South Korean AI chipmaker Rebellions has raised $15 million in a Series B extension, funded by Wa’ed Ventures, a venture capital firm owned by Aramco.
This latest infusion of capital is set to drive the startup’s expansion into Saudi Arabia, accelerating its development plans for AI chips and establishing a significant presence in the region.
Rebellions, founded in 2020, specialises in AI inference accelerators that boast energy efficiency and low-latency performance. Within three years, the company has successfully introduced two AI chips, with a third expected to be rolled out in the second half of 2024. The recent funding extension brings Rebellions’ total funding to over $225 million since its inception, following a $124 million Series B round completed in January.
The investment from Wa’ed Ventures is part of Aramco’s strategic initiative to foster technological innovation and diversify its economic portfolio. Wa’ed Ventures, established to support promising startups and drive economic diversification, sees substantial potential in Rebellions’ cutting-edge AI technology.
Saudi Arabia’s Vision 2030 and AI Investments
Saudi Arabia has been making significant strides in Artificial Intelligence as part of its Vision 2030 strategy to diversify its economy away from oil dependency. In March, reports indicated that the Saudi government plans to create a substantial $40 billion fund dedicated to investing in AI technologies. This move underscores the kingdom’s commitment to becoming a global leader in AI and advanced technology sectors.
The AI investment is further highlighted by the launch of Alat, a tech company backed by Saudi Arabia’s Public Investment Fund (PIF). Announced in February by Crown Prince Mohammed bin Salman, Alat aims to invest $100 billion by 2030 to transform Saudi Arabia into a global hub for technology manufacturing, focusing on advanced technologies, AI, and electronics.
Why Saudi Aramco is Investing in AI
Aramco’s investment in Rebellions through Wa’ed Ventures aligns with the broader national strategy to integrate advanced technologies into various sectors of the economy. AI has the potential to revolutionise industries by enhancing efficiency, reducing operational costs, and driving innovation. For Saudi Aramco, investing in AI companies like Rebellions not only supports the kingdom’s Vision 2030 but also presents opportunities to leverage AI for optimising its own operations, from exploration and production to refining and distribution.
AI technologies can significantly improve predictive maintenance, enhance energy efficiency, and streamline supply chain management within the oil and gas sector. By fostering relationships with pioneering AI firms, Aramco positions itself at the forefront of technological advancements, ensuring long-term competitiveness and sustainability.
The $15 million Series B extension raised by Rebellions from Wa’ed Ventures marks a significant milestone in the startup’s growth trajectory and Saudi Arabia’s ambitious AI investment agenda. With plans to establish a subsidiary and launch new business operations in Saudi Arabia, Rebellions is set to play a pivotal role in the kingdom’s journey towards becoming a global tech hub. This investment not only bolsters Rebellions’ innovative AI chip development but also reinforces Saudi Aramco’s commitment to embracing cutting-edge technologies for a diversified and sustainable future.
Crucially, establishing local manufacturing capabilities in Saudi Arabia aligns with the kingdom’s Vision 2030 goals by fostering economic diversification and creating high-value job opportunities for Saudi nationals, further enhancing the country’s technological expertise and industrial capacity.
