Leading producer of photoresist chemicals for semiconductor manufacturing applications

Deal Facts
  • AGIC invested in PiBond as the lead investor of a consortium in March 2021

Business Overview

  • PiBond is a technology leader in the area of lithography materials such as SiBARC, SOC and spin-on-dielectrics for EUV and advanced nodes in semiconductors manufacturing. It has developed a comprehensive product portfolio around its core technology capability on silicon-based inorganic chemistry
  • The company is based in Finland and serves a wide and high-profile customers base in the area of semiconductor manufacturing and optical applications

Investment Thesis

  • PiBond plays a leading role in a sector with high barriers to entry underscored by the requirement for extreme product quality, repeatability and customer specific formulations
  • PiBond operates in a global market worth over $3 billion annually with over 70% of demand coming from the APAC region with Greater China leading the growth of demand at 30%+ CAGR
  • Compared to other sectors within semiconductor industry, lithography materials are the least cyclical segment with growth driven by sustainable increasing demand of semiconductor products

AGIC Value Added

  • AGIC assisted PiBond in securing land and constructing an application lab & formulation facility in close proximity with some of its top customers in one of the most sought-after economic development zones in China
  • AGIC has introduced PiBond to new customers through high-level meetings with their senior executives enabling an expedited product commercialization
  • AGIC is supporting the management to navigate regulatory and business requirements by leveraging our connections and access to local decision makers