MIPS out of bankruptcy MIPS is now developing an 8th generation architecture, based on RISC-V. MIPS has suffered a chequered history since being bought by Imagination in 2013. In 2017, China-backed Canyon Bridge bought Imagination and the US government insisted that MIPS must not go with Imagination to Canyon Bridge so MIPS was sold to Diosdado Banatao who made his first fortunes at Chips and Technologies and S3. Banatao, by then a VC having founded Tallwood Venture Capital, switched the ownership of MIPS between various of his family-owned companies before selling it to Wave Computing, in which Tallwood was a major shareholder.