AI Chip Startup Rivos Raises $250 Million to Take on Nvidia and Arm with RISC-V and 3nm Chips

Rivos Inc. raised over $250 million from investors including Matrix Capital Management, Intel Capital, and MediaTek Inc. to develop AI chips
The company is targeting customers who need AI capabilities but don't require Nvidia's most advanced chips
Rivos' chip uses the open RISC-V standard to compete with Arm Holdings chips
The funding will help Rivos pilot produce chips using TSMC's advanced 3nm process technology
Rivos was founded in 2021 and its CEO previously worked at Apple; the companies settled a 2022 trade secrets lawsuit