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© rebellions
Business |

Rebellions closes $15m Series B extension round

South Korea's fabless AI chip startup Rebellions has secured new investment to add to the USD 225 million it has raised to date.

Rebellions was founded in 2020, positioning itself as a low-cost alternative to the giant incumbents of the AI chip space such as Nvidia and Google. It says its Rebel chip could cost half of Nvidia's USD 30,000 price tag. It is also developing a data centre-focused chip called Atom.

Rebellions completed its USD 124 million Series B funding this January, and with this extension, has now secured over $225 million in total funding since inception. 

The new funding round was led by Wa’ed Ventures, a USD 500 million venture capital fund wholly owned by Saudi Aramco. This is the first time Wa’ed Ventures has invested in a South Korean startup. It says it hopes to open opportunities for business cooperation within the Kingdom and also to establish Rebellions’ presence in the AI infrastructure market in Saudi Arabia.

“We are thrilled to have the support of Wa’ed Ventures,” said Sunghyun Park, Chief Executive Officer of Rebellions in a press release. “This strategic investment is pivotal as it not only accelerates our growth but also enhances our global business opportunities, particularly in the Kingdom of Saudi Arabia, where AI technology investment is thriving. This partnership provides us with a clearer path to expand and innovate in key markets worldwide.”

Rebellions will use 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 in the region.


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