Information for shareholders and prospective investors
Search For The Next Ltd is a private UK company building infrastructure for human-aligned, self-improving AI. This section covers the company, the proposition, and how any future liquidity event would work under PISCES.
Nothing on this page is a public offer of securities or financial advice. SFN does not operate a trading venue. All regulated activities are handled by an FCA-approved operator.
How this works
The front door, not the exchange
SFN's website is an information and routing layer — not a trading platform, shareholder registry, or regulated financial portal. Everything regulated belongs to the FCA-approved PISCES operator.
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What SFN provides here
Company information, the investment proposition, shareholder communications, PISCES education, event announcements, and expressions of interest.
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What the operator provides
Investor onboarding, KYC and AML checks, eligibility and accreditation verification, trading windows, settlement, and regulatory record-keeping.
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How you participate
Register interest here. When a liquidity event is announced, eligible investors are directed to the operator's regulated environment to participate.
Investor Centre
The company and the proposition
Search For The Next Ltd is a deep-tech company. Its systems — same-day manufacturing, Self-Learning Loop, and distributed factory network — form an integrated stack for same-day semiconductor fabrication, human-gated iterative improvement, and distributed deployment. The company is operational today at our development facility.
What the company is building
Same-day manufacturing — same-day atomic-layer additive fabrication; no masks, no steppers; GaN substrate; sub-nanometre-class output. Running at our development facility today.
Self-Learning Loop — a human-gated 4-step improvement cycle in which AI proposes, a human authorises, and a new substrate is fabricated. Patent pending.
Distributed factory network — a distributed and franchised fabrication deployment model, designed to scale manufacture without centralised capital expenditure.
our devices, our 3D architecture, integrated memory — the device physics and memory technologies that make the system commercially distinctive.
Stage and status
Operational: Our development facility is running. same-day fabrication is live. The self-learning Pre-Loop Orchestrator is deployed.
Imminent: Self-Learning Loop Cycle 1.
Pipeline: our semiconductor platform quantum-operation devices, our device technology hair-trigger transistors, our 3D architecture vertical 3D combinations, integrated memory domain-wall memory — all on the same same-day manufacturing run.
Positioning: "The Large Language Model for hardware." — Peter Needle, after visiting our development facility.
Investor Documents
Materials available to eligible investors on request or through the operator's environment. Documents marked On request are not available for open download.
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Company Overview
Introduction to SFN, its technology systems, commercial model, and stage of development.
Available — contact IR
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Investor Memorandum
Detailed description of the company, the proposition, funding history, and risk factors.
On request
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Shareholder Circulars
Formal communications to existing shareholders. Published here as they are released.
None published yet
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Company Updates
Technology milestones, operational announcements, and material company developments.
Subscribe below
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Funding History
Summary of capital raised, round structure, and use of proceeds — available to eligible investors.
On request
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Investor Presentations
Slide decks and investor briefing materials from company presentations and events.
On request
For existing shareholders: holdings information, share balances, voting, and share transfer are handled by the company's shareholder registry — not on this website. Please contact david@searchforthenext.com for registry enquiries.
The economic rationale
Why this makes economic sense
The architecture is designed to reduce development cost, reduce capital intensity, and enable faster commercial deployment compared with conventional semiconductor manufacturing models. The advantage comes from the engine itself, not from headline numbers.
Demonstrated today
Development facility established. Low-temperature manufacturing capability. AI-assisted Self-Learning Loop operating in supervised mode. Mask-free manufacturing approach. Rapid iteration workflow.
The economic logic
Eliminating masks and steppers. Reducing dependence on node transitions. Reducing technology fragmentation and chiplet dependence. Cutting development cycle time. Allowing mixed-technology integration within one common manufacturing framework.
Projected outcomes
Lower development costs and barriers. Faster time-to-market. Smaller facilities and higher utilisation. Potential for higher operating margins and faster innovation cycles.
In short, the economic engine is: no masks, no steppers, no node lock-in, faster iteration, smaller deployment units, and AI-assisted optimisation — factors expected to reduce capital intensity and development cost relative to conventional semiconductor development.
A note on figures: specific ROI, gross-margin, revenue, and competitor-comparison numbers are treated as modelled scenarios and are reserved for private investor materials, where they can be presented with their assumptions. This page explains the source of the economic advantage rather than relying on headline figures. Nothing here is a forecast, a guarantee, or financial advice.
Funding history
Price per share at successive funding rounds
As a private company, SFN has raised capital through successive funding rounds. The chart below shows the documented price per share at each of those rounds since 2018 — a record that has accompanied the growth of the company's patent estate and technology.
Important: these figures are the price per share at successive private funding rounds. As an unlisted company, SFN shares have no public market price. Past funding valuations are not a guide to, or a guarantee of, future value. This information is provided for information only; it is not an offer, an invitation, a financial promotion, or advice. Any investment carries risk, including total loss of capital.
Stay informed
Register your interest
Existing shareholders and prospective investors can register to receive company updates and be notified of any future announcements, including PISCES events. Registration is information-only and creates no obligation on either side.
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Investor updates
Receive company announcements, technology milestones, and advance notice of any future liquidity events.
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Investor enquiry
Request investor information or ask a question about the company, the proposition, or any future PISCES event.
Risk note: Investing in private companies carries significant risk, including the risk of loss of the entire amount invested. Shares in private companies are illiquid — there may be no ready market to sell them. Past performance is not a guide to future performance. Nothing on this page is a public offer of securities, investment advice, or a financial promotion.
Investor FAQ
Common questions
Plain-English answers to the questions investors most commonly ask about SFN, PISCES, and how any future liquidity event would work.
PISCES stands for Private Intermittent Securities and Capital Exchange System. It is a UK regulatory framework overseen by the Financial Conduct Authority (FCA). It allows shareholders in private companies to trade shares in controlled, time-limited windows — without the company needing to list on a public stock exchange. A PISCES event takes place inside an FCA-approved operator's regulated environment, with proper investor protections and disclosure requirements.
No. There is no PISCES trading window or rights issue currently open or scheduled. This page will be updated prominently — and registered investors will be notified — when any event is planned. Do not assume that registering interest means a window is imminent.
SFN is a private company. Shares are not available for purchase on any public market. Any future opportunity to acquire shares would be announced through this page and conducted through an FCA-approved PISCES operator. Registering interest here does not constitute an offer or application to purchase shares.
Holdings information, share certificates, voting, and transfer requests are handled by the company's shareholder registry — not through this website. Please contact the investor relations team directly at david@searchforthenext.com and we will direct you to the appropriate process.
A trading window is a time-limited period — typically days or weeks — during which eligible existing shareholders may offer shares for sale, and eligible buyers may purchase them. The price is determined through the operator's process. Windows are scheduled in advance and do not operate continuously. Outside a window, shares cannot be traded through this mechanism.
A rights issue is an offer made by the company to eligible investors to subscribe for new shares — typically at a defined price and within a defined time period. It is a way for SFN to raise additional capital from its existing or prospective shareholder base. Rights issues are announced in advance with full documentation and are conducted through the operator's regulated environment.
All identity verification, anti-money-laundering checks, accreditation checks, and eligibility assessments are handled by the FCA-approved PISCES operator — not by SFN or through this website. SFN does not collect or process identity documents. When a PISCES event is open, investors are directed to the operator's platform where all regulated onboarding takes place.
Investing in private companies carries significant risks. Shares may lose some or all of their value. Private company shares are illiquid — there may be no ready market to sell them, and any future PISCES event is not guaranteed. The company is at an early stage and may not achieve its commercial objectives. You should not invest money you cannot afford to lose, and you should seek independent financial advice before making any investment decision. This is not financial advice.
The Technology and Manufacturing sections of this website explain same-day manufacturing, Self-Learning Loop, distributed factory network, and the underlying device physics. The Vision page explains the mission and the infrastructure thesis. For detailed technical information, contact the investor relations team.
Get in touch
Questions about SFN as an investor?
Contact the investor relations team directly. We will respond to all genuine enquiries.
