AI chipmaker Rebellions will get $22.8M Series A extension from Korean telco firm KT  – Thealike

South Korean AI chip developer Rebellions has raised a $22.8 million ($30 million) extension to its Series A financing from a strategic investor KT, one of many largest telecom corporations in South Korea. 

Last month, Thealike reported on Rebellions closing on $50 million in funding that valued the corporate at an estimated $283 million. At that point, Rebellions CEO and co-founder Sunghyun Park advised Thealike that the startup wrapped up its preliminary Series A, which was oversubscribed, in lower than three months from monetary traders. 

The Pavilion Capital-backed AI chipmaker has raised about $72.8 million (92 billion KRW) in complete Series A funding, bringing its complete funding to about $102.8 million since its inception in 2020. 

Rebellions spokesperson advised Thealike that the corporate plans to make use of the extension spherical to mass-produce its second AI chip prototype, ATOM, that shall be used for big corporations within the cloud sector and knowledge facilities. 

KT says it desires to develop AI chips akin to NPU (neural processing unit) that shall be used for knowledge facilities, autonomous autos and fintech.

This is the second strategic funding KT has made with AI chipmakers in South Korea in its effort to speed up the AI semiconductor enterprise. Ku additionally stated in a ready assertion that KT would proceed to put money into excellent startups amid a troublesome funding surroundings. 

The competitors for AI chips has been heating up as corporations, together with massive tech giants like Nvidia, Intel, Google, and Apple, develop competing merchandise. Intel acquired Habana Labs, an Israeli startup creating AI chipmaker for knowledge facilities, in 2019.  

The world AI chip market is projected to achieve $194.9 billion by 2030, up from $8.02 billion in 2021, per the AI chip market outlook report

“AI semiconductor is one of the next big technologies,” stated CEO of KT Hyeon-Mo Ku in a ready assertion. “Through the partnership with KT, we hope Rebellions will become a global fabless company like NVIDIA and Qualcomm.”  

Rebellions can also be at present in discussions with potential clients within the monetary sector to get its first AI chip, ION, which was launched in November 2021.

“We are looking forward to collaborating with KT, a leader in the Cloud and internet data center industry, and the strategic partnership will be the driving force behind Rebellions’ new growth and business,” Park stated in its ready assertion. 

Investors collaborating in Rebellions’ Series A embrace Temasek’s Pavilion Capital, Korean Development Bank, SV Investment, Mirae Asset Capital, KT Investment and Kakao Ventures. 

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