Asia Tech Wire (Sep 26) -- Several Japanese banks will contribute up to 25 billion yen ($175 million) to local chipmaker Rapidus, according to Nikkei.

Three major Japanese banks will each contribute up to 5 billion yen in support of Rapidus' plan to push ahead with mass production of state-of-the-art semiconductors by 2027, Thursday's report said.

The government-backed Development Bank of Japan (DBJ) will also provide 10 billion yen in funding.

This time, Sumitomo Mitsui Banking Corp., Mizuho Bank, and DBJ will become new shareholders of Rapidus, while existing shareholder MUFG Bank is making its second capital increase after its initial contribution in October 2022.