ARM and RISC-V are entirely different in that neither one is based on the other, but what they have in common is that they're both RISC (Reduced Instruction Set Computing) architectures. RISC is what makes ARM CPUs (in your phone, etc) so efficient and hopefully RISC-V will get there too.
x86 by comparison is Complex Instruction Set Computing, which allows for more performance in some cases, but isn't as efficient.