logo
Taiwan Billionaire Tsai's Cathay Venture Joins $152 Million Round In French AI Chip Startup SiPearl

Taiwan Billionaire Tsai's Cathay Venture Joins $152 Million Round In French AI Chip Startup SiPearl

Forbes09-07-2025
getty
Cathay Venture, the venture capital arm of Taiwan billionaire Tsai Hong-tu's banking giant Cathay Financial Holdings, has participated in French AI chip startup SiPearl's €130 million ($152 million) funding round.
SiPearl's Series A round marks Cathay Venture's first investment in the European AI hub of France, the startup said in a statement on Tuesday. It's also the largest Series A round in Europe's fabless semiconductor industry, according to SiPearl. Other investors who joined the round include SoftBank-owned chip designer Arm, the European Union's European Innovation Council Fund, state-owned fund French Tech Souveraineté and French IT company Atos.
Founded in 2019, SiPearl said it will use the funds to produce its AI chip, called Rhea1. The Rhea1 chip, which SiPearl claims is 'the most complex processor ever designed in Europe,' is an Arm-based central processing unit (CPU) designed for supercomputers and inference.
SiPearl said its Rhea1 chip has been handed off to TSMC for manufacturing and will be available for sampling early next year. The chip will be deployed at the government-funded Jupiter supercomputer in Germany for applications such as engineering, materials science and dark matter research.
'With the tape-out of the most complex processor ever designed in Europe, we are showing that Europe now has a competitor capable of challenging non-European leaders,' said SiPearl founder and CEO Philippe Notton, an engineer with stints at French-Italian chip maker STMicroelectronics and Taiwan's MStar Semiconductor (which was acquired by MediaTek in 2013).
Notton added in the statement that his startup chose to forge ties with Taiwan because 'Europe needs strong and independent partners in the global semiconductor ecosystem' and Taiwan is 'at the forefront of this industry worldwide.'
In the statement, Stanley Yu, assistant vice president at Cathay Venture, said the firm invested in SiPearl because it's 'one of the few semiconductor design companies in the world that, from its inception, set out to address the computing power and energy efficiency challenges faced by modern datacenters' needs.'
Cathay Venture was established in 2003 as the investment arm of Cathay Financial, Taiwan's largest financial group with more than $400 billion in total assets. The venture capital firm has more than one-fourth of its portfolio in semiconductor and electronics companies, according to the statement. Among them is U.S.-based Rivos, cofounded by Intel CEO Lip-Bu Tan, which develops chips based on the RISC-V architecture, an open-source alternative to the architecture made by Arm.
Cathay Venture's other portfolio companies include Taipei-based travel superapp KKDay, as well as Hong Kong-based virtual insurance startup OneDegree, which was featured on the Forbes Asia 100 to Watch list in 2022. MORE FROM FORBES Forbes Meet The Hong Kong Billionaire-Backed Chinese Startup That's Making Chips Without U.S. Technology By Zinnia Lee Forbes Nvidia Joins $4 Million Seed Round In Taiwan's AI-Powered Simulation Startup MetAI By Zinnia Lee Forbes Taiwan's Travel Superapp KKday Receives $70 Million Investment To Fund Asia Expansion By Zinnia Lee
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

LKQ Shares Crash To 52-Week Low On Slashed Outlook
LKQ Shares Crash To 52-Week Low On Slashed Outlook

Yahoo

time2 minutes ago

  • Yahoo

LKQ Shares Crash To 52-Week Low On Slashed Outlook

LKQ Corporation (NASDAQ:LKQ) shares plummeted over 21% on Thursday after the automotive parts distributor reported second-quarter adjusted earnings that missed analyst expectations and significantly cut its full-year guidance, citing ongoing macroeconomic headwinds and a lack of recovery in North American repairable claims. The company reported second-quarter adjusted earnings per share of 87 cents, missing the analyst consensus estimate of 92 cents. Quarterly sales of $3.64 billion (down 1.9% year over year) was in line with the Street view. North American organic revenue outperformed the market even as repairable claims across the entire industry declined 9%. In Europe, LKQ Corporation has replaced more than 25% of the leadership team and continues to focus on reducing costs, rationalizing SKU's and enhancing revenue opportunities, including entering into a strategic partnership to expand our salvage business. Also Read: TransUnion's Upbeat Outlook Shines Through Market Uncertainty Organic parts & services revenue declined 3.4% year‑over‑year (2.7% on a per‑day basis). Acquisitions and divestitures trimmed revenue by 1.0% while foreign exchange rates added 2.3%, resulting in a net 2.1% decrease. The company said its focus on cost reduction measures has resulted in more than $125 million in costs taken out over the past 12 months with an additional $75 million targeted for 2025. Gross profit in the quarter under review remained relatively flat on a year-over-year basis to $1.412 billion, with gross margin flat at 38.8%. View more earnings on LKQ Adjusted EBITDA in the quarter under review decreased to $423 million from $429 million a year ago. The company exited the quarter with cash and equivalents at $289 million, and inventories worth $3.394 billion. As of June 30, 2025, the balance sheet reflected total debt of $4.5 billion, and total leverage, as defined in credit facility, was 2.6x EBITDA. On July 22, the company declared a quarterly cash dividend of 30 cents per share of common stock, payable on August 28. Outlook In North America, the company is not seeing a recovery in the repairable claims and tariff uncertainty continues. In Europe, general economic softness and geopolitical unrest are drivers of an uncertain environment. LKQ cut its fiscal year 2025 adjusted EPS guidance to $3.00-$3.30 from $3.40-$3.70, falling short of the $3.52 consensus estimate. Organic revenue for parts and services is expected to decline in the range of 3.5% to 1.5% (prior view: growth of upto 2%). The company's stock has hit a 52-week low of $32.78 following its earnings report. The key factors behind the decline were a miss on adjusted earnings per share and a revised, lower outlook for the full year, both of which have unsettled investors.

AM Best Assigns Credit Ratings to HDI Global UK Limited
AM Best Assigns Credit Ratings to HDI Global UK Limited

Yahoo

time2 minutes ago

  • Yahoo

AM Best Assigns Credit Ratings to HDI Global UK Limited

AMSTERDAM, July 24, 2025--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of "aa-" (Superior) to HDI Global UK Limited (HDI Global UK) (United Kingdom), an entity ultimately owned by HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect HDI Global UK's inclusion as a member of the lead rating unit of HDI V.a.G., which has a balance sheet strength that AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. HDI Global UK is strategically important to HDI V.a.G. as its carrier for writing delegated authority business (retail and small and medium-sized enterprises, as well as liability, motor and high net worth business in the UK. HDI Global UK was established in 2024, as a UK-incorporated subsidiary of HDI Global SE. The company is identified easily as part of HDI V.a.G., carrying the same brand. Given the strategic importance of the company to HDI V.a.G., AM Best expects that sufficient support will be provided promptly by the HDI V.a.G. group, should it be needed. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Andrea Porta Senior Financial Analyst +31 20 808 1700 Angela Yeo Senior Director, Analytics +31 20 808 1712 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318

Saipem and Subsea7 merger agreement sealed
Saipem and Subsea7 merger agreement sealed

Yahoo

time2 minutes ago

  • Yahoo

Saipem and Subsea7 merger agreement sealed

Italy-based energy company Saipem and Subsea7 have signed a binding merger agreement, forming a new entity in the energy sector. The combined entity, to be named Saipem7, is projected to have revenues of around €21bn ($24.75bn), with EBITDA (earnings before interest, taxes, depreciation and amortisation) exceeding €2bn and a substantial backlog worth €43bn. The merger, with the memorandum of understanding signed in February this year, is expected to generate more than €800m in free cash flow and create significant shareholder value. A shareholders' agreement has been signed by Eni, CDP Equity and Siem Industries, ensuring support for the merger. The CEO of Saipem7 will be Alessandro Puliti, designated by Eni and CDP Equity, while Kristian Siem of Siem Industries will serve as the chairman of the board. The merger aims to benefit clients by combining the strengths of both companies, including a global reach across more than 60 countries, a diversified fleet and a combined workforce of approximately 44,000. The transaction is set to yield annual cost and capital expenditure synergies of around €300m from the third year post-completion. Saipem7 plans to distribute at least 40% of its free cash flow to shareholders annually after lease liabilities are covered. The merger will be executed through an EU cross-border statutory merger, with Saipem absorbing Subsea7 and retaining its incorporation in Italy. The newly formed company will be headquartered in the Italian city of Milan and listed on the Milan and Oslo stock exchanges. Post-merger, Siem Industries will hold an 11.8% stake in Saipem7, while Eni and CDP Equity will own 10.6% and 6.4%, respectively. Subsea7 shareholders will receive 6.688 new Saipem shares for each Subsea7 share, leading to an equal shareholding between Saipem and Subsea7's current shareholders upon completion. Saipem7 will consist of four business units, with the Offshore Engineering & Construction segment operating as an autonomous company under the name Subsea7, branded as 'Subsea7, a Saipem7 Company'. This unit will incorporate Subsea7's businesses and Saipem's Asset Based Services, encompassing offshore wind operations. Other business units are Onshore Engineering & Construction, Sustainable Infrastructures and Drilling Offshore. The merger, subject to customary conditions and regulatory approvals, is expected to be completed in the second half of 2026. Financial advisory roles have been assigned to Goldman Sachs Bank Europe and Deutsche Bank for Saipem, and Kirk Lovegrove & Company and Deloitte for Subsea7.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store