AI Hardware

Wa’ed Ventures invests $15M in South Korean chipmaker

Saudi Arabia’s Aramco’s venture arm, Wa’ed Ventures, has invested $15 million in South Korean chipmaker Rebellions Inc.

By Priya Khosla July 23, 2024

The company is working with Samsung to develop its proprietary chip for the GenAI market. The startup has agreed to combine its business with Sapeon Korea Inc, its rival and a unit of SK Telecom and is looking for a possible IPO in South Korea.

This Saudi investment is the region’s bid to accelerate the AI industry in the kingdom. Rebellions will use the funding to establish a new subsidiary in Saudi Arabia and launch its business operations in the region.

The Middle East is rapidly emerging as a significant player in the global AI and semiconductor sectors, driven by strategic investments from Saudi Arabia and the United Arab Emirates (UAE). These nations are making substantial strides in acquiring the technology and talent necessary to build and maintain advanced AI systems, aiming to diversify their economies and establish themselves as leaders in the AI domain.

In the first half of the year, the kingdom raised $412 million in VC funding, the largest in the MENA region. Saudi Arabia also now ranks second for emerging markets after Singapore.

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