Aramco's Venture Arm Invests in South Korean AI Chipmaker Rebellions
Search our blog for articles and insights right here, just type your interest and dive into a world of knowledge.
Popular articles
Saudi Aramco's Wa’ed Ventures Invests in South Korean Chipmaker to Boost AI in Saudi Arabia
In a strategic move to bolster the artificial intelligence (AI) industry, Saudi Aramco's venture arm has invested $15 million in South Korean chipmaker Rebellions Inc. This investment aligns with the Kingdom's broader efforts to emerge as a global technology and innovation leader.
Collaboration with Samsung Electronics
Rebellions Inc. is collaborating with Samsung Electronics Co. to develop a proprietary chip aimed at serving the generative AI market. The South Korean startup recently announced plans to merge with Sapeon Korea Inc., a subsidiary of SK Telecom Co. Additionally, Rebellions Inc. is contemplating a potential initial public offering (IPO) in South Korea, positioning itself for substantial growth.
Wa’ed Ventures: Fueling AI Innovation
Wa’ed Ventures, operating with a $500 million fund, serves as Saudi Arabia's investment arm under Aramco. Last week, it participated in a $6.5 million funding round for California-based AI platform aiXplain, marking its second AI-focused investment in a short span.
Strategic Importance for Saudi Arabia
"Investing across the AI stack is not just a strategic move as venture capital investors but also a commitment toward accelerating the Kingdom’s efforts in the global technology and innovation race," stated Fahad Alidi, managing director at Wa’ed Ventures. The investment in Rebellions marks Wa’ed Ventures' first foray into the South Korean market.
New Subsidiary and Saudi Operations
Rebellions plans to utilize the new funding to establish a subsidiary in Saudi Arabia, expanding its business operations into the region. This move is poised to further Saudi Arabia's ambitions in the tech landscape.
Saudi Arabia: A Rising Startup Hub
Saudi Arabia is emerging as a vibrant hub for startup activity within the Middle East. In the first half of 2024, the Kingdom secured $412 million in venture capital funding, leading the Middle East and North Africa and ranking second among emerging markets, just behind Singapore.
