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The man who oversaw Google's buyout of Motorola Mobility will now be in charge of the international chip manufacturer.
ATIC says it will invest the money over the next to years, which will aid the factory's expansion to produce 20- and 14-nanometer nodes.
A longtime customer of Samsung, Apple is reportedly looking at other companies to also manufacture its iPhone and iPad chips.
Apple could turn upstate New York into a global chipmaking hot spot if its rumored discussions with Globalfoundries bear fruit.
If Apple owned capacity at a fab, it would give the company the kind of control over both design and chip manufacturing that Intel has.
According to the companies, the shift will enable mobile devices to offer 40 percent more computing performance and 100 percent greater battery life than the existing 45-nanometer process.
The proposed merger of the chip companies would address Globalfoundries' weaknesses in service and in its ability to produce in bulk.
AMD's former manufacturing operation, which was spun off recently by the chipmaker, launches on Wednesday as "Globalfoundries."
For all the bad blood over smartphones, a coziness remains when it comes to Samsung-made chips, says the chief of VLSI Research. "Apple has been ... learned how to work that relationship."
The chipmaker's spinoff Globalfoundries is preparing to take on world's largest chipmakers.