Aramco's new investment underscores its commitment to accelerating the global race in technology and innovation.
Wa’ed Ventures, the $500 million venture arm of Aramco, has invested $15 million in South Korean chipmaker Rebellions Inc. to boost the AI sector in Saudi Arabia.
Rebellions is working with Samsung Electronics Co. to develop its proprietary chip to serve the generative AI market. In June, the startup agreed to combine its business with rival Sapeon Korea Inc., a unit of SK Telecom Co.
Wa’ed Ventures functions effectively as an investment vehicle for Saudi Arabia. It also recently joined a $6.5 million funding round for California-based AI platform aiXplain, making the Rebellions deal its second investment in the industry in less than a week.
Fahad Alidi, Managing Director at Wa’ed Ventures, commented: “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.”
Source
