AI Chip Startup FuriosaAI Plans $500 Million Round Before IPO

Artificial intelligence chip designer FuriosaAI is seeking to raise as much as $500 million in a funding round before an initial public offering as it gears up to challenge industry titan Nvidia Corp., according to people with knowledge of the matter.

The Seoul-based startup has appointed Morgan Stanley and Mirae Asset Securities Co. as co-advisers for the Series D round, and is targeting $300 million to $500 million in the round, the people said, asking not to be identified because the details aren’t public.