According to Silicon Angle, Substrate has raised an initial $100 million to fund its mission to disrupt the global semiconductor industry and reinvent chipmaking.

The company is being backed by high-profile investors including Peter Thiel's Founders Fund, General Catalyst, Allen & Co, Long Journey Ventures, Valor Equity Partners and In-Q-Tel, a nonprofit run by the U.S. government that funds new technologies for the defense and intelligence industries. The round values the startup at $1 billion.