The Wa’ed Ventures Fund of Saudi Aramco has revealed a $15 million investment in Rebellions, a South Korean startup that develops chips and artificial intelligence.
The investment is a follow-on to the Series B round that the Korean company concluded earlier this year, raising $225 million over the total amount invested to create the company, which brought in $124 million.
One of the objectives of the Kingdom’s Vision 2030 ecosystem semiconductor assistance program is to facilitate the company’s entry into the Saudi market by creating a subsidiary there. This is Waed Ventures’ first investment in a South Korean business.
Commenting on the round, Sunghyun Park, CEO of Rebellions, said: “We are delighted to partner with Wa’ed Ventures and believe that this investment will be a pivotal turning point in the company’s global growth journey in general, and its expansion in Saudi Arabia in particular, where investments in AI technologies have recently kingdom in the flourished.”
Rebellions was established in 2020 and has since gained the ability to compete in the semiconductor and AI chip industry.
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The company launched the Ion and Atom chips in 2021 and 2023, and is presently developing the introduction of a third chip in 2024 that will be part of Samsung’s second half with Collaboration.
“We are proud to partner with the distinguished entrepreneurs at Rebellions and support their journey to accelerate the adoption of AI chips in the Kingdom.We are committed to promoting innovation in the semiconductor sector, which has become one of the key areas supporting technological development within the Kingdom of Saudi Arabia’ Wa’ed Ventures of Managing Director said Fahad Al-Eidi, Vision 2030,”
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About Rebellions
Rebellions is a young, innovative digital company based in the centre of the Korea Silicon Ecosystem that is powered by generative AI. Join forces with Rebellions to expand the boundaries of what is thought to be possible. Welcome to a new era of creativity with our revolutionary Generative AI-powered technology.
