Korean chip startup FuriosaAI has turned down an $800 million takeover offer from Meta Platforms Inc., choosing instead to grow the business as an independent company, a person with knowledge of the matter said.

Meta had been in discussions about acquiring Seoul-based FuriosaAI since the start of this year, said the person, who asked not to be identified as the matter is private. A representative for FuriosaAI declined to comment. Meta officials couldn’t immediately be reached for comment outside regular business hours on Sunday.