Chipmaker Intel plans to invest an additional $15 million in SambaNova, a semiconductor startup chaired by Intel CEO Lip-Bu Tan, according to a Reuters analysis of company documents.
This investment, subject to regulatory approval, would increase Intel’s stake in SambaNova to 9%. This support follows a previous injection of $35 million made by Intel in February which, combined with other financing, had already increased the group’s share in the startup from 6.8% last year to 8.2%. The two companies announced a “strategic collaboration” in February.
The details of this and other previously undisclosed transactions illustrate how Intel continues to pursue deals that could increase the personal wealth of Mr. Tan, a wealthy venture capitalist recruited a year ago to turn around the company.
In a stock market document filed at the end of March, Intel indicated that the financing of four unnamed companies was significant to the point of having to be disclosed, due to their scale and the profits Mr. Tan derived from it. The company did not specify whether this list was exhaustive.
Reuters determined the details of these investments and, in the case of startup OPAQUE Systems, the value of Intel’s stake, by reviewing the chipmaker’s statements and cross-checking them with other public statements from Intel and the affected startups.
The review shows that the four companies affiliated with Mr Tan are EPIC Microsystems, 3D Glass Solutions, OPAQUE Systems and SambaNova.
In a statement, Intel said it “maintains rigorous and well-established governance and conflict of interest policies, with the active oversight of the Board of Directors, to ensure that all decisions are made in the best interests of the Company and its shareholders.”
The group added that Intel was already a shareholder in three of these four companies before Mr Tan took over as CEO. Intel did not comment specifically on SambaNova’s funding.
“In specialty sectors like semiconductors and edge computing, overlap between long-time investors is expected,” the company said.
Reuters reported in December that Intel had, in at least three cases, pursued deals profitable to Mr. Tan, either by considering buyout offers for startups backed by the latter – including SambaNova – or by investing in them through its venture capital arm, Intel Capital.
Intel’s stock market document from the end of March reveals a broader scope for this type of operation.
Two corporate governance experts told Reuters in the December report that such transactions at Intel raised concerns because of the conflicts inherent in negotiations with Mr. Tan’s portfolio companies. Conversely, some chip industry analysts have praised Mr Tan’s network of relationships which he says makes him particularly adept at negotiating deals that are beneficial to all parties, as Reuters previously reported.
Asked about Intel’s March document, one of the governance experts, Professor Daniel Taylor of the Wharton School, said he saw nothing inherently wrong with the disclosure.
PARTICIPATION IN SAMBANOVA
Mr. Tan pushed Intel to back SambaNova, a startup that is struggling to realize its ambitions to compete with Nvidia’s AI hardware and software ecosystem.
Mr Tan has chaired SambaNova’s board of directors since November 2017. The company laid off 77 people in California in April 2025 and, during this period, explored avenues of raising capital or putting it up for sale on the basis of a reduced valuation, according to reports previously published by Reuters.
Late last year, Intel and SambaNova signed a non-binding letter of intent for an acquisition that ultimately fell through. Reuters was unable to determine the reason.
Despite these challenges, Intel increased its stake in February and is looking to invest more. Mr Tan’s companies are major backers of SambaNova and could lose millions of dollars if the venture fails.
In response to questions from Reuters, SambaNova said 2025 was its strongest year, breaking all records, and that the company has refocused on inference, a high-demand form of AI computing needed to address the user queries in chatbots like OpenAI’s ChatGPT.
SambaNova has “aligned the organization and new funding with this transition” and launched a new chip, the company said.
OTHER INVESTMENTS IN STARTUPS
In January, Intel invested $2.3 million in AI startup OPAQUE Systems, giving it a 14% stake valued at around $41 million, according to Reuters analysis.
Venture capital funds affiliated with Mr Tan, Walden and FactoryHQ Fund, owned 17% of the startup before the January funding round. The value of their assets was approximately $46 million after the operation.
OPAQUE Systems, Walden and FactoryHQ did not respond to requests for comment.
Intel also injected $3.4 million into EPIC Microsystems for a nearly 5% stake in January. Venture capital funds backed by Mr Tan were major investors in this semiconductor company, and Mr Tan’s son Andrew sits on its board of directors.
Similarly, Intel Capital has invested $8 million in two installments in 3D Glass Solutions since Mr. Tan became CEO of the chipmaker. Mr Tan’s company Walden held 9.6% after the second financing.
Andrew Tan, EPIC Microsystems and 3D Glass Solutions did not respond to requests for comment.
