Feb 6, 2026 (GeokHub) Private equity firm Vista Equity Partners is leading a new funding round exceeding $350 million in artificial intelligence chip startup SambaNova Systems, signaling a notable shift from Vista’s traditional focus on enterprise software, according to people familiar with the deal.
The investment is being made through a partnership with early-stage venture firm Cambium Capital as part of SambaNova’s Series E round. Existing investor Intel is also participating, with plans to invest around $100 million and potential commitments rising to as much as $150 million. Sources said the round is oversubscribed, though fundraising is still ongoing and final terms may change.
SambaNova is seeking the capital to expand its AI inference chip business as demand accelerates for hardware capable of running AI models efficiently and at scale. The company is positioning itself as an alternative to dominant players in the AI chip market, as enterprises increasingly seek faster and more cost-effective inference solutions.
For Vista, which manages more than $100 billion in assets and has historically focused on large-scale software acquisitions, the investment marks a rare move into AI hardware. The firm has built its reputation through major software deals in recent years, but shifting market dynamics are pushing investors to reassess exposure to artificial intelligence infrastructure.
The deal comes amid heightened volatility in software stocks, where investors have begun questioning valuations as AI evolves from a growth catalyst into a disruptive force. At the same time, enthusiasm for AI hardware has surged, fueled by aggressive fundraising and dealmaking among companies developing alternatives to traditional GPU-based systems.
SambaNova’s latest funding follows stalled acquisition discussions with Intel and comes after a challenging period for the company, including workforce reductions in 2024. Founded in 2017, the startup has raised more than $1 billion to date and has refocused its strategy toward AI inference and cloud-based services. Sources say the company recently surpassed its internal sales targets for the fiscal year, signaling improving momentum.
