SK Square Co., the investment arm of South Korea’s SK Group, has invested in Numat Technologies Inc., a Chicago-based metal-organic framework (MOF) developer, which is expected to create synergy with its semiconductor-manufacturing unit, SK Hynix Inc.
According to sources in the investment banking industry on Tuesday, TGC Square participated in Numat’s $40 million Series C extension funding round, which was also backed by Aramco Ventures, Tokyo Electron and other global investors.
TGC Square is SK Square’s overseas investment vehicle, launched in 2023 jointly with SK Hynix, Shinhan Financial Group and LIG Nex1 Co.
The latest funding brings Numat’s total capital raised to $92 million, though SK Square’s contribution was not disclosed.
Founded in 2012, Numat is at the global forefront of developing and producing MOF, a material that selectively adsorbs, stores and delivers ultra-high-purity gases at sub-atmospheric pressures.
Leveraging MOF properties, the US startup has developed the ION-X platform, a sub-atmospheric gas delivery system designed to handle critical, yet hazardous dopant gases used in ion implantation, a key step in semiconductor manufacturing.
The system is already in use by the German multinational chemical and pharmaceutical group Merck. It is also expected to benefit SK Hynix’s chip production, especially its high-bandwidth memory (HBM) chip output.
ESSENTIAL IN ADVANCED CHIP PRODUCTION
Numat also offers Sentinel, a MOF-based filtration platform designed to protect against chemical threats.
The Sentinel solutions can be applied to protection gear for defense and emergency responders under increasing chemical and biological threats.
They can also enhance cleanroom safety for semiconductor workers.
Safe handling of hazardous chemicals is critical in fabricating advanced chips, such as HBM, a field where SK Hynix leads globally amid the AI boom.
The global MOF market is forecast to grow from $9.8 billion in 2024 to $29.2 billion in 2034 at a compound annual growth rate of 13.1%, according to Global Market Insights.
After the Numat investment, SK Square plans to ramp up investment in semiconductor and AI-related companies.
It has already backed five chip and AI-related companies in the US and Japan.
In particular, it is weighing larger bets in technologies, materials and infrastructure aimed at easing bottlenecks in AI development, such as limited computational power, the need for vast amounts of high-quality data and challenges in translating AI models into real-world applications.
SK Square holds more than 1 trillion won ($728 million) in cash and cash equivalents, part of which may fund strategic investments that align with SK Hynix’s long-term growth, according to an industry official.
By Da Eun Choi
max@hankyung.com
Sookyung Seo edited this article.
