Merger terms agreed to form Korean AI unicorn
Cette publication existe aussi en Français
Sapeon Inc. and Rebellions Inc., two South Korean startups developing artificial intelligence (AI) chips, have signed a definitive agreement to merge.
The announcement was made by Sapeon’s parent company SK Telecom two months after the plan was first revealed.
Sapeon and Rebellions have agreed to merge based on an equity value ratio of 1:2.4 between the two companies, reflecting their corporate values and assets. Post-merger, Sapeon Korea will be the surviving entity but will change its name to Rebellions and will be led by Rebellions’ current leadership and headed up by Rebellions’ CEO Park Sung-hyun.
Under the terms of the deal Sapeon’s current shareholders – SK Telecom, SK Square and SK Hynix – will sell 3 percent of their Sapeon shares prior to the merger. Following the merger, SK Telecom will continue to be a strategic investor.
Sapeon Korea was spun off from SK Telecom’s internal R&D organization in 2016. The company introduced South Korea’s first AI semiconductor for data centers in 2020 and launched the follow-on chip, the X330 in November 2023.
Rebellions was founded in 2020. It has raised more than US$225 million in funding and began mass production of its Atom AI chip this year with plans to launch the the Rebel follow-on chip before the end of the year.
“Signing this agreement will greatly enhance our global position in AI semiconductors, one of the key parts of the AI value chain we’re developing,” said Ryu Young-sang, CEO of SK Telecom, in a statement. “We will continue to invest strategically and work together to become a leader in the AI era.”
In the same statement Park Sung-hyun, co-founder and CEO of Rebellions, said: “South Korea has long been a powerhouse in memory semiconductors. Today, we’re taking a crucial step to extend that leadership into the realms of logic chips and AI through this landmark consolidation.”
Related links and articles:
News articles:
Sapeon launches X330 neural processor
SK spin-off Sapeon raises funds for neural processors
Korean AI chipmaker Rebellions closes $124 million funding round
If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :
