Instant Billions

Semiconductor startup seeks hefty fundraising total

Nuvacore, a six-month-old semiconductor startup backed by Sequoia Capital, is seeking to raise hundreds of millions of dollars at a valuation of approximately $2.5 billion, Reuters reported exclusively October 9, citing two people familiar with the fundraising.

The San Jose-based company is reportedly developing a central processing unit (CPU) designed for data centers, as well as "targeting growing demand for computing infrastructure supporting artificial intelligence applications," according to the company website.

Nuvacore has yet to release a product, and its latest funding round remains open, with the final valuation and amount raised subject to change, Reuters reported. Previous reports claimed that the startup was seeking at least $200 million, prior to the proposed $2.5 billion valuation being disclosed.