It's an implementation of the Java virtual machine in hardware, also FPGA-based, see chapter 7.1 Hardware Platforms.

[0] https://backend.orbit.dtu.dk/ws/files/4127855/thesis.pdf

We did see a recent attempt to do hardware-based memory management again with Vypercore, but they ran out of money.

I think part of the problem with any performance-related microarchitectural innovation is that unless you are one of the big players (i.e. Qualcomm, Apple, Intel, AMD, Nvidia) then you already have a significant performance disadvantage just due to access to process nodes and design manpower. So unless you have an absolutely insane performance trick, it's still not going to make sense to buy your chip.