May. 4, 2023 /SemiMedia/ -- Tetsuro Higashi, chairman of Japanese chipmaker Rapidus, said yesterday that the company needs about 2 trillion yen (about $14.7 billion) for technology development and will seek medium and long-term aid from the government for this purpose.

In addition, Tetsuro Higashi said the company needs an additional 3 trillion yen to finance mass production and is considering an IPO to raise funds. Higashi said the IPO is the main means of building the company's foundation and a way to raise 3 trillion yen in capital.

Japan's Minister of Economy, Trade and Industry said that the government plans to provide additional subsidies of 260 billion yen on top of the 70 billion yen fund.