Saudi Aramco’s venture arm, Wa’ed Ventures, has invested $15 million in South Korean chipmaker Rebellions Inc. as part of its strategy to accelerate the AI industry in Saudi Arabia. Rebellions is collaborating with Samsung Electronics Co. to develop a proprietary chip aimed at the generative artificial intelligence market. In June, Rebellions agreed to merge with Sapeon Korea Inc., a unit of SK Telecom Co., and is considering a potential initial public offering in South Korea.

Wa’ed Ventures, with a $500 million fund, also participated in a $6.5 million funding round for California-based AI platform aiXplain last Tuesday. This marks its second investment in the AI sector within a week. Fahad Alidi, managing director at Wa’ed Ventures, emphasized that investing across the AI stack is a strategic move to support Saudi Arabia’s efforts in the global technology and innovation race. This investment in Rebellions is Wa’ed’s first deal in South Korea, and Rebellions plans to use the funds to establish a subsidiary and launch operations in Saudi Arabia.