SAN FRANCISCO, April 2, 2018 /PRNewswire/ -- SiFive, the leading provider of commercial RISC-V processor IP, today announced it raised $50.6 million in a Series C round led by existing investors Sutter Hill Ventures, Spark Capital and Osage University Partners alongside new investor Chengwei Capital, and strategic investors including Huami, SK Telecom and Western Digital and other companies that are among the most respected and iconic companies in the industry. This Series C round brings the total investment in SiFive to $64.1 million. Additionally, the company also announced it has signed a multi-year license to its Freedom Platform with Western Digital, which has pledged to produce 1 billion RISC-V cores.
This investment will enable SiFive to continue to innovate and provide leadership in bringing highly disruptive RISC-V technologies to the marketplace. "Over the past two years, SiFive has been at the forefront of the RISC-V ecosystem," said Stefan Dyckerhoff, managing director at Sutter Hill Ventures and member of the SiFive board of directors. "Sutter Hill Ventures is confident that SiFive will continue to provide innovative solutions that will fundamentally change the semiconductor industry."
Said Martin Fink, chief technology officer, Western Digital: "RISC-V delivers a platform for innovation unshackled from the proprietary interface of the past. This freedom allows us to bring compute closer to data to optimize special purpose compute capabilities targeted at Big Data and Fast Data applications. The next generation of applications like Machine Learning, AI, and Analytics require this ability to focus on a specific task. Western Digital is focused on the next generation of innovation to enable this new class of applications to deliver the possibilities of data."
This Series C financing comes amid continued milestones for SiFive since its last round of funding in May 2017. Since then, SiFive has expanded its executive team with seasoned industry veterans including CEO Naveed Sherwani. The company also moved to a new, larger headquarters in Silicon Valley, a move that was prompted by a projected 3X growth in headcount.
"We are honored by the continued partnership with our investors and energized by new engagements with longtime industry leaders," said Naveed Sherwani, CEO of SiFive. "This funding from our investors and licensing agreements with strategic partners establishes a strong financial foundation which will help us to continue our trailblazing path of engineering innovations and extend our market leadership around the world."
SiFive's mission is to democratize access to custom silicon through its IPs and platforms, globally. Since becoming available, HiFive1 and HiFive Unleashed software development boards have been deployed in more than 50 countries. Additionally, the company has engaged with multiple customers across its IP and SoC products, shipped the industry's first RISC-V SoC in 2016 and the industry's first RISC-V IP with support for Linux in October 2017.
SiFive is the leading provider of market-ready processor core IP based on the RISC-V instruction set architecture. Founded by the inventors of RISC-V, SiFive helps SoC designers reduce time-to-market and realize cost savings with customized, open-architecture processor cores, and democratizes access to optimized silicon by enabling system designers to build customized RISC-V based semiconductors. SiFive is located in Silicon Valley and has venture backing from Sutter Hill Ventures, Spark Capital and Osage University Partners. For more information, visit www.sifive.com.