Is this a sign of things to come in the tech industry? Wave Computing has filed for Chapter 11. And it’s a company that’s focused on artificial intelligence (AI) and deep learning, an area that is still very much the flavour of the month.
The processor technology company has done so voluntarily to enable it to restructure its liabilities and position the business for long-term growth. It has arranged with Tallwood Venture Capital for a capital of about US$27.9 million to continue regular business operations through the bankruptcy process.
With its existing management intact, Wave expects no disruption to existing customers and will continue to offer the same level of service and maintenance and continue to protect its IP during the Chapter 11 process.
Wave has filed a series of customary “first day” motions with the Bankruptcy Court. When granted, these motions will enable day-to-day operations, regular payment of employee wages and benefits, and payment to key vendors for goods and services provided on or after the filing date to continue as usual.
Founded in 2010, Wave owns MIPS Technologies, a leading provider of RISC processor architectures and IP cores that had its heydays back in the 1980s.