Saudi Aramco's venture capital department invests $15 million in Korean AI chip startup Rebellions
Saudi Aramco's venture capital division has invested $15 million in Korean chip manufacturer Rebellion as part of its efforts to drive the development of Saudi Arabia's artificial intelligence (AI) industry.
Rebellions is collaborating with Samsung Electronics to develop its proprietary chips to serve the generative AI market. This startup agreed in June this year to merge its business with its competitor Sapeon Korea (a subsidiary of SK Telecom) and stated that it is considering an initial public offering (IPO) in Korea.
Wa'ed Ventures is a $500 million venture capital arm of Saudi Aramco and an effective investment tool for Saudi Arabia. Recently, the company also participated in a $6.5 million financing round for California AI platform aiXplain.
Fahad Alidi, Managing Director of Wa'ed Ventures, said, "Investing in the AI field is not only a strategic move for venture capitalists, but also a commitment to accelerate Saudi Arabia's efforts in the global technology and innovation competition
Wa'ed Ventures stated that its investment in Rebellions is its first transaction in South Korea. Rebellions plans to use this funding to establish a new subsidiary in Saudi Arabia and conduct business operations.
Saudi Arabia itself has become a hotbed for startups in the Middle East. According to Magnitt platform data, Saudi Arabia raised $412 million in venture capital funding in the first half of 2024, the highest in the Middle East and North Africa region. Ranked second in emerging markets, only behind Singapore.
Wa'ed Ventures is a $500 million venture capital arm of Saudi Aramco and an effective investment tool for Saudi Arabia. Recently, the company also participated in a $6.5 million financing round for California AI platform aiXplain.
Fahad Alidi, Managing Director of Wa'ed Ventures, said, "Investing in the AI field is not only a strategic move for venture capitalists, but also a commitment to accelerate Saudi Arabia's efforts in the global technology and innovation competition
Wa'ed Ventures stated that its investment in Rebellions is its first transaction in South Korea. Rebellions plans to use this funding to establish a new subsidiary in Saudi Arabia and conduct business operations.
Saudi Arabia itself has become a hotbed for startups in the Middle East. According to Magnitt platform data, Saudi Arabia raised $412 million in venture capital funding in the first half of 2024, the highest in the Middle East and North Africa region. Ranked second in emerging markets, only behind Singapore.