Chip Startup Rivos Raises More Than $250 Million to Tap AI Boom

Silicon Valley chip developer Rivos Inc. raised more than $250 million as it works toward bringing out its first product, underscoring the push for new hardware to meet the needs of artificial intelligence.

The Santa Clara, California-based company said Tuesday that Matrix Capital Management is the largest investor in the latest round, with new backers including Intel Capital and Taiwan chip design firm MediaTek Inc. participating.

Rivos is betting on demand from AI users that don’t need the costliest and most powerful chips from the likes of Nvidia Corp. to run their services. The company targets customers using data analytics ...