undertaking

The UK has exited the European Union, but semiconductor development is emerging as one of the areas where it hopes to partner for better economies of scale — and much-needed funding. The UK itself said it would put up a more modest £35 million ($44 million) in funding for UK efforts over the next few years as part of that. The Chips Joint Undertaking, for example, has an overall budget of about €11 billion from both public and private contributions. In December 2023, Pragmatic Semiconductor, another Cambridge-based chip company, raised $231 million at a $500 million valuation. “We are very happy to welcome the UK to the Chips Joint Undertaking as a participating state,” said Jari Kinaret, Chips JU Executive Director, in a statement.