A Stealth Startup Thinks It Just Hacked the Memory Shortage

image via WIRED

September 9, 2026, 1:00 PM

• •Kepler Computing says it can improve both HBM and SRAM density using 3D stacking and ferroelectric materials.
• •The startup argues its process can work in existing fabs and avoid the cost of building entirely new memory plants or relying on EUV lithography.
• •Kepler has raised $468 million from backers including GlobalFoundries, Intel Capital, AMD Ventures, Baillie Gifford, and Bill Gates.
• •The US Department of Commerce committed up to $245 million to support development of the company’s AI memory technology in the US.
• •Kepler says it has processed around 2,000 wafers so far and plans first HBM samples later this year, Singapore production next year, and US production in 2028.
• •Industry observers say the core challenge will be proving the new materials and manufacturing process can scale cleanly and economically.

Kepler Computing, a San Jose startup founded in 2018, has emerged from stealth claiming it can ease the AI memory shortage with a new high-bandwidth memory and SRAM design. The company says its 3D stacking methods and proprietary ferroelectric materials can increase memory density without relying on expensive EUV lithography, while using existing semiconductor fabs. Kepler has raised $468 million from investors including GlobalFoundries, Intel Capital, AMD Ventures, Baillie Gifford, and Bill Gates, and has also secured up to $245 million from the US Department of Commerce. The company is still in early production testing, with about 2,000 wafers processed so far, and faces major scale-up and contamination challenges before mass manufacturing.

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