Two Korean AI chip startups with wealthy backers have decided to merge.
Sapeon Korea and Rebellions will combine, based on an equity value ratio of 1:2.4, respectively. The new company will retain the name Rebellions, and be run by Rebellions’ CEO Park Sung-hyun.
The merger is expected to close later this year.
Spun out of SK Telecom’s internal R&D group in 2016, Sapeon counts SKT, SK Square, and SK Hynix as investors. The company launched its first AI inference data center chip in 2020, and launched the X330 inference chip last November.
Rebellions has raised more than $225 million for its own AI chip line, including $15m from Wa'ed Ventures, a venture capital arm of Saudi Aramco. Founded in 2020, it began mass production of its AI chip Atom this year and plans to launch its next-generation AI chip ‘Rebel’ by the end of this year.
“Signing this agreement will greatly enhance our global position in AI semiconductors, one of the key parts of the AI value chain we’re developing,” said Ryu Young-sang, CEO of SKT. “We will continue to invest strategically and work together to become a leader in the AI era.”
Park Sung-hyun, co-founder and CEO of Rebellions, added: “South Korea has long been a powerhouse in memory semiconductors. Today, we’re taking a crucial step to extend that leadership into the realms of logic chips and AI through this landmark consolidation. Our goal now is to emerge as a leading force in the worldwide AI chip market, navigating the intense industry competition.”
