Saudi Aramco Unit Injects $15 Million into South Korean AI Chipmaker Rebellions
In a strategic move aimed at bolstering artificial intelligence (AI) capabilities, Rebellions, a South Korean AI chipmaker, has successfully raised $15 million in a Series B extension round. This significant investment comes from Wa’ed Ventures, the venture capital arm of the oil giant Saudi Aramco. The newly acquired funds are earmarked for expanding Rebellions’ operations within Saudi Arabia and for hastening the development of its next-generation AI chips.
Rebellions, founded in 2020, has quickly emerged as a leader in the AI chip industry, specializing in AI inference accelerators known for their energy efficiency and low-latency performance. The firm has been on a rapid growth trajectory, having introduced two AI chips to the market within just three years of its inception. A third AI chip is on the horizon, scheduled for release in the latter half of 2024.
With the completion of its $124 million Series B funding in January, Rebellions has now amassed over $225 million in total funding since its inception. The startup’s plan includes setting up a subsidiary in Saudi Arabia to facilitate new business operations within the kingdom.
Saudi Arabia’s interest in Rebellions underscores the kingdom’s aggressive push towards integrating artificial intelligence into its economy. This move is part of a broader strategy under Saudi Vision 2030, an ambitious plan to diversify the country’s economy beyond oil. As part of this vision, Saudi Arabia has been actively investing in AI, seeing it as a key driver of technological and economic growth. Reports from earlier this year revealed the government’s intention to establish a fund of approximately $40 billion dedicated to AI investments.
In addition to the country’s ventures into AI, Saudi Crown Prince Mohammed bin Salman initiated Alat, a tech company backed by Saudi Arabia’s Public Investment Fund (PIF). Alat’s mission is aligned with the kingdom’s aspirations to transform into a global hub for technology manufacturing, with a focus on advanced technologies, AI, and electronics. The company plans to inject $100 billion into this vision by 2030, illustrating the kingdom’s commitment to becoming a leading figure in the global tech landscape.
Rebellions’ latest funding round, supported by Wa’ed Ventures, not only highlights the growing global interest in AI technologies but also signifies the potential for international collaborations to foster innovation and push the boundaries of what is possible in the tech industry. As Rebellions expands its footprint in Saudi Arabia, it will be at the forefront of the kingdom’s transformation into a center for AI and technology innovation.
