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Rebellions Secures $124M in Series B Funding Round

Source: Rebellions

Seoul, South Korea - Rebellions, a South Korean semiconductor startup, has secured KRW 165 billion ($124 million) in Series B funding. 

The post-money valuation is KRW 880 billion ($661 million). 

The total gross investment secured since inception in June 2020 is KRW 280 billion ($210 million).

The Investors

Investors in the round include KT Group (KT Cloud, KT Investment); KB Securities; KB Investment; NOH & Partners; SV Investment; Mirae Asset Venture Investment; Mirae Asset Capital; IMM Investment; Seoul National University Technology Holdings; Oasis PE; Gyeongnam Venture Investment; SDB Investment.

Strategic investors include KT Conglomerate and Shinhan Venture Investment. 

International investors include Pavilion Capital (Temasek Holdings), Korelya Capital, and DG Daiwa Ventures. 

Pavilion Capital is investing for the second consecutive round.

What they say:

"Despite a challenging investment environment, Rebellions has secured $124 million in Series B funding, strengthening our position as a leading AI chipmaker in South Korea," said Sungkyue Shin, CFO. 

"The new capital will enable geographic expansion, focusing on entering the U.S. and Japanese markets. It will also allow us to accelerate global business development and next-generation product roadmaps."

What comes next: 

Rebellions will use the new capital from the funding round to hire additional talent and accelerate the development of its "Rebel" AI chip, designed for large language models (LLMs), in partnership with Samsung Electronics. 

The new chip builds on Rebel's first chip, ATOM, which is expected to enter volume production later this year. 

With the ramp-up of ATOM, Rebel aims to expand its customer base in South Korea and globally.