Rivos, a chip startup that aims to compete with Nvidia (NVDA), is seeking to raise between $400M-$500M, according to two people familiar with the matter, The Information’s Valida Pau and Wayne Ma report. The startup, backed by Intel’s (INTC) CEO Lip-Bu Tan, is seeking a valuation of more than $2B, one of the people said. It’s not clear if the valuation would include the new investment, the authors note. If finalized, the new round would bring Rivos’ total funding to more than $870M since it was founded in 2021. The company is designing a graphics processing unit for release as early as 2026 that could make a dent in Nvidia’s dominance in the artificial intelligence chip market, according to four people with direct knowledge of the matter.
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