On April 26, 2022, Ayar Labs, Inc. closed the transaction. The company amended the terms of the transaction. The company received its second tranche led by new investor Boardman Bay Capital Management, bringing the total gross proceeds raised in the transaction to $130,000,000.

The tranche included participation from new investors, Hewlett Packard Enterprise Company, NVIDIA Corporation, new investors Agave Spv S.R.L., Atreides Capital, LLC, Berkeley Frontier Fund, LP, a fund managed by Reitler Kailas & Rosenblatt LLC, Investment Arm, IAG Capital Partners, LLC, Infinitum Capital Partners LP, Nautilus Ventures LLC, and Tyche Partners, and existing investors Applied Ventures, LLC, GLOBALFOUNDRIES Inc., Intel Capital Corporation, and Lockheed Martin Ventures.