Five semiconductor chip-making giants- Qualcomm, Infineon Technologies, NXP Semiconductors, Robert Bosch GmbH, and Nordic Semiconductor, are investing in a joint venture to develop and commercialize RISC-V processors.

MIPS and RISC-V are quite similar, down to using the same names for many instructions, but RISC-V is like an improved version. The RISC-V specification is open source and many companies are building things using it.