Chip Startup Rivos Seeks Up to $500 Million to Compete With Nvidia

Rivos, a chip startup that aims to compete with Nvidia, is seeking to raise between $400 million and $500 million, according to two people familiar with the matter.

The Santa Clara, Calif.–based startup, backed by Intel’s CEO Lip-Bu Tan, is seeking a valuation of more than $2 billion, one of the people said. It’s not clear if the valuation would include the new investment.