In a significant boost for the local tech industry, Provenance Chain Network, a Portland-based company specializing in supply-chain transparency for semiconductor parts, has been awarded $5 million as part of the Small Business Innovation Research Program. This funding comes under the CHIPS for America Act, a landmark legislation passed by Congress in 2022 aimed at revitalizing the U.S. semiconductor industry.
The Provenance Chain Network’s founder and CEO, Jeffrey Gaus, expressed his enthusiasm for the investment, stating that the COVID-19 pandemic underscored the critical importance of a resilient supply chain. “The pandemic proved how critical the supply chain is,” he remarked, highlighting the challenges faced during global disruptions.
The CHIPS for America Act has allocated more than $32 billion across 16 states, with the Biden administration emphasizing its commitment to rejuvenating the domestic semiconductor sector. This initiative is projected to create approximately 115,000 jobs, reinforcing the administration’s goal of promoting re-shoring and near-shoring of semiconductor manufacturing.
“They set out with the CHIPS Act to promote re-shoring, near-shoring – basically the reconfiguration of the semiconductor supply chain,” Gaus explained. “As part of that, there was a lot of capital put into that bill to support supply-chain innovations, and we’re one of the recipients of that.”
The funding will enable Provenance Chain Network to enhance its capabilities in tracking and ensuring the integrity of semiconductor components, ultimately contributing to a more robust and transparent supply chain. As the demand for semiconductors continues to rise, investments like these are crucial for maintaining the U.S.’s competitive edge in the global tech landscape.
