MIPS Technologies, Inc., formerly MIPS Computer Systems, Inc., was a United States-based fabless semiconductor design company that is most widely known for developing the MIPS architecture and a series of RISC CPU chips based on it. MIPS provides processor architectures and cores for digital home, networking, embedded, Internet of things and mobile applications. On 8 February 2013 MIPS Technologies, Inc. was acquired by Imagination Technologies after CEVA, Inc. pulled out of the bidding. Imagination Technologies is a UK-based company best known for their PowerVR graphics processor family. MIPS Computer Systems Inc. was founded in 1984 by a group of researchers from Stanford University that included John L. Hennessy, one of the pioneers of the RISC concept. Other principal founders were Skip Stritter, formerly a Motorola technologist, and John Moussouris, formerly of IBM.