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Press Release - Thursday, August 15, 2024
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Governor Pritzker Announces $20 Million Commitment to Propel Innovation and Semiconductor Leadership in Illinois
Funding to Accelerate Tech Advancements Aligned with CHIPS and Science Act
CHICAGO - Today, Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) announced a pivotal $20 million commitment to further elevate Illinois' position as a national leader in technology and innovation through the Venture Investment for Semiconductor Technology Advancement (VISTA) initiative. This strategic funding will strengthen Illinois' already robust ecosystem, catalyzing transformative innovations and attracting substantial private investments that will drive the state's leadership in semiconductor technology.
"Here in Illinois, we're providing the critical support that startups need to thrive and advancing sectors that will define tomorrow's technology," said Governor JB Pritzker. "With a $20 million commitment to the VISTA initiative, 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."
"Illinois is investing in big ideas today to build a better future for everyone tomorrow," said Lt. Governor Juliana Stratton. "We're putting resources into advanced technologies and helping innovators turn their dreams into real-world solutions. This investment is not just about changing industries; it's about creating opportunities for all Illinoisans as we move into a high-tech future."
As part of DCEO's $114 million Illinois Innovation Venture Fund (INVENT) program, VISTA is designed to reinforce sectors and technologies aligned with the federal CHIPS and Science Act, including initiatives spearheaded by the National Semiconductor Technology Center (NSTC). The VISTA initiative will channel investments into businesses within these vital sectors:
• Advanced Computing and Software
• Advanced Materials
• Microelectronics
• Quantum Science
• Semiconductor Manufacturing/Packaging
Businesses focused on these critical technology sectors can submit an Expression of Interest via the DCEO website to get started.
"The State of Illinois remains unwavering in its commitment to fostering innovation by providing essential investments to startups," said DCEO Director Kristin Richards. "Through the VISTA initiative, DCEO is poised to drive groundbreaking advancements, offering Illinois' entrepreneurs the funding necessary to excel on a national and global stage."
DCEO is steadfast in its dedication to nurturing startups and creating an environment where companies can thrive by leveraging Illinois' unmatched assets. These include world-renowned research and educational institutions, leading national labs, state-of-the-art infrastructure, and a skilled local workforce. Illinois is currently maximizing these assets to accelerate microelectronics development as a partner in the Silicon Crossroads Microelectronics Commons Hub, one of eight federally designated regional hubs dedicated to enhancing U.S. leadership in microelectronics and expanding the semiconductor talent pipeline.
Under Governor Pritzker's leadership, Illinois has emerged as a national leader in quantum computing and other next-generation technologies. The State's half-billion-dollar investment in the Illinois Quantum and Microelectronics Park (IQMP), along with a previous $200 million commitment to support the Chicago Quantum Exchange, underscores Illinois' dedication to driving innovation and securing its position as a global technology hub.
About INVENT
INVENT is a $114 million direct equity capital program funded through the U.S. Department of the Treasury State Small Business Credit Initiative (SSBCI) and administered by DCEO, aligning with Illinois' economic development priorities.
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