Chip Designer SiFive Raises $175 Million, Setting Stage for IPO

Chip startup SiFive Inc. raised $175 million from investors such as Intel Corp. and Qualcomm Inc., giving it enough funding to work toward going public.

The investment values the business at $2.5 billion, SiFive said in a statement Wednesday. The cash, in addition to the $210 million that the company gained from a sale of a unit this week, is enough to support its operations and growth until it does an initial public offering, Chief Executive Officer Patrick Little said.