Saudi Aramco’s venture arm, Wa’ed Ventures, has invested $15 million in South Korean chipmaker Rebellions Inc. to boost the AI industry in Saudi Arabia. Rebellions is developing a proprietary chip with Samsung Electronics Co. for the generative AI market and is considering an IPO in South Korea.
Wa’ed Ventures, a $500 million investment arm of Aramco, recently participated in a $6.5 million funding round for California-based AI platform aiXplain. “Investing across the AI stack is not just a strategic move as venture capital investors but also a commitment toward accelerating the Kingdom’s efforts in the global technology and innovation race,” said Fahad Alidi, managing director at Wa’ed Ventures.
This investment marks Wa’ed’s first deal in South Korea. Rebellions plans to use the funding to establish a subsidiary and launch operations in Saudi Arabia.
Saudi Arabia has become a hub for startup activity, raising $412 million in VC funding in the first half of 2024, the highest in the Middle East and North Africa.