Saudi Aramco VC Invests $15M in South Korean AI Chip Startup

SEOUL, South Korea /RIYADH, Saudi Arabia - Saudi Aramco's venture capital arm, Wa'ed Ventures, has invested $15 million in South Korean artificial intelligence (AI) chipmaker Rebellions, marking its first investment in a South Korean firm, the companies said on Wednesday.

The investment brings Rebellions' total funding to over $225 million since its launch in 2020, following a $124 million Series B round completed in January 2024.

Rebellions, specializing in AI inference accelerators, plans to use the funds to expand in Saudi Arabia and develop AI chips globally. 

The company collaborates with Samsung Electronics to create a chip for the generative AI market.

The South Korean startup has agreed to merge its business with Sapeon Korea Inc, a rival unit of SK Telecom. 

It is considering a potential initial public offering in South Korea.

Fahad Alidi, managing director at Wa'ed Ventures, said the investment underscores their commitment to fostering innovation in the semiconductor industry. 

It has become a strategic focus area in Saudi Arabia's vision for technological advancements.

Rebellions CEO Sunghyun Park stated that the partnership provides a clearer path to expand and innovate in key markets worldwide, particularly in Saudi Arabia, where AI technology investments thrive.

The investment comes as Saudi Arabia emerges as a significant player in regional startup activity. 

The country raised $412 million in venture capital funding in the first half of 2024, the largest in the MENA region.

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