Intel buys chip-startup Soft Machines for $300 million
As per media reports, Intel buys Indian origin founders startup, Soft Machines for $300 million (Rs 2,000 crore). Soft Machine is a Silicon Valley-based chip-design company co-founded by Mahesh Lingareddy native of Andhra Pradesh and Mohammad A Abdallah, a native of Jordan.
Founded in 2006, Soft Machines is a technology that helps chips compute faster and more efficiently. It is based in Santa Clara and has previously raised $175 million from investors including AMD, Samsung and Global Foundries.
According to Press, all existing investors of Soft Machines will exit and Intel will take full control from now onwards. Also, all the professionals and employees of Soft Machines will become part of Intel this week. The process is already initiated.
Indian origin co-founder Lingareddy is an alumnus of Andhra University in Kakinada and University of Toledo.