Saudi Aramco’s venture arm, Wa’ed Ventures, has announced that it has invested $15 million in South Korean artificial intelligence (AI) chipmaker Rebellions, making it the fund’s first investment in a South Korean firm. In a statement, Rebellions said that the funding will accelerate its expansion in Saudi Arabia and the development of AI chips globally.
Rebellions raises over $225 million in funding
The company is now working with Samsung to develop its chip for the GenAI market. The startup has agreed to combine its business with Sapeon Korea Inc, its rival and a unit of SK Telecom. In addition, it is looking into a possible initial public offering (IPO) in South Korea.
Founded in 2020, Rebellions specializes in AI inference accelerators that offer energy efficiency and low-latency performance. In the last three years, the company has already introduced two AI chips with the third expected in the second half of 2024.
Rebellions completed its $124 million Series B funding in January 2024 and with Wa’ed Ventures’ investment, it has now secured over $225 million in total funding since its launch.
Read: Largest tech companies in the world by market cap in 2024
Kingdom emerges as major startup player
Saudi Arabia has recently emerged as a significant player in startup activity in the region. In the first half of 2024, the Kingdom raised $412 million in venture capital funding, the largest in the MENA region. In addition, Saudi Arabia now ranks second for emerging markets following Singapore.
The Kingdom has been heavily investing in AI as part of its Vision 2030 plan, which aims to diversify its economy. In February, Saudi Crown Prince Mohammed bin Salman also launched Alat, a PIF-backed tech company, which seeks to invest $100 billion by 2030 to transform the country into a global tech manufacturing hub that focuses on advanced technologies, AI, and electronics.
Aramco’s $500 million venture arm led a $6.5 million funding round for aiXplain last week. The investment in Rebellions is its second investment in the industry.
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