(Bloomberg) — AI chip designer DeepX Co. raised 110 billion won ($80 million) in a funding round that multiplied its valuation and was led by the private equity firm of a Samsung Electronics Co. veteran. , known as a pioneer in semiconductors.
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The young South Korean company’s valuation grew more than eightfold to more than 700 billion won in the latest round, with Seoul-based SkyLake Equity Partners becoming its second-largest shareholder, DeepX said on Friday . SkyLake founder Chin Dae-je is known domestically as Mr. Semiconductor for the work he did leading Samsung’s rise as one of the world’s largest memory chip makers during his long tenure at the company. He also served as Korea’s Minister of Information and Communications.
Other backers included BNW Investments Co., whose president Kim Jea-Wook previously served as president of Samsung’s memory division. AJU IB, as well as existing investor TimeFolio Asset Management Co., also joined the round.
DeepX’s semiconductors are aimed at AI applications outside of data centers, helping to make robotics and electronic devices smarter. Alongside AI silicon startup Rebellions, which recently received a new round of $124 million, DeepX is part of a promising crop of new ventures in this field in South Korea, home to the world’s two largest memory manufacturers. .
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