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Aramco-backed venture capital fund Wa’ed Ventures made its first direct investments in the US and South Korea, writing tickets to both South Korean chipmaker Rebellions (which will set up a unit here) and California-based AI software platform company aiXplain. The investments come as policymakers here push state institutions and the private sector alike to invest more in AI, data centers, and chipmaking.
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The USD 500 mn fund participated in a USD 15 mn Series B extension round for Rebellions, marking its inaugural investment in South Korea, Bloomberg reports.
Background: The chipmaker closed a USD 124 mn series B round in January 2024 led by Korea-based data center corporation KT. The funds were earmarked “to attract more talents [sic] and accelerate the development of Rebel, the company’s next-generation AI chip designed for running Large Language Models (LLMs) with Samsung Electronics.”
Use of proceeds: 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.
What they said: “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,” said Fahad Alidi, managing director at Wa’ed Ventures.
What’s Rebellions? 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.
MEANWHILE- Wa’ed Ventures also led a USD 6.5 mn pre-series A funding round for aiXplain, according to a press release. The round brought the startup’s total raised capital reach USD 16.5 mn
AiXplain sells a no-code platform designed to make it easier for businesses to build tailored AI solutions. The company was founded by Hassan Sawaf, who previously led AI initiatives at AWS, Meta, and eBay.
A snapshot of old, new investors: This round also saw participation from angel investors Osama Elkady (Linkedin) co-founder and CEO of data analytics company Incorta, and Kane Minkus (Linkedin). The company raised previous rounds from investors including Transform VC, and Calibrate VC.
Use of proceeds: 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.
BACKGROUND- Wa’ed Ventures has had a busy year: It participated in UAE fintech startup Stake’s USD 14 mn series A round in June and joined a USD 18 mn series A round raised by robo-advisory firm Abyan Capital in May.
TECHMAL RAISES PRE-SEED ROUND-
Saudi-based fintech startup TechMal has raised USD 1 mn in a pre-seed investment round that was led by Al Majidiya Investment, it said in a post on X. 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’s Ejar platform.
ORGAM TO EXPAND IN SAUDI-
Ogram secures funding to tap into Saudi Arabia: Dubai-based HRtech startup Ogram closed a funding round for an undisclosed sum that will be used to finance its plan to enter the Saudi market, according to a statement picked up by Wamda. The funding round was led by Oraseya Capital with participation from Aditum Investment Management and Everywhere VC. Orgam projects over 150% y-o-y growth in man hours in 2024, as it plans to expand to the new market.
More in the pipeline: Ogram is currently gearing up for a Series B round and potential acquisitions in 4Q 2024.
