DEEPX, a South Korean AI semiconductor startup, raised $80.5 million in Series C funding from private equity investors.
The new fundraising round increased nearly eight times from its Series B funding of $15 million in 2021, the business stated. DEEPX was valued at $529 million after the latest round, reports said.
Read also – Singapore-Based UXUY Secures $7 Million in Pre-A Funding
SkyLake Equity Partners led the Series C investment round, which included BNW Investments, AJU IB, and previous investors.
After working at Apple, Cisco Systems, and the IBM Thomas J. Watson Research Centre, CEO Lokwon Kim established DEEPX in 2018. It develops novel on-device AI semiconductor and computer solutions for physical security, robotics, smart mobility, and AI. It has 259 patents.
DEEPX’s first product line—DX-V1, DX-V3, DX-M1, and DX-H1—will be mass produced in late 2024 for global distribution with the new investment. The firm intends to accelerate the rollout of its next-generation LLM on-device solutions. AI chips, modules, software, and EECP are its products.
Read also – Israel-Based Fairgen Secures $8 Million in Seed Funding
The company stated it is working with over 20 independent design houses in the US, Korea, Mainland China, and Taiwan to assist large-scale production and meet industry needs.
Last year, the South Korean government announced plans to invest $10.7 billion in Korean-owned and Korea-brd enterprises through private venture funds by 2027.
The report said the sum is 13.6% greater than the administration planned. To generate 2 trillion won, the government would establish a Startup Korea Fund by the same year.
About DEEPX
DEEPX pioneered AI semiconductor source technology for efficient edge device deployment.
