"Rivos Secures $250 Million for AI Expansion"
Silicon Valley chip developer Rivos Inc. has raised over $250 million, with Matrix Capital Management as the largest investor, to support its first product aimed at meeting the needs of artificial intelligence. The company is targeting AI users who don't require the most powerful chips, aiming to compete with Nvidia Corp. by offering cost-effective solutions using open-standard RISC-V design. The funding will be used to pilot produce chips using Taiwan Semiconductor Manufacturing Co.’s 3NE process technology, with investors including Intel Capital and MediaTek Inc. Rivos's CEO, Puneet Kumar, previously part of the team at P.A. Semi Inc., started the company in 2021 after a legal dispute with Apple, which has now been settled.