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Corporation
ELECTRONICS | Electronic Components / Optical Switches & Transmission Components
zeiss.com

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Investments

10

Portfolio Exits

2

Partners & Customers

10

About Zeiss

Zeiss is a German manufacturer of optical systems and optoelectronics. Its products range from medical technology, microscopy, vision care, cinematography, and more.

Zeiss Headquarter Location

Carl-Zeiss-Straße 22

Oberkochen, 73447,

Germany

+49 7364200

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Zeiss Web Traffic

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Page Views per Million (PVPM)
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Latest Zeiss News

Investors are going wild over a Dutch chip firm. And you've probably never heard of it

Nov 24, 2021

Jasper Juinen | Bloomberg | Getty Images With a market value of around $350 billion, Dutch-headquartered ASML is a little-known tech juggernaut that's set to keep on growing in line with the insatiable demand for semiconductors. The 37-year-old company, which has over 28,000 staff, is the only firm in the world capable of making the highly-complex machines that are needed to manufacture the most advanced chips. These machines, which cost approximately $140 million each, shine exceptionally narrow beams of light onto silicon wafers that have been treated with "photoresist" chemicals. Intricate patterns are created on the wafer where the light comes into contact with the chemicals, which are carefully laid out beforehand. This process, which leads to the formation of the all-important transistors, is known as lithography. The machines themselves are called extreme ultraviolet lithography machines, or EUV machines. ASML sells the relatively rare EUV machines to a handful chipmaking giants including TSMC , Samsung and Intel . Each machine reportedly has over 100,000 components and it takes 40 freight containers or four jumbo jets to ship. Last year, ASML sold just 31 of these enormous pieces of equipment, according to its financials. The Trump administration even pressured the Dutch government to stop the sale of the machine to Chinese customers, Reuters  reported last year . As a result, Chinese chipmakers have been unable to make the most advanced chips. The Biden administration has shown no signs of reversing Trump's stance. Chris Miller, an assistant professor at the Fletcher School of Law and Diplomacy at Tufts University, told CNBC that chipmakers want to use the narrowest wavelength of light possible in lithography so that they can fit more transistors onto each piece of silicon. Transistors are one of the basic building blocks of modern electronics and they enable an electric current to flow around a circuit. Generally speaking, the more transistors you can fit onto a chip, the more powerful and efficient that chip will be. "The EUV light that ASML's most advanced tools use has a wavelength of 13.5 nanometers, which lets you carve extraordinarily small shapes on silicon," said Miller, who is in the process of writing a book about the history of the semiconductor industry. The TSMC chips in the latest Apple iPhones, which were created with ASML's EUV machines, have around 10 billion transistors on them, Miller added. Beyond lithography, there are several other manufacturing processes that must be completed before a chip is ready for shipping. "Ultimately what you're trying to do is build structures on the silicon using a mix of carving things out and depositing new chemicals onto it," Miller said. Mirrors and lasers Given no one else can make EUV machines that are suitable for mass manufacturing, ASML has a monopoly on the segment and there's no sign of anyone catching up. "ASML is absolutely critical to the entire semiconductor ecosystem," Peter Hanbury, a semiconductor analyst at Bain & Co, told CNBC. "In some ways it's just as important as TSMC." He added: "Every bleeding edge chip, starting at five nanometers, and going forward for likely a very long time, is going to be heavily reliant on ASML equipment." Semiconductor analysts believe it would take around a decade and billions of dollars for another company to get to a stage where it could start to compete with ASML. "ASML has around 4,000 suppliers that they're aware of and their suppliers have suppliers as well," said Miller. Some of the key components in ASML's EUV machines are particularly difficult to make. The mirrors, for example, are made by German firm Zeiss in partnership with ASML and they're the flattest structures humans have ever made. "These structures themselves are sort of marvels of engineering," Miller said. Compared to normal mirrors, they're relatively reflective, which is important because chipmakers don't want photons to be lost before the beams of light come into contact with their wafers. The hardest part of the EUV machine to make, however, is the light source, which has come a long way over the years. "Historically, they [chipmakers] just used a light bulb in the 60s and 70s," Miller said. "Light bulbs don't emit extreme ultraviolet light and it's hard to get enough power [or] enough photons emitted." The light source in ASML's EUV machine emits tiny balls of tin, about 30 microns wide, that are blasted twice by the world's most powerful carbon dioxide lasers. The first blast "gets it ready" and the second, stronger pulse turns it into a plasma which is 400,000 degrees Fahrenheit in temperature, Miller said. "This plasma of exploded tin, if you will, emits photons of extreme ultraviolet light," Miller said. "Making this process work took 30 years." ASML's EUV machines are primarily made at a facility in the Netherlands, but there's also a site in Connecticut where some equipment is made. "It's an insane process to ship them," said Miller. "Then there's a big learning process to get them up and running because the machines are so complicated. They're not like an off the shelf, plug it in, turn it on and go. You need to be able to train the staff that are operating them." ASML staff are based inside the chip foundries where the machines get deployed, Miller said, adding that they monitor and tweak the EUV machines whenever necessary. "There's only a couple dozen of these machines in operation worldwide. They're still learning how they actually work." Upcoming sales boom? Demand for ASML's EUV machines is soaring as chipmakers attempt to overcome a global crunch . In September,  ASML said it expects a sales boom  over the next decade. It believes annual revenue will hit 24-30 billion euros by 2025, with gross margins up to between 54% and 56%. The prediction is significantly higher than the 15-24 billion euro range it had previously forecast. "We see significant growth opportunities beyond 2025," the company said, adding that it expects to achieve an annual revenue growth rate of around 11% between 2020 and 2030. ASML said "global megatrends in the electronic industry" coupled with "a highly profitable and fiercely innovative ecosystem" are expected to continue to fuel growth across the semiconductor market, which is battling the global chip shortage. It added that growth in semiconductor markets and "increasing lithography intensity" are driving demand for its products and services. VIDEO2:1702:17

Zeiss Investments

10 Investments

Zeiss has made 10 investments. Their latest investment was in Senorics as part of their Seed VC on May 5, 2021.

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Zeiss Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/20/2021

Seed VC

Senorics

$9.78M

Yes

2

6/4/2020

Unattributed

Perseus Biomics

Yes

1

12/22/2014

Corporate Minority

Oraya Therapeutics

Yes

1

1/1/2012

Corporate Minority

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$99M

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10

9/30/2008

Growth Equity

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$99M

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10

Date

5/20/2021

6/4/2020

12/22/2014

1/1/2012

9/30/2008

Round

Seed VC

Unattributed

Corporate Minority

Corporate Minority

Growth Equity

Company

Senorics

Perseus Biomics

Oraya Therapeutics

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Amount

$9.78M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

2

1

1

10

10

Zeiss Portfolio Exits

2 Portfolio Exits

Zeiss has 2 portfolio exits. Their latest portfolio exit was Molecular Imprints on April 23, 2014.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

4/23/2014

Acquired

1

00/00/0000

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$991

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10

Date

4/23/2014

00/00/0000

Exit

Acquired

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Companies

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Valuation

$991

Acquirer

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Sources

1

10

Zeiss Acquisitions

19 Acquisitions

Zeiss acquired 19 companies. Their latest acquisition was Capture 3D on May 12, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

5/12/2021

Acquired

4

12/11/2020

Corporate Majority

1

12/7/2020

Corporate Majority

1

9/1/2020

Corporate Minority

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$99M

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10

11/27/2019

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$99M

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10

Date

5/12/2021

12/11/2020

12/7/2020

9/1/2020

11/27/2019

Investment Stage

Corporate Minority

Companies

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Valuation

Total Funding

$99M

$99M

Note

Acquired

Corporate Majority

Corporate Majority

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Sources

4

1

1

10

10

Zeiss Partners & Customers

10 Partners and customers

Zeiss has 10 strategic partners and customers. Zeiss recently partnered with Resolve Biosciences on August 8, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

8/3/2021

Partner

Resolve Biosciences

Germany

Resolve Biosciences, Zeiss Partner to Enhance Spatial Biology Imaging Tech

NEW YORK -- Spatial biology startup Resolve Biosciences has partnered with optics firm Zeiss on the development of new microscopy and 3D imaging technologies , the German companies said on Tuesday .

1

6/10/2021

Client

Vivo

China

Zeiss, Vivo team up to exploit mobile imaging tech

`` Vivo 's strategic partnership with Zeiss and the launch of its X60 series flagship in December helped enhance its brand image ahead of the first quarter . ''

4

5/17/2021

Partner

Akoya Biosciences

United States

Akoya Biosciences Inks Comarketing Deal for Tissue Imaging Tech With Zeiss

NEW YORK -- Akoya Biosciences said on Monday that it has signed a comarketing agreement with German optics firm Zeiss 's CODEX spatial phenotyping system and a Zeiss microscope .

2

3/23/2021

Client

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10

1/14/2021

Partner

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10

Date

8/3/2021

6/10/2021

5/17/2021

3/23/2021

1/14/2021

Type

Partner

Client

Partner

Client

Partner

Business Partner

Resolve Biosciences

Vivo

Akoya Biosciences

Country

Germany

China

United States

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News Snippet

Resolve Biosciences, Zeiss Partner to Enhance Spatial Biology Imaging Tech

NEW YORK -- Spatial biology startup Resolve Biosciences has partnered with optics firm Zeiss on the development of new microscopy and 3D imaging technologies , the German companies said on Tuesday .

Zeiss, Vivo team up to exploit mobile imaging tech

`` Vivo 's strategic partnership with Zeiss and the launch of its X60 series flagship in December helped enhance its brand image ahead of the first quarter . ''

Akoya Biosciences Inks Comarketing Deal for Tissue Imaging Tech With Zeiss

NEW YORK -- Akoya Biosciences said on Monday that it has signed a comarketing agreement with German optics firm Zeiss 's CODEX spatial phenotyping system and a Zeiss microscope .

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Sources

1

4

2

10

10

Zeiss Team

13 Team Members

Zeiss has 13 team members, including current Chief Financial Officer, Thomas Spitzenpfeil.

Name

Work History

Title

Status

Thomas Spitzenpfeil

Chief Financial Officer

Current

Michael Kaschke

Carl Zeiss Meditec, and IBM

Chief Executive Officer, President

Former

Dieter Kurz

Chief Executive Officer

Former

Tom Miller

Siemens Healthineers, Analogic, Siemens, and Massachusetts General Hospital

Chief Executive Officer

Former

Jim Taylor

Chief Executive Officer, President

Former

Name

Thomas Spitzenpfeil

Michael Kaschke

Dieter Kurz

Tom Miller

Jim Taylor

Work History

Carl Zeiss Meditec, and IBM

Siemens Healthineers, Analogic, Siemens, and Massachusetts General Hospital

Title

Chief Financial Officer

Chief Executive Officer, President

Chief Executive Officer

Chief Executive Officer

Chief Executive Officer, President

Status

Current

Former

Former

Former

Former

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