Korean AI startup Rebellions gets US$15 million Saudi backing
South Korean AI chip company Rebellions has received an additional US$15 million towards its Series B funding from Wa’ed Ventures, a $500 million venture capital fund wholly owned by Saudi Aramco.
This brings the total raised by Rebellions to US$225 million since its formation in 2020.
The latest funding complements the US$124 million Rebellions raised in January (see Korean AI chipmaker Rebellions closes US$124 million funding round). It is the first investment made by the Saudi VC firm that, through Aramco, is state-owned. Rebellions said it would open a subsidiary company in the Kingdom of Saudi Arabia.
“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,” said CEO Sunghyun Park, in a statement.
Fahad Alidi, managing director at Wa’ed Ventures, said: “This investment underscores our commitment to fostering innovation in the semiconductor industry, which has become one of the strategic focus areas in Saudi Arabia’s vision for technological advancements.”
Founded in 2020, Rebellions specializes in AI inference accelerators and is due to roll out its third chip – called Rebel – in 2H24 with the help of Samsung Foundry.
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