In a notable move aimed at fostering advancements in AI and semiconductor technologies, Saudi Arabia’s energy giant Aramco has committed $15 million to Rebellions, a South Korean chip manufacturer. This investment, channeled through Aramco’s venture capital arm Wa’ed Ventures, marks the unit’s inaugural venture into South Korea.
Wa’ed Ventures, with a substantial $500 million fund at its disposal, serves as Aramco’s primary investment vehicle beyond its traditional oil operations. This recent deal is a significant milestone, as it represents the venture unit’s first foray into the South Korean market. The move follows Wa’ed Ventures’ recent participation in a $6.5 million funding round for the US-based AI platform aiXplain.
Rebellions, which has already established strategic alliances with SK Telecom and Samsung, will leverage this investment to establish a new subsidiary in Saudi Arabia. The partnership with Samsung, in particular, focuses on the development of a cutting-edge chip designed for generative AI applications.
Aramco’s investment reflects its broader strategy to diversify its portfolio beyond the oil sector. In line with this strategy, the company launched a new digital division in late 2023, appointing Tareq Amin, former Rakuten Symphony CEO, to lead this new initiative. This step underscores Aramco’s commitment to evolving from its traditional energy roots into the burgeoning fields of technology and digital innovation.
