Wa’ed Ventures Supports the Expansion of Rebellions with a $15 Million Investment
Saudi Aramco, through Wa’ed Ventures, has announced a $15 million investment in the South Korean startup Rebellions, which specializes in developing advanced artificial intelligence. This investment aims to support Rebellions’ entry into the Saudi market and accelerate the adoption of AI technologies in the Kingdom, in alignment with the goals of Vision 2030.
This investment is part of Rebellions’ Series B funding round, which the company closed earlier this year with a total of $124 million. This brings the total investments Rebellions has secured since its inception to over $225 million.
In this context, Sunghyun Park, CEO of Rebellions, expressed his pleasure with the partnership with Wa’ed Ventures, emphasizing that this investment represents a significant turning point in the company’s global growth journey, especially given the flourishing investment in AI technologies within Saudi Arabia.
Fahad Alidi, Managing Director of Wa’ed Ventures, stated that the partnership with Rebellions reflects the fund’s commitment to supporting entrepreneurs and fostering innovation in the semiconductor sector, which is a key area for technological advancement under Saudi Arabia’s Vision 2030.
Founded in 2020, Rebellions has quickly emerged as a strong competitor in the AI market. The company launched its Ion and Atom chips in 2021 and 2023, respectively, and is currently working on releasing its third chip in collaboration with Samsung in the second half of 2024.
