Private equity firm Vista Equity Partners is leading a fresh funding round exceeding $350 million in artificial intelligence chip startup SambaNova Systems, according to people familiar with the matter. Notably, this investment marks a rare strategic shift for Vista, which traditionally concentrates on enterprise software.
According to three sources, Vista is investing in the Series E round through a partnership with early-stage venture capital firm Cambium Capital. Meanwhile, other investors in the oversubscribed round include existing backer Intel Corp., which currently plans to invest approximately $100 million, while potential commitments could rise to $150 million, two sources said.
The AI computing startup is actively raising capital to compete with market leader Nvidia Corp. and to meet surging demand for inference chips that power modern AI applications. As a result, SambaNova aims to strengthen its position in the rapidly evolving AI hardware market.
For Vista, which manages over $100 billion in assets and states on its website that it “invests exclusively in enterprise software companies,” the decision to back an AI chip startup represents an unusual move beyond its traditional investment mandate. Historically, Vista has built its reputation on large-scale software acquisitions, including the purchase of cloud computing company Citrix Systems in 2022 and software company Nexthink in 2025.
Importantly, the deal emerges at a time when software stocks have faced mounting pressure. In recent months, artificial intelligence has shifted from acting as a growth catalyst to becoming a potential source of disruption for many software companies. Consequently, a global sell-off in software shares this week erased nearly $1 trillion in market value as investors reassessed sector valuations.
The funding round follows earlier acquisition discussions between SambaNova and Intel that ultimately failed to materialize. Previously, Intel had explored acquiring the startup for roughly $1.6 billion, including debt, as reported earlier. Notably, Intel CEO Lip-Bu Tan also serves as SambaNova’s executive chairman, highlighting the depth of the relationship between the two companies.
SambaNova last secured a $5 billion valuation during a 2021 funding round led by SoftBank’s Vision Fund 2. However, since then, the company has encountered operational challenges and implemented layoffs in 2024. Despite these hurdles, the startup has raised more than $1 billion from investors since its founding in 2017.
In response to market dynamics, SambaNova has pivoted its strategy toward AI inference and cloud-based services. Encouragingly, the company informed employees last month that it had surpassed its sales target for the fiscal year, according to one source.
Vista Equity Partners’ investment in SambaNova Systems signals a meaningful shift in its capital deployment strategy as AI infrastructure reshapes technology markets. As competition intensifies in the AI chip sector and demand for inference solutions accelerates, this funding round positions SambaNova to reassert its relevance while underscoring how even traditionally software-focused investors are adapting to the disruptive force of artificial intelligence.
