Jumia Technologies announced the creation of a new fund that will invest in companies in the semiconductor and chip technology sector, raising $1bn in an initial public offering (IPO) on Monday.
The company’s board, which also includes former chairman and CEO Dr Paul Breen, said the new fund will support companies like Micron that were “on the cusp of making the transition from proprietary technologies to more open and transparent solutions”.
Jumia is one of Australia’s leading chip technology companies.
It has made a number of acquisitions including its own chip design firm in 2014, and also partnered with Intel to create a chip-on-chip (POC) for smartphones.
The fund will be led by New York-based investment firm Silver Lake Partners.
Micron also has a stake in chipmaker ARM Holdings, which is the world’s largest maker of microprocessors and chips.
The chip company has made progress in the technology space, making a number recent acquisitions.
Its new chip is expected to make a major impact in the coming years, with some companies already claiming the chip could revolutionise mobile phones.
Its new funding comes amid a major shift in the chip industry, as manufacturers like Intel and Samsung move to make chips with smaller and more powerful cores.