DEEPX, a South Korean AI semiconductor tech startup, has announced raising $80.5 million in its Series C funding round backed by private equity firms.
The company said the latest funding round saw an increase of over eight times from its Series B funding, which was about $15 million raised in 2021. According to reports, the latest round brought DEEPX’s valuation to $529 million.
The Series C funding round was anchored by SkyLake Equity Partners and backed by BNW Investments and AJU IB, alongside existing investors.
DEEPX was founded in 2018 by CEO Lokwon Kim, who previously worked at Apple, Cisco Systems, and the IBM Thomas J. Watson Research Center, among others.
It specialises in original on-device AI semiconductor and computing solutions across multiple sectors, including physical security, robotics, smart mobility, and artificial intelligence. Its portfolio boasts 259 patents.
The fresh funding will go towards the mass production of DEEPX’s inaugural product line – DX-V1, DX-V3, DX-M1, and DX-H1 – in late 2024 for global distribution.
The startup also wants to expedite the development and launch of its next-generation LLM on-device solutions. Its products include AI chips, modules, software, and EECP.
The company said it is partnering with over 20 independent design houses in the US, Korea, Mainland China, and Taiwan Region to support large-scale production and tailor solutions to specific industry needs.
Last year, the South Korean government announced plans to inject a total of about $10.7 billion into Korean-owned and Korea-based startups through private venture funds by 2027.
The amount is 13.6% higher than what the government had originally planned, the report added. As part of the funding, the government plans to form a Startup Korea Fund by the same year to raise 2 trillion won.
