NED Karachi Alum Led Company Raises $50 Million Series C Round

SiFive, the startup led by Pakistani-American CEO Dr. Naveed Sherwani, has raised $50.6 million in its third round of funding. Sherwani is an alumnus of NED University Karachi from where he completed his Bachelors in Electrical Engineering in 1983. He then went on to complete his Ph.D. in Computer Engineering from the University of Nebraska.

Sherwani is a serial entrepreneur and has worked as the CEO of PeerNova as well. PeerNova identifies itself as the company that “combines the best of Blockchain with Big Data & Cloud to uniquely enable financial institutions to securely and verifiably manage their data.”

The CEO previously worked as the ASIC Division head at Intel before launching his own company, Open-Silicon, that offered fabless semiconductors with custom ASIC solutions.

Dr. Naveed has taught at Western Michigan University and has over 100 research papers and authorship of 4 books to his name as well.


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The money for SiFive was raised through investment from renowned investors which include Intel Capital, Western Digital, the hard-drive manufacturer, Spark Capital, and Sutter Hill Ventures.

The company specializes in chip development with an architecture to reduce the manpower and cost. SiFive is also the first company to produce the computer chips based on the RISC-V Instruction Set Architecture (ISA).

Sherwani, talking about the initiative added;

If we make prototyping lower cost and faster, more people will do it. We expect that nine out of 10 chips will not be successful, but the one that does can make money for our customers, our investors, and our intellectual property partners, [and us].

SiFive was founded two years ago by Krste Asanovic, Yunsup Lee and Andrew Waterman who created the RISC-V tech.