Apple lawsuit behind it, chip startup Rivos plots its next moves

16.04.2024

 

In 2022, Rivos grabbed headlines when Apple filed a lawsuit alleging trade secret violations. Apple claimed Rivos had poached numerous Apple engineers and used their knowledge to develop chips to compete with Apple’s own. Rivos denied these allegations and counter-sued Apple for unfair competition. The legal dispute was settled in February, along with separate litigation involving some of the engineers Rivos had hired.

With the courtroom drama resolved, Rivos is refocusing on bringing its chipset technology to market. CEO Puneet Kumar stated, “Rivos was founded with the mission of building industry-leading power-efficient, high-performance chips.” The company aims to target customers developing data-driven solutions.

Rivos recently announced securing over $250 million in an oversubscribed, extended Series A funding round. Matrix Capital Management led the investment, with participation from industry giants like Intel (via its corporate VC division) and MediaTek. Other investors included Cambium Capital, Hotung Venture Group, Walden Catalyst, Dell Technologies Capital, and Koch Disruptive Technologies.

This funding marks a significant turnaround for Rivos, which faced difficulties in fundraising and recruitment due to the Apple lawsuit. About a year ago, the company struggled to attract investors and employees, leading to layoffs and delays in planned fundraising rounds.

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