Wa’ed Ventures, the growth capital division of the massive energy company Saudi Aramco, has invested $15 million in the chipmaker company Rebellions, the fund’s first investment in a South Korean startup.
According to a news release, Rebellions will be able to use the funds to grow its company into the Kingdom and expedite the development of artificial intelligence chips worldwide.
As part of its overall aim to expand technology capabilities and foster economic diversification under Vision 2030, Saudi Arabia is actively working to build its chipmaking sector.
“This investment underscores our commitment to fostering innovation in the semiconductor industry, which has become one of the strategic focus areas in Saudi Arabia’s vision for technological advancements,” stated Wa’ed Ventures managing director Fahad Alidi.
Founded in 2013 by Saudi Aramco, Wa’ed Ventures is a $500 million venture capital fund that supports the Kingdom’s economic diversification and commercial expansion by investing in technology-based enterprises.
At the moment, it oversees a portfolio of more than 70 companies and offers complete assistance, including partner resources and money.
The funding will support the Kingdom’s goal of economic diversification through technical developments and assist Rebellions in gaining a footing in the Saudi AI infrastructure sector.
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