South Korea's Foremost AI Chip Company“Rebellions” Secures $15M Series B Extension Round By Wa'ed Ventures
Date
7/23/2024 3:29:27 PM
(MENAFN- Asdaf News)
Riyadh – Asdaf News:
Rebellions, a pioneering South Korean AI chipmaker, today announced the successful closing of a $15 million Series B extension funding round by Wa'ed Ventures, a $500 million venture capital fund wholly owned by Saudi Aramco
The investment by Wa'ed Ventures demonstrates the strong confidence in Rebellions' advanced AI chip technology and its talented team. This is the first time Wa'ed Ventures has invested in a South Korean startup, which underscores Rebellions' strong position as the leading AI chip company in Korea. The investment opens opportunities for business cooperation within the Kingdom and aims to establish Rebellions' presence in the AI infrastructure market in Saudi Arabia.
Rebellions aims to utilize the funding to accelerate its chip development and introduce its innovations to the Kingdom of Saudi Arabia by establishing a new subsidiary and launching new business operations. This aligns with the Kingdom's Vision 2030, a government initiative aimed at achieving economic diversification through crucial technological advancements.
Founded in 2020, Rebellions specializes in AI inference accelerators that offer superior energy efficiency and low-latency performance. Within three years, the company has introduced two AI chips, with its third ready to be rolled-out in the second half of this year. Rebellions completed its $124 million Series B funding this January, and with this extension, has now secured over $225 million in total funding since inception.
Tags#ARAMCO #Saudi Arabia #South Korea #Venture Capital Funding Wa'ed Ventures
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