After seven years in stealth mode, Kepler Computing has emerged to address the memory crisis with an HBM alternative using ferroelectric RAM (FeRAM). The startup claims its custom 3D stacking technique and novel materials maintain standard HBM capacity while reducing manufacturing costs by avoiding cutting-edge nodes. Kepler overcame production challenges through 35 material iterations and converted a GlobalFoundries 28 nm facility into a memory fab in eight months—far faster than the typical 24-month DRAM lead time.

The company has processed about 2,000 wafers, with first HBM samples expected later this year. Full-scale volume manufacturing is planned to begin at GlobalFoundries' Singapore facility next year, with U.S. production slated for 2028. Kepler has secured approximately $468 million in funding from GlobalFoundries, Intel Capital, and AMD Ventures.

While skepticism persists about memory startup viability, Kepler aims to demonstrate HBM-like chips with competitive density and bandwidth soon.