Aramco (Aramco), the oil giant based in Saudi Arabia, has created a venture arm called Wa’ed Ventures that invests in new tech firms. One such firm is Rebellions Inc., a South Korea-based AI chipmaker.
The firm is working with another South Korean giant, Samsung Electronics Co., to make artificial intelligence chips. Aramco’s venture arm will invest $15 million in Rebellions, as the Middle Eastern nation is starting to develop AI in Saudi Arabia. This is the fund’s first investment in a South Korean startup.
Rebellions and Samsung are working to develop a proprietary chip that will be available to the generative AI market. Wa’ed Ventures’ investment will open rebellions in the AI infrastructure market in Saudi Arabia as the country diversifies its investments in technological advancements. Rebellions will establish a local branch in the Middle Eastern nation.
Rebellions was established in 2020. It has already developed two AI chips and plans to launch its third chip in the second half of this year. Last month, it agreed to combine its business with Sapeon Korean Inc., one of its rivals, and a unit of SK Telecom.
Rebellions’ CEO Sunghyun Park released a statement on the investment. It read, “This strategic investment is pivotal as it not only accelerates our growth but also enhances our global business opportunities, particularly in the Kingdom of Saudi Arabia, where AI technology investment is thriving.”
Wa’ed Ventures posted on social media, “We are excited to welcome @RebellionsAI into the Wa’ed Ventures portfolio of global companies as we participate in the company’s $15M Series B Extension round,” and more.
Wa’ed Ventures was established in 2013 by oil giant Aramco. It is a $500 million venture capital fund that invests in technology startups. It focuses on promoting economic diversification and business growth in Saudi Arabia. It manages more than 70 startups and provides funding and partner resources.
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