Intel Proposes To Acquire Chip Maker SiFive For Over $2B: Bloomberg

SourceYahoo News
SectorTechnology
CountrySaudi Arabia

Intel Corp (NASDAQ: INTC) offered to acquire semiconductor designer start-up SiFive Inc for over $2 billion, Bloomberg reports.

SiFive received acquisition offers from multiple parties apart from Intel, including offers for preferable investment routes.

SiFive was last valued at $500 million during a 2020 fundraising event. It last raised $61 million in a 2020 funding round.

SiFive designs chips under the RISC-V architecture to make it cheaper and accessible to customers.

SiFive attracted interest since NVIDIA Corp (NASDAQ: NVDA) agreed to acquire SoftBank Group Corp’s (OTC: SFTBY) (OTC: SFTBF) Arm Ltd for $40 billion. Arm licenses chip and process designs akin to SiFive.

SiFive CEO Patrick Little joined the company in 2020 after heading Qualcomm Inc’s (NASDAQ: QCOM) auto business.

SK Hynix Inc (OTC: HXSCL), Spark Capital, and Prosperity7 Ventures, the venture arm of Saudi Arabia’s state-owned energy producer Aramco are backers of SiFive.

Venture arms of chipmaker Qualcomm and hardware maker Western Digital Corp (NASDAQ: WDC) also back SiFive.

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