SEOUL — Rebellions Inc., a South Korean AI chipmaker, announced on Tuesday that it has secured a significant investment of 20 billion won ($14.4 million) from Saudi Aramco. This investment is part of a strategic move to penetrate the Middle Eastern AI chip market.
According to Yonhap News Agency, the investment was made through Aramco's venture capital arm, Wa'ed Ventures, which manages a $500 million fund. This marks Aramco’s first venture into the South Korean startup ecosystem. Rebellions plans to use this investment to establish a local branch in Saudi Arabia, aiming to collaborate on developing independent AI infrastructure and services within the region. Park Sung-hyun, CEO of Rebellions, stated that the investment from Aramco is expected to significantly boost the company's global market presence. Established in 2022, Rebellions has quickly become a prominent player in the AI chip industry, recently announcing plans to merge with fellow startup Sapeon Korea Inc. to strengthen its market position.