GreenWaves Technologies
French startup that made ultra-low-power RISC-V chips for AI in earbuds and IoT devices.
On the record
Checkpoint: BODACC filing expected to show whether liquidation closed via asset sale (reprise) or full wind-down
The call
GreenWaves built real ultra-low-power AI chips but a French court put it into liquidation in January 2025, and no confirmed buyer has emerged since.
GreenWaves Technologies made low-power AI chips for tiny devices. The company entered court-supervised liquidation in January 2025 and is now officially inactive in France, meaning it no longer operates. Arm and Nordic Semiconductor dominate the market GreenWaves tried to serve, but the real question is whether another company bought GreenWaves' assets and technology (called a 'reprise' in French law) or whether everything simply wound down. The one thing that could change the picture is a public filing showing that a buyer acquired GreenWaves' chip designs, customer contracts, or intellectual property.
Why
01
AI pressure: None apparent. AI workloads were the product's whole purpose, not a threat, but the company ran out of money before that mattered. Could AI do the core job? Only partly.
02
Bigger players: Arm and Nordic Semiconductor. Arm's low-power MCU designs and Nordic's chips already dominate the market GreenWaves tried to enter with GAP8 and GAP9. Could a giant copy it? Yes, easily.
03
What protects it. None left. GreenWaves Technologies SAS is in compulsory liquidation and marked inactive since 14 January 2025.
What would change this call
BODACC gazette filing on whether liquidation closed via asset sale or full wind-down. Shows whether GAP8/GAP9 IP and tape-outs survive under a successor entity or are gone for good.
Announcement (or absence) of a named successor entity acquiring GAP8/GAP9 IP within 6-12 months. Confirms revival under new ownership versus permanent shutdown of the technology line.
Public status update on GAP9 customer support and hearables design-win continuity. Indicates whether existing customers retained support or migrated to rival platforms.
Announcement (or absence) of a named successor entity acquiring GAP8/GAP9 IP within 6-12 months. Confirms revival under new ownership versus permanent shutdown of the technology line.
Public status update on GAP9 customer support and hearables design-win continuity. Indicates whether existing customers retained support or migrated to rival platforms.
Key numbers
- Liquidation judgment dated 14 Jan 2025
- Registry shows inactive since 14/01/2025
- Total VC funding roughly $30 to 33M raised
Named risks
- Company confirmed in compulsory liquidation (liquidation judiciaire) since 14 January 2025, per French court and registry records.
- Common equity and stock options wiped out in French liquidation; secured creditors and employees paid first.
- No confirmed reprise (asset buyout by successor entity); GAP9 customer support status unknown post-liquidation.
- Conflicting 2025-2026 dated sources describe active operations, likely recycling stale content, creating status confusion.
- Better-capitalized peers (Ambiq, Kneron, Syntiant) outraised GreenWaves in the same edge-AI design-win race before insolvency.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Ambiq | losing to | Ambiq raised ~$120-146M vendor-claimed vs GreenWaves' ~$30-33M total by 2023-02-03 |
| Kneron | losing to | Kneron raised ~$167M, far exceeding GreenWaves' total funding as of Series B close 2023-02-03 |
| Syntiant | losing to | Syntiant raised $100M+ for competing always-on audio/sensor AI chips |
| Arm | contesting | Named by Jon Peddie brief (2026-06-15) as able to fold NPUs into dominant low-power MCU IP |
| Nordic Semiconductor | contesting | Named alongside Arm as incumbent competitor for same low-power AI sockets, per 2026-06-15 brief |
Questions people ask
- Is GreenWaves Technologies still in business in 2026?
- French registry records show GreenWaves Technologies SAS entered redressement judiciaire on 11 December 2024 and was converted to liquidation judiciaire on 14 January 2025, with Verif.com marking it inactive since that date. PitchBook lists it as Out of Business. No confirmed successor entity has been found.
- Did GreenWaves Technologies go bankrupt?
- Yes. The Grenoble commercial court opened court-supervised receivership on 11 December 2024 (cessation of payments backdated to 31 October 2024), then converted it to compulsory liquidation by judgment dated 14 January 2025, per Societe.com registry records.
- Who owns GreenWaves Technologies?
- GreenWaves was a privately held, VC-backed French startup, never public, that raised roughly $30-33M including a 2019 €7M Series A led by Huami/Soitec and a February 2023 €20M Series B led by Innovacom with Thales and Definvest. It is now in compulsory liquidation as of 14 January 2025.
- Who is GreenWaves Technologies' biggest competitor?
- Better-funded edge-AI chip peers Ambiq (~$120-146M raised, vendor-claimed) and Kneron (~$167M raised) as well as Syntiant (~$100M+ raised) compete for the same ultra-low-power AI inference design wins; Arm and Nordic Semiconductor are named incumbent threats able to fold NPUs into MCUs.
- Could AI replace what GreenWaves Technologies makes?
- No, GreenWaves' GAP8/GAP9 chips are themselves AI-inference hardware, so generative AI software doesn't threaten the product category directly. The real risk was competitive silicon substitution from better-capitalized rivals, compounded by the company's confirmed liquidation judiciaire dated 14 January 2025.
- Is GreenWaves Technologies profitable?
- No profitability data exists; the company is in compulsory liquidation as of 14 January 2025 per French court records (Societe.com, published 2026-06-25), following receivership opened 11 December 2024 with a cessation-of-payments date backdated to 31 October 2024.
Timeline
- 2025-01-14Receivership converted to liquidation judiciaire; court-appointed liquidator named
- 2024-12-11Grenoble commercial court opens redressement judiciaire (receivership)
- 2024-11-11Reference-design partnership with InnoPhase IoT and IDUN Audio for Wi-Fi audio headset
- 2024-10-31Cessation of payments date backdated by court filing
- 2023-11-24CEO Loic Lietar cites about 50 people (employees and partners) in RCF interview
- 2023-02-03Closes EUR20M Series B led by Innovacom with Thales, Definvest, French Tech Seed
- 2020GAP9 announced: GlobalFoundries 22nm, NE16 accelerator, ~50 GOPS at ~50mW
- 2019-02-19Closes EUR7M Series A co-led by Huami with Soitec
- 2018GAP8 first-generation processor launches on TSMC 55nm
- 2014-11Founded in Grenoble by Loic Lietar, Eric Flamand, Denis Mestdagh, Joel Cambonie
Revision history
24 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Société GREENWAVES TECHNOLOGIES à GRENOBLE (2026-06-25)
- GREENWAVES TECHNOLOGIES, Verif (2025-01-13)
- GreenWaves Technologies 2026 Company Profile
- GreenWaves GAP9 ships AI in earbuds at 50 mW (2026-06-15)
- Chiffre d'affaires, statuts, extrait d'immatriculation
- GreenWaves Technologies Announces 7M€ Series A Funding (2019-02-19)
- GreenWaves Technologies announces a €20M financing (2023-02-03)
- AI chip supports inference in ultra-low-power devices (2020-01-07)
- Products, Competitors, Financials, Employees, Headquarters Locations (2024-11-11)
- Loic Liétar, Greenwaves Technologies : embarquez l'intelligence! (2023-11-24)
- GreenWaves Technologies CEO, Founder, Key Executive Team
- Leader in Ultra-Low Power Edge AI Semiconductors (2026-07-10)