⁍ Nuvia was established last year to design a data center processor chip that is faster and more power-efficient than current offerings.

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⁍ Facebook is one of the world’s biggest buyers of data center chips.

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⁍ Nuvia is one of several firms developing server chips with technology from SoftBank Group Corp’s Arm Ltd.

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– A trio of former Apple execs who used to run the company’s iPhone chips have come together to create a new kind of chip. Nuvia has raised $240 million in a funding round led by Facebook co-founder Peter Thiel, Reuters reports. The Santa Clara, Calif., firm was established last year to design a data center processor chip that is faster and more power-efficient than current offerings, tapping the team’s experience building powerful chips for battery-powered devices. Nuvia is targeting customers that run massive data centers and primarily use chips from Intel and Advanced Micro Devices Inc. Executives said the funding will help Nuvia finish development of its chips, the first of which they expect to reach customers by 2022. The company has not disclosed prospective customers. It has said it is working with Dell Technologies Inc, whose venture capital unit has also invested in the firm. The funding, which brings Nuvia’s capital raised to date at $293 million, was led by Mithril Capital, co-founded by Facebook board member Thiel. Facebook is one of the world’s biggest buyers of data center chips. Nuvia declined to say whether Thiel or anyone else from Mithril would join its board in connection with the round. Mithril did not immediately respond to a request for comment. Nuvia is one of several firms developing server chips with technology from SoftBank Group’s Arm Ltd, which Nvidia Corp has agreed to buy for $40 billion.