South Korean AI chip developer Rebellions has raised a $22.8 million (30 million KRW) extension to its Collection A financing from a strategic investor KT, one of many largest telecom firms in South Korea.
Final month, Nob6 reported on Rebellions closing on $50 million in funding that valued the corporate at an estimated $283 million. At the moment, Rebellions CEO and co-founder Sunghyun Park advised Nob6 that the startup wrapped up its preliminary Collection A, which was oversubscribed, in lower than three months from monetary traders.
The Pavilion Capital-backed AI chipmaker has raised about $72.8 million (92 billion KRW) in whole Collection A funding, bringing its whole funding to about $102.8 million since its inception in 2020.
Rebellions spokesperson advised Nob6 that the corporate plans to make use of the extension spherical to mass-produce its second AI chip prototype, ATOM, that will probably be used for big firms within the cloud sector and knowledge facilities.
KT says it needs to develop AI chips corresponding to NPU (neural processing unit) that will probably be used for knowledge facilities, autonomous automobiles and fintech.
That is the second strategic funding KT has made with AI chipmakers in South Korea in its effort to speed up the AI semiconductor enterprise. Ku additionally stated in a ready assertion that KT would proceed to spend money on excellent startups amid a troublesome funding atmosphere.
The competitors for AI chips has been heating up as firms, together with massive tech giants like Nvidia, Intel, Google, and Apple, develop competing merchandise. Intel acquired Habana Labs, an Israeli startup growing AI chipmaker for knowledge facilities, in 2019.
The worldwide AI chip market is projected to succeed in $194.9 billion by 2030, up from $8.02 billion in 2021, per the AI chip market outlook report.
“AI semiconductor is likely one of the subsequent massive applied sciences,” stated CEO of KT Hyeon-Mo Ku in a ready assertion. “By means of the partnership with KT, we hope Rebellions will turn out to be a world fabless firm like NVIDIA and Qualcomm.”
Rebellions can be at present in discussions with potential clients within the monetary sector to get its first AI chip, ION, which was launched in November 2021.
“We’re wanting ahead to collaborating with KT, a pacesetter within the Cloud and web knowledge middle business, and the strategic partnership would be the driving pressure behind Rebellions’ new progress and enterprise,” Park stated in its ready assertion.
Buyers taking part in Rebellions’ Collection A embody Temasek’s Pavilion Capital, Korean Growth Financial institution, SV Funding, Mirae Asset Capital, KT Funding and Kakao Ventures.