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Saudi Aramco’s venture arm has invested $15 million in South Korean chipmaker Rebellions Inc. as part of a push to accelerate the AI industry in Saudi Arabia.
Rebellions is working with Samsung Electronics Co. to develop its proprietary chip to serve the generative artificial intelligence market. The startup in June agreed to combine its business with rival Sapeon Korea Inc., a unit of SK Telecom Co., and has said it’s looking at a possible initial public offering in South Korea.