Temasek’s Pavilion Capital backs South Korean AI chip maker Rebellions with a $50 million investment

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Global venture capital firms are investing in semiconductor startups developing next-generation chips. Semiconductors, which have become a valuable asset, are used in almost all industries, including 5G networks, automation, the Internet of Things, finance, smart homes, smart cities, virtual reality (VR), augmented reality and self-driving cars. .

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Songhyun Parkformer quant developer at Morgan Stanley in New York, launched semiconductor startup with artificial intelligence uprisings with four co-founders enter this hot industry in 2020. TodayA South Korean company that creates chips designed for artificial intelligence applications has announced it has raised $50 million (62 billion won) Series A from investors including Pavilion Capital Temasek, Korean Development Bank, SV Investment, Mirae Asset Capital, Mirae Asset. Ventures, IMM Investment, KB Investment and KT Investment.

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Its existing backers are Kakao Ventures, GU Equity Partners and Seoul Techno Holdingsalso competed in the round, Park told TechCrunch.

Series A, which was re-signed (the firm originally planned around $40 million) and completed in less than three months, raised Rebellions’ total funding to around $80 million (100 billion won) at an estimated valuation of $283 million ($325 billion). KRW), the Rebellions Park CEO told TechCrunch.

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The startup will use the capital to mass-produce its second prototype AI chip, called ATOM, to be used in enterprise servers, Park said. In addition, the funding will be used to double the workforce to 100 employees and open a US office by the end of this year, Park continued.

Rebellions is in talks with potential customers to bring its first AI chip, called ION, to market. ION’s clients may include global investment banks, Park said, and its second ATOM chip is aimed at large companies in the cloud and data center sectors. The Taiwan Semiconductor Manufacturing Company (TSMC) has agreed to begin production of ION chips as early as next year.

The company claims that its first ION chip, released in November 2021, improves trading speed and reduces delays and is twice as fast as Goya AI Chip by Intel Habana Labs in terms of execution. This means that Rebellions’ ION provides faster data execution, so lead orders can be processed faster and more profitably than traders with slower execution rates. High Frequency Trading (HFT) or Systematic Trading is an automated trading platform used by large investment banks, hedge funds and institutional investors to fill a large number of orders.

Rebellions ION AI Chip

Image credits: Rebellions ION AI Chip

Previously, Park helped develop Starlink ASIC chips at Space X and worked as an engineer at Intel Labs and Samsung Electronics.

More than 50 AI chip makers around the world, including Samba Nova, Graphcore, Groq, and Cerebras, are looking to challenge AI processors from Nvidia, Intel, and Qualcomm, according to the data. Gartner Analyst Alan Priestley. Intel acquires Israeli AI chip maker Habana Labs for approximately $2 billion in 2019, while Qualcomm took Nuvia for approximately $1.4 billion in early 2021. The AI ​​chip market is predicted to be worth more than $83.2 billion by 2027, up from $56 billion in 2018. report for 2019 from Insight Partners.

Venture funding for global chip startups more than triple compared to last year, in 2021, according to PitchBook, $9.9 billion was invested in 170 deals.

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