– Wa’ed Ventures, Saudi Aramco’s $500 million venture arm, has invested $15 million in South Korean chipmaker Rebellions Inc., marking its first investment in South Korea and aiming to advance the AI industry in Saudi Arabia.
– The investment will help Rebellions, which is partnering with Samsung Electronics to develop a generative AI chip, establish a new subsidiary and launch operations in Saudi Arabia.
– Rebellions has recently agreed to merge with Sapeon Korea Inc., a unit of SK Telecom Co., and is exploring a potential initial public offering in South Korea.
Saudi Aramco’s $500 million venture capital fund, Wa’ed Ventures, has committed $15 million to South Korean semiconductor firm Rebellions Inc. to boost the AI sector in Saudi Arabia. This marks Wa’ed Ventures’ first investment in South Korea.
Rebellions is collaborating with Samsung Electronics to develop a proprietary chip for the generative AI market. The funds will enable Rebellions to establish a new subsidiary in Saudi Arabia and commence operations there.
Additionally, Rebellions recently agreed to merge with Sapeon Korea Inc., a subsidiary of SK Telecom Co., and is considering a potential initial public offering in South Korea.
Fahad Alidi, managing director at Wa’ed Ventures, said, “This investment underscores our commitment to fostering innovation in the semiconductor industry, which has become one of the strategic focus areas in Saudi Arabia’s vision for technological advancements.”
Sunghyun Park, CEO of Rebellions, said, “This strategic investment is pivotal as it accelerates our growth and enhances our global business opportunities, particularly in Saudi Arabia, where AI technology investment is thriving.
“This partnership provides us with a clearer path to expand and innovate in key markets worldwide.”
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