South Korean AI semiconductor chip firm Rebellions has reportedly raised ₩30 billion ($22.8 million) in a Series A extension round, funded by the second-largest telecom operator in the country, KT Corporation.
Earlier in June, Rebellions closed a $50 million funding that took the startup’s estimated value to $238 million.
At that point in time, Sunghyun Park, co-founder and CEO of Rebellions, stated that the firm completed its initial Series A in less than three months due to its oversubscription from financial investors.
The AI chipmaker has been allocated a total sum of around ₩92 billion ($72. million) in Series A funding, with its total funding reaching around $102.8 million since its inception in 2020.
A company spokesperson stated that the firm plans on using the additional funding for mass-producing ATOM, its second AI semiconductor chip prototype, which will be utilized by data centers and bigger firms in the cloud sector.
KT expressed its desire to create AI chips similar to an NPU (neural processing unit) that will be used for fintech, autonomous vehicles, and fintech.
This is the second strategic alliance where KT has collaborated with South Korean AI chipmakers to accelerate its AI semiconductor business. The firm also stated that it would continue investing in startups amid a challenging investment environment.
Hyeon-Mo Ku, CEO of KT, stated that the firm hopes Rebellions to become a global fabless firm, like Qualcomm and NVIDIA, through its partnership with KT.
Rebellions is currently discussing with potential customers in the financial industry to get the firm’s first AI chip, ION, which was launched in November last year.
In an official statement, Park stated that Rebellions looks forward to working alongside KT, one of the leading firms in the internet and Cloud data center industry. Park added that the strategic partnership will help push the startup’s growth and business further.
Those who participated in the startup’s Series A are Kakao Ventures, Korean Development Bank, Mirae Asset Capital, SV Investment KT Investment, and Temasek’s Pavilion Capital.
Source credit: https://techcrunch.com/2022/07/05/ai-chipmaker-rebellions-gets-22-8m-series-a-extension-from-korean-telco-company-kt/