Semiconductor companies have joined forces to set up a new company to promote the adoption of RISC-V, an open-source chip technology.

Qualcomm Technologies, Nordic Semiconductor, NXP Semiconductors, Robert Bosch and Infineon Technologies will invest in the new chip joint venture.

Based in Germany, the new company will work to speed up the commercialisation of upcoming devices built using the open-source RISC-V architecture.

The business aims to serve as a single point of contact to enable RISC-V-based products, provide reference architectures, and aid in the development of solutions that are widely adopted in the sector.

Initially, the companies will focus on the automotive sector, with plans to expand to include sectors such as the Internet of Things and embedded technology.

RISC-V promotes innovation by enabling any business to create cutting-edge, unique hardware using an open-source instruction set, Qualcomm said in a release.

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The adoption of RISC-V technology is expected to facilitate variety in the electronics sector by lowering entry barriers for smaller, emerging businesses and providing larger scalability for established players, the company added.

 Qualcomm Technologies senior vice president of product management Ziad Asghar said: “Qualcomm Technologies has been investing in RISC-V for more than five years and we’ve integrated RISC-V micro-controllers into many of our commercial platforms.

“We believe RISC-V’s open-source instruction set will increase innovation and has the potential to transform the industry.”

Bosch executive vice president Jens Fabrowsky said: “The initiative now planned will greatly help to establish a reliable and efficient EU-based semiconductor ecosystem.”

The creation of the new company is subject to regulatory permission in different jurisdictions.