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The Performance P650, a RISC-V processor family member, is 50% faster than its predecessor but slower than top-end chips in Samsung and Apple smartphones.

A startup called SiFive announced a new processor design Thursday that could revamp mobile phones, cars and other digital devices if the company’s plans work out. Its Performance P650 design comes with a 50% speed boost over the P550 that arrived in June.

The San Mateo, California-based company hopes its designs will offer a better balance of speed, battery life and cost thanks to a fresh start in chip engineering. The new approach comes from an effort called RISC-V that’s backed by university researchers and now a lot of tech companies, too.

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