December 6, 2023

South Korean AI chip developer mutinies Has raised $22.8 million (KRW 30 million) in Series A funding from a strategic investor KTone of the largest telecom companies in South Korea.

Last month, TechCrunch reported that Rebellions closed a $50 million fund that valued the company at roughly $283 million. At the time, Rebellions CEO and co-founder Sunghyun Park told TechCrunch that the startup wrapped up its first series, which was oversubscribed, in less than three months from financial investors.

The AI ​​chip maker backed by Pavilion Capital has raised approximately $72.8 million (KRW 92 billion) in total Series A funding, bringing its total funding to approximately $102.8 million since its inception in 2020.

A Rebellions spokesperson told TechCrunch that the company plans to use the extension round to produce a second prototype AI chip, ATOM, which will be used for large companies in the cloud and data center segments.

KT says it wants to develop AI chips such as an NPU (Neural Processing Unit) that will be used for data centers, autonomous vehicles and fintech.

This is KT’s second strategic investment with AI chip makers in South Korea in its efforts to accelerate its AI semiconductor business. Koo also said in a prepared statement that KT will continue to invest in premium startups amid a challenging investment environment.

The competition for AI chips has intensified as companies, including big tech giants such as Nvidia, Intel, Google and Apple, develop competing products. Intel acquired Habana Labs, an Israeli startup developing artificial intelligence chip maker for data centers, in 2019.

The global AI chip market is expected to reach $194.9 billion by 2030, compared to $8.02 billion in 2021, Artificial Intelligence Chips Market Forecast Report.

“AI-powered semiconductors are one of the next big technologies,” KT CEO Hyeon-Mo Ku said in a prepared statement. “By partnering with KT, we hope that Rebellions will become a global company like NVIDIA and Qualcomm.”

Rebellions is currently in discussions with potential clients in the financial sector to acquire its first AI chip, ION, which was launched in November 2021.

“We look forward to collaborating with KT, a leading manufacturer of cloud and internet data centers, and a strategic partnership will be the driving force behind the growth and business of new Rebellions,” Park said in her prepared statement.

Investors involved in Rebellion Series A include Temasek’s Pavilion Capital, Korea Development Bank, SV Investment, Mirae Asset Capital, KT Investment and Kakao Ventures.

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