Saudi Aramco’s Wa’ed Ventures Invests $15 Million in South Korean Chipmaker Rebellions
In a groundbreaking move, Saudi Aramco’s growth capital arm, Wa’ed Ventures, has injected $15 million into the South Korean chipmaker firm Rebellions. This marks Wa’ed Ventures’ first foray into investing in a startup based in South Korea.
The infusion of funds will empower Rebellions to expedite the development of artificial intelligence chips on a global scale and pave the way for the expansion of its operations into the Kingdom of Saudi Arabia, as stated in a press release.
Saudi Arabia is aggressively propelling its chipmaking industry forward as part of a comprehensive strategy to enhance technological capabilities and foster economic diversification under Vision 2030.
Fahad Alidi, the managing director at Wa’ed Ventures, emphasized the significance of this investment, stating, “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.”
Established in 2013 by Saudi Aramco, Wa’ed Ventures is a $500 million venture capital fund dedicated to investing in technology-based startups to stimulate economic diversification and business growth within the Kingdom. With a current portfolio of over 70 startups, Wa’ed Ventures provides comprehensive support from funding to partner resources.
The funding injection will enable Rebellions to establish a strong presence in the Saudi AI infrastructure market and align with the Kingdom’s goal of economic diversification through technological advancements.
Sunghyun Park, the CEO of Rebellions, expressed enthusiasm about the strategic partnership, stating, “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.”
Founded in 2020, Rebellions specializes in AI inference accelerators known for their superior energy efficiency and low-latency performance. The company has introduced two AI chips in three years and is gearing up to unveil its third chip in the latter half of 2024.
Having recently concluded a $124 million Series B funding round in January, Rebellions has now amassed over $225 million in total funding since its inception. The company is collaborating with Samsung Foundry on its next-generation AI chip, REBEL.
In another notable move, Wa’ed Ventures led a $6.5 million pre-Series A funding round for the California-based AI platform aiXplain earlier this month. With backing from US firms including Transform VC and Calibrate VC, aiXplain has raised $16.5 million to date and is gearing up for a global rollout of AI solutions.