Korea's Rebellions raises $640M at $2.6B valuation to take on NVIDIA
What's the deal? South Korean AI chip startup Rebellions has raised $640 million in a late-stage round led by the government-backed National Growth Fund. The deal values the company at $2.6 billion.
What does it do? Rebellions is a fabless firm that designs semiconductors to run AI computations efficiently in data centres. Its clients include Saudi AramcoDealroom has a profile for this one. Try Dealroom →, Japan's NTT DocomoDealroom has a profile for this one. Try Dealroom →, and domestic operators SK TelecomDealroom has a profile for this one. Try Dealroom → and KT.
Why now? Rebellions is the first company selected for investment by the National Growth Fund, a government vehicle backing strategic technology. The company was founded in September 2020 by chief executive officer Park Sung-hyun, who returned to Korea after 11 years at IntelDealroom has a profile for this one. Try Dealroom →, SpaceX, and Morgan StanleyDealroom has a profile for this one. Try Dealroom →.
What's the endgame? The name Rebellions signals a challenge to NVIDIA's dominance of the AI chip market. "Even if we step into the same ring as NVIDIA and get beaten to death, I want to throw a punch," Park said. He is pushing for an independent IPO rather than a sale.
By the numbers: The round ranks in the 99th percentile among all-time late-stage VC deals in South Korean deep tech, based on a sample of 69 comparable rounds. Rebellions began with 100 million to 200 million KRW from co-founders and personal savings.
The signal: Rebellions has courted global capital from the start, bringing in Singapore's Temasek, UK chip designer Arm, and Silicon Valley's Kindred VenturesDealroom has a profile for this one. Try Dealroom →. This round shows Seoul now backing homegrown challengers directly, as governments worldwide race to build sovereign alternatives to NVIDIA in AI hardware.
Read more: The Chosun Daily
Image credit: Rebellions
