Temasek’s Pavilion Capital Pavilion Supports South Korean Chipmaker Rebellions with $50 Million Investment – TechCrunch

Global venture capital firms are pouring money into emerging semiconductor companies developing the next generation of chips. Semiconductors, which have become a valuable asset, are used in nearly every industry, including 5G, automation, Internet of things, finance, smart homes, smart cities, virtual reality (VR), augmented reality, and self-driving cars.

seungyeon parka former quantitative developer at Morgan Stanley in New York, launched Artificial intelligence semiconductor startup mutinies with four founders To enter the hot industry in 2020. Todaythe South Korean-based company that makes chips designed for artificial intelligence applications, announced that it has raised $50 million (KRW 62 billion) Series A from investors including Temasek’s Pavilion Capital, Korean Development Bank and SV Investment , Mirae Asset Capital, Mirae Asset Ventures, IMM Investment, KB Investment and KT Investment.

Its current backers are Kakao Ventures, GU Equity Partners and Seoul Techno Holdings Park also took part in the tour, he told TechCrunch.

Series A, which overbooked — the company initially targeted about $40 million — and closed in less than three months, raising Rebellions’ total funding to about $80 million (KRW 100 billion) at an estimated valuation of $283 million (325 billion won) KRW ), the CEO of Rebellions Park said in an interview with TechCrunch.

Park said the startup will use the capital to produce its second prototype of the artificial intelligence chip, called ATOM, which will be used in the companies’ servers. In addition, the funding will be used to double the number of employees to 100, and establish an office in the United States 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. Park added that the company’s ION clients could include global investment banks, and the second tranche ATOM targets large companies in the cloud and data center segments. Taiwan Semiconductor Manufacturing Company (TSMC) has lined up to start manufacturing ION chips early next year.

The company claims that its first ION chip, released in November 2021, improves trading speeds, reduces latency and is twice as fast as AI Goya chip from Intel Habana Labs In terms of implementation. This means that Rebellions’ ION enables faster data execution, so clients’ orders can be processed faster and more profitably than traders with slower execution speeds. High-frequency trading (HFT), or regular trading, is an automated trading platform used by large investment banks, hedge funds, and institutional investors to handle a large number of orders.

ION rebels artificial intelligence chip

Image credits: ION rebels artificial intelligence chip

Park previously helped design the Starlink ASICs chip at SpaceX, and worked as an engineer at Intel Labs and Samsung Electronics.

More than 50 AI chip makers in the world, including Samba Nova, Graphcore, Groq and Cerebras, are looking to challenge AI processors from Nvidia, Intel and Qualcomm, according to Gartner Analyst Alan Priestley. Intel acquires Israeli AI chip maker Habana Labs Approximately $2 Billion In 2019 while Qualcomm Novia picked up to about $1.4 billion in early 2021. The AI ​​chip market is expected to be worth over $83.2 billion by 2027, compared to $56 billion in 2018, 2019 تقرير Report by Insight Partners.

Venture capital financing for global startups more than triple On an annual basis in 2021, investing $9.9 billion across 170 deals per PitchBook.