Rebellions raises $124 million to make AI chips
Rebellions, a Seoul-based artificial intelligence chipmaker, has raised $124 million in Series B funding led by Korean telecom giant KT.
Why it matters: This is partially an effort to eat into the market share of Nvidia, whose stock price has more than doubled over the past year, but it's more a bet that the overall market for AI chips will grow exponentially.
Other investors include Temasek, Koreyla Capital, DGDV, KDB, Noh & Partners, KB Securities, SV Investment, Mirae Asset Venture Investment, IMM Investment, Seoul National University, Oasis PE, Gyeongnam Venture Investment, and SDB Investment.
Go deeper, via TechCrunch: "Nvidia has thrived in part because of the moat created around an ecosystem of hardware and software. But it's far from game-over for the rest of the field. Data processing and related high costs continue to be major issues when it comes to AI applications, so the scramble continues in the search for innovative breakthroughs."