Saudi Aramco’s Wa’ed Ventures Invests $15M in South Korea’s AI Chipmaker Rebellions

Series B Extension Funding to Boost AI Chip Development in Saudi Arabia

South Korea-based artificial intelligence (AI) chip manufacturer Rebellions has raised $15 million in funding from Wa’ed Ventures—the venture capital (VC) arm of Saudi Aramco, the world’s biggest oil producer. This funding marks a significant milestone in Rebellions’ journey and represents Wa’ed Ventures’ initial foray into the South Korean market.

Series B Extension Funding

The $15 million investment was part of Rebellions’ Series B extension funding round, which followed its initial Series B fundraising efforts. The Series B extension has resulted in total proceeds of $124 million, according to a joint statement released on Tuesday. The $500 million VC fund managed by Wa’ed Ventures has committed this capital to Rebellions to foster AI chip development and expansion in the Gulf region.

Rebellions plans to establish a subsidiary and commence operations in Saudi Arabia, utilizing these funds to bolster its chipmaking business. This strategic move aligns with the global trend of expanding AI technology and chip development capabilities.

Pioneering AI Chip Technology

Founded in 2020, Rebellions specializes in AI inference accelerators that are renowned for their energy efficiency and low-latency performance. In just three years, the company has developed two AI chips and is set to launch its third chip in the latter half of 2024. The investment from Wa’ed Ventures is expected to accelerate Rebellions’ growth and enhance its global business opportunities, particularly in Saudi Arabia, where AI technology investment is rapidly expanding.

Crucial Quote

“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,” said Rebellions CEO Sunghyun Park in the statement.

Big Numbers

Since its inception in 2020, Rebellions has secured a total of $225 million in funding, demonstrating the significant interest and confidence in its innovative AI chip technology.

Previous Investments by Wa’ed Ventures

Last year, Wa’ed Ventures invested $14 million in Terra Drone Corp., a Japanese drone and Urban Air Mobility (UAM) technology provider. With the new financing, Terra Drone established a subsidiary in the Gulf state—Terra Drone Arabia—in line with the Saudi government’s “Vision 2030” initiative. This strategic move underscores Saudi Arabia’s commitment to becoming a leader in advanced technology and innovation.

In another notable investment, Wa’ed Ventures participated in PASQAL’s $108 million equity Series B funding round. PASQAL, a company that builds quantum computers from ordered neutral atoms in 2D and 3D arrays, aims to bring practical quantum advantages to its customers and address real-world problems.

Saudi Arabia’s AI Investment Drive

Saudi Arabia has made significant strides in AI investment as part of its Vision 2030 initiative aimed at diversifying the economy. In March, The New York Times reported that the Saudi government plans to establish a $40 billion fund dedicated to AI investment.

In February, Saudi Crown Prince Mohammed bin Salman launched Alat, a technology company backed by the country’s Public Investment Fund (PIF). Alat aims to invest $100 billion by 2030 to position the kingdom as a global hub for technology manufacturing, focusing on advanced technologies, AI, and electronics.

This series of strategic investments underscores Saudi Arabia’s commitment to leading the global AI and advanced technology sectors, paving the way for future innovations and economic diversification.

Conclusion

The investment by Wa’ed Ventures in Rebellions marks a significant milestone in the collaboration between Saudi Arabia and South Korea in the AI technology sector. This funding will not only accelerate Rebellions’ growth but also strengthen Saudi Arabia’s position as a global leader in AI technology and innovation. With the Vision 2030 initiative in full swing, Saudi Arabia is poised to become a central hub for AI and advanced technologies in the coming years.