AI chip startup Rebellions gets 20 bln-won investment from Saudi Aramco’s venture unit

South Korea's artificial intelligence (AI) chipmaker Rebellions Inc. said Tuesday it has received an investment of 20 billion won (US$14.4 million) from Saudi Arabia's state-owned oil giant Aramco, a move expected to help the company break into the Middle Eastern AI chip market. The investment, made through Aramco's $500 million venture capital arm Wa'ed Ventures, marks the Saudi company's first investment in a South Korean startup, the company said. Rebellions said it will establish a local branch in Saudi Arabia to gain a foothold in the Middle Eastern country, which has a goal of creating independent AI infrastructure and services. "We expect Aramco's investment will play a significant role in helping Rebellions expand its presence in the global market," Park Sung-hyun, the company's CEO, said. Established in 2022, Rebellions is one of the major AI chip startups in South Korea. Last year, it developed an AI system-on-chip that supports large language models. Last month, the company announced its plan to merge with another notable AI chipmaking startup, Sapeon Korea Inc., in a bid to strengthen its market position, aiming to launch an integrated entity by the end of this year. Source: Yonhap News Agency