Riyadh - Sharikat Mubasher: Wa’ed Ventures, the venture arm of Aramco, participated in a $15 million Series B extension round for South Korean chipmaker Rebellions, marking its first deal in South Korea. 

The Korean company will utilize the investment to establish a new subsidiary and start operations in Saudi Arabia, a recent statement revealed.

Fahad Alidi, Managing Director of Wa’ed Ventures, emphasized the venture capital fund’s commitment to fostering innovation in the semiconductors sector, in alignment with Vision 2030.

It is worth noting that Wa’ed Ventures recently led a $6.5mn pre-Series A round for the California-based AI platform aiXplain.

Moreover, Rebellions is working with Samsung Electronics to develop its proprietary chip to cater to the generative artificial intelligence (GenAI) market needs.