VistaEquityPartners Leads $350M Funding Round in SambaNova Systems
By Milana Vinn and Krystal Hu
Private equity firm Vista Equity Partners is spearheading a new funding round of over $350 million in artificial intelligence chip startup SambaNova Systems. This move marks a significant departure from Vista’s usual focus on enterprise software, according to sources familiar with the matter.
Vista, in collaboration with early-stage venture capital firm Cambium Capital, is investing in the Series E round for SambaNova. Other investors in this oversubscribed round include current backer Intel Corp, which is planning to invest approximately $100 million, with potential commitments reaching up to $150 million.
The AI computing startup is seeking this funding to go head-to-head with market leader Nvidia Corp and to meet the increasing demand for inference chips used in AI applications. While the exact valuation of the round remains undisclosed, sources caution that the fundraising process is still ongoing, and final terms could potentially change.
Vista, SambaNova, and Intel have chosen not to comment on the matter, while Cambium has yet to respond to requests for comment from Reuters.
For Vista Equity Partners, a firm with assets exceeding $100 billion that typically focuses on investing in enterprise software companies, backing an AI chip startup represents a rare shift outside its usual investment scope. Known for its significant software acquisitions, Vista recently acquired cloud computing company Citrix Systems in 2022 and software company Nexthink in 2025.
This funding deal comes at a time when software stocks have experienced pressure due to AI transitioning from a supportive factor for many companies to a possible disruptive force. The recent global selloff in software shares wiped out nearly $1 trillion in value as investors reevaluate valuations.
Simultaneously, interest in AI hardware has surged, with a wave of dealmaking surrounding Nvidia competitors as AI companies seek chips capable of running inference tasks quickly and efficiently.
AI chipmaker Cerebras Systems announced a $1 billion funding round this week, valuing the company at $23 billion. The round was led by Tiger Global and included backing from 1789 Capital, supported by Donald Trump Jr. In December, SambaNova’s rival Groq struck a deal with Nvidia to license its technology in a $20 billion all-cash transaction and onboard much of its team.
OpenAI reportedly engaged in discussions with both Groq and Cerebras regarding compute supply deals as the AI lab explores alternatives to Nvidia GPUs to meet fast-inference demands.
The funding for SambaNova follows stalled acquisition talks with Intel. Intel, whose CEO Lip-Bu Tan also serves as SambaNova’s executive chairman, previously discussed acquiring the startup for about $1.6 billion, including debt, as reported by Reuters.
SambaNova was valued at $5 billion in a 2021 funding round led by SoftBank’s Vision Fund 2. Despite facing challenges and conducting layoffs in 2024, the startup has raised over $1 billion from investors since its establishment in 2017 and has pivoted its focus to AI inference and cloud services. Last month, the company informed employees that it had surpassed its sales target for the fiscal year.
In conclusion, Vista Equity Partners’ strategic investment in SambaNova Systems reflects the shifting landscape of the tech industry, with a growing emphasis on AI hardware and the evolving demands of the market. This funding round will enable SambaNova to further compete in the AI chip sector and solidify its position as a key player in the industry.
