{"id":88099,"date":"2024-07-24T00:00:00","date_gmt":"2024-07-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/24\/aramco-backed-vc-fund-waed-invests-in-korean-chipmaker-us-ai-software-outfit\/"},"modified":"2024-07-24T00:00:00","modified_gmt":"2024-07-24T00:00:00","slug":"aramco-backed-vc-fund-waed-invests-in-korean-chipmaker-us-ai-software-outfit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/24\/aramco-backed-vc-fund-waed-invests-in-korean-chipmaker-us-ai-software-outfit\/","title":{"rendered":"Aramco-backed VC fund Wa\u2019ed invests in Korean chipmaker, US AI software outfit"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> <\/strong><strong>Aramco-backed venture capital fund Wa\u2019ed Ventures made its first direct investments in <\/strong><strong>the US and South Korea<\/strong>, writing tickets to both <a target=\"_blank\" href=\"https:\/\/rebellions.ai\/\" style=\"\" rel=\"noopener\">South Korean chipmaker Rebellions<\/a> (which will set up a unit here) and <a target=\"_blank\" href=\"https:\/\/aixplain.com\/\" style=\"\" rel=\"noopener\">California-based AI software platform company<\/a><a target=\"_blank\" href=\"https:\/\/aixplain.com\/\" style=\"\" rel=\"noopener\">aiXplain<\/a>. The investments come as policymakers here push state institutions and the private sector alike to invest more in AI, data centers, and chipmaking.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The USD 500 mn fund participated in a USD 15 mn <\/strong><strong><a target=\"_blank\" href=\"https:\/\/x.com\/Waed_Ventures\/status\/1815617690158907459\" style=\"\" rel=\"noopener\">Series B extension round<\/a><\/strong><strong> for <\/strong><strong>Rebellions<\/strong>, marking its inaugural investment in South Korea, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-23\/aramco-s-venture-arm-backs-south-korea-s-ai-chipmaker-rebellions\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>The chipmaker <a target=\"_blank\" href=\"https:\/\/rebellions.ai\/korean-ai-chipmaker-rebellions-closes-124m-series-b-fundraise\/\" style=\"\" rel=\"noopener\">closed a USD 124 mn series B round in January 2024<\/a> led by Korea-based data center corporation KT. The funds were earmarked \u201cto attract more talents [sic] and accelerate the development of Rebel, the company\u2019s next-generation AI chip designed for running Large Language Models (LLMs) with Samsung Electronics.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Use of proceeds: <\/strong>The AI semiconductor startup plans to leverage the fresh funds to establish a new subsidiary in Saudi Arabia and initiate business operations within the Kingdom, according to the business news information service.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cInvesting across the AI stack is not just a strategic move as venture capital investors but also a commitment toward accelerating the Kingdom\u2019s efforts in the global technology and innovation race,\u201d said Fahad Alidi, managing director at Wa\u2019ed Ventures.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s Rebellions? <\/strong>The firm is considering an IPO in Seoul, Bloomberg writes, adding that the startup agreed in June to merge with rival Sapeon Korea, a unit of SK Telecom. It also has offices in California, and Tokyo.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Wa\u2019ed Ventures also led a USD 6.5 mn pre-series A <\/strong><strong>funding round for <\/strong><strong>aiXplain<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/aixplain.com\/blog\/aixplain-secures-6-5m-pre-series-a-funding-democratize-ai-agent-development\/\" style=\"\" rel=\"noopener\">a press release<\/a>. The round brought the startup\u2019s total raised capital reach USD 16.5 mn <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AiXplain sells a no-code platform designed to make it easier for businesses to build <\/strong><strong>tailored AI solutions. <\/strong>The company was founded by Hassan Sawaf, who previously led AI initiatives at AWS, Meta, and eBay.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A snapshot of old, new investors:<\/strong> This round also saw participation from angel investors Osama Elkady (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/osamaelkady\/\" style=\"\" rel=\"noopener\">Linkedin<\/a>) co-founder and CEO of data analytics company Incorta, and Kane Minkus (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/kaneminkus\/\" style=\"\" rel=\"noopener\">Linkedin<\/a>). The company raised previous rounds from investors including <a target=\"_blank\" href=\"https:\/\/transform.vc\/\" style=\"\" rel=\"noopener\">Transform VC<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.calibratevc.com\/\" style=\"\" rel=\"noopener\">Calibrate VC<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Use of proceeds: <\/strong>The funds will be used to help aiXplain further develop its AI capabilities, as well as add more tailored tools to its offerings as it grows outside the United States.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- Wa\u2019ed Ventures has had a busy year: <\/strong>It participated in UAE fintech startup <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/6e6142b9-ce25-47ba-b3d0-72957ba0c9d2\/aramco%25e2%2580%2599s-wa%25e2%2580%2599ed-ventures-invests-in-uae-proptech-stake,-supporting-entry-into-saudi\" style=\"\" rel=\"noopener\">Stake\u2019s USD 14 mn<\/a> series A round in June and joined a USD 18 mn series A round raised by robo-advisory firm Abyan Capital <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/0bba0ca7-725b-499b-86ed-da5111d00e74\/robo-advisor-abyan-capital-closes-series-a-round\" style=\"\" rel=\"noopener\">in May<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> TECHMAL RAISES PRE-SEED ROUND-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi-based fintech startup TechMal has raised USD 1 mn in a pre-seed investment <\/strong><strong>round <\/strong>that was led by Al Majidiya Investment, it said in a <a target=\"_blank\" href=\"https:\/\/x.com\/ZTO__SA\/status\/1814989934970761375\" style=\"\" rel=\"noopener\">post on X<\/a>. No further details were provided. Founded in 2024, TechMal specializes in residential real estate rental financing. The micro-consumer finance company allows renters to convert annual or semi-annual rental payments into monthly installments through the government\u2019s Ejar platform.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ORGAM TO EXPAND IN SAUDI-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ogram secures funding to tap into Saudi Arabia:<\/strong> Dubai-based HRtech startup <a target=\"_blank\" href=\"https:\/\/www.ogram.co\/uae\/en\/\" style=\"\" rel=\"noopener\">Ogram<\/a> closed a funding round for an undisclosed sum that will be used to finance its plan to enter the Saudi market, according to a <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2024\/07\/ogram-closes-new-round-accelerate-ksa-expansion-plans\" style=\"\" rel=\"noopener\">statement<\/a> picked up by Wamda. The funding round was led by <a target=\"_blank\" href=\"https:\/\/oraseyacapital.com\/\" style=\"\" rel=\"noopener\">Oraseya Capital<\/a> with participation from <a target=\"_blank\" href=\"https:\/\/www.aditumim.com\/\" style=\"\" rel=\"noopener\">Aditum Investment Management<\/a> and <a target=\"_blank\" href=\"https:\/\/everywhere.vc\/\" style=\"\" rel=\"noopener\">Everywhere VC<\/a>. Orgam projects over 150% y-o-y growth in man hours in 2024, as it plans to expand to the new market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More in the pipeline:<\/strong> Ogram is currently gearing up for a Series B round and potential acquisitions in 4Q 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Rent finance outfit Techmal raises pre-seed capital + UAE\u2019s Orgam to expand here<\/p>\n","protected":false},"author":1,"featured_media":88100,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2556],"tags":[2923,742,10,31,2922,179,2924,5,2171],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-aixplain","tag-artificial-intelligence","tag-enterpriseam-ksa","tag-investment-watch","tag-rebellions","tag-startup-watch","tag-techmal","tag-venture-capital","tag-waed-ventures","wpautop","entry"],"acf":{"mongo_id":"b9debb55-1867-45dc-bb2d-561095efda27","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1927.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramco-backed VC fund Wa\u2019ed invests in Korean chipmaker, US AI software outfit","related_issue":[88094],"teaser":"Plus: Rent finance outfit Techmal raises pre-seed capital + UAE\u2019s Orgam to expand here","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.0376398d-8e44-4a44-84d1-7193dd50571f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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