Panmnesia, a Korean fabless startup specializing in Compute Express Link (CXL) technology, has successfully secured a Series A investment of over KRW 80 billion (approximately $60 million). This round was led by Intervest and included new investors such as Korea Investment Partners and KB Investment, alongside existing backers DAEKYO Investment, GNTECH Venture Capital, and SL Investment, with a total of 15 organizations participating. Following this investment, Panmnesia’s corporate valuation, including potential shares, has reached KRW 340 billion (approximately $255 million).

This Series A round is a significant achievement, securing substantial funding and valuation exclusively through venture capital (VC) investment. Since its establishment, Panmnesia has raised a cumulative total of KRW 100 billion (approximately $75 million), including grants, in just two years. This accomplishment is particularly notable given the current slowdown in venture investment. Recognized for its cutting-edge technology, Panmnesia specializes in developing efficient memory expansion solutions, including cache-coherence interconnect technologies. While it offers a diverse portfolio, including data center and AI acceleration solutions, the company is currently focused on developing semiconductor intellectual property (IP) and high-performance switch chips related to CXL, the next-generation memory interconnect technology.

Panmnesia was founded in 2022 by CEO Myeong-soo Jeong, a former KAIST professor, along with KAIST alumni holding master’s and doctoral degrees. Since then, the team has grown to include young engineers, U.S.-educated Ph.D. holders, and seasoned executives from major companies, all working together on advanced CXL product development. Panmnesia’s rapid growth is built on years of research in memory expansion technology, which began in 2015.

The company showcased its complete CXL system, including the CXL switch, at the 2022 USENIX Annual Conference, a prestigious event highlighting validated system research. More recently, it unveiled nanosecond-level ultra-fast CXL 3.1 IP and the world’s first CXL-GPU at the OCP/Open Infrastructure joint event. Panmnesia has dedicated significant effort to verifying and enhancing its CXL solutions. At the Semiconductor Engineering Society keynote in July, the company presented its CXL 3.1 controller chip, which successfully completed silicon fabrication.

Currently, Panmnesia is collaborating with global IT giants, leveraging its CXL solutions. The company attributes the success of this investment round to its leadership in CXL technology and its compelling vision for the future. 

CEO Myeong-soo Jeong stated, “With this investment, we will complete key projects such as developing the world-leading CXL 3.1 switch silicon chip, enhancing our CXL IP, and strengthening collaborations with global IT companies. Our team of executives and employees will strive to solidify our position as a global industry leader and attract worldwide attention.”