robust technology ecosystem. Illinois’ long-term economic development goals are also supported by the INVENT program’s commitment to community development.
Leveraging Illinois’ world-renowned research institutions, state-of-the-art labs and skilled workforce, the DCEO has established its goal of advancing microelectronic technologies through its partnership with the Silicon Crossroads Microelectronics Commons Hub.
“We’re putting resources into advanced technologies and helping innovators turn their dreams into real-world solutions,” Lt. Governor Juliana Stratton said in a press release. “This investment is not just about changing industries; it’s about creating opportunities for all Illinoisans as we move into a high-tech future.”
Photo by Vishnu Mohanan on Unsplash
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