Rebellions, a South Korean AI semiconductor startup, has closed a pre-IPO funding round totaling approximately $424.4M (640 billion KRW), bringing its cumulative investment to around $862M (1.3 trillion KRW) and pushing its valuation to roughly $2.25B (3.4 trillion KRW). The deal marks the first direct investment made under South Korea’s National Growth Fund and positions the company for a full-scale push into the global AI chip market.

The round combines public and private capital in a co-investment structure. On the government side, the National Growth Fund contributed $165.8M (250 billion KRW) and the Korea Development Bank added $33.2M (50 billion KRW), together accounting for $199.0M (300 billion KRW) of the total. Mirae Asset Group led the private portion as anchor investor at the group level, committing an equivalent $199.0M (300 billion KRW). Existing investors exercised their preemptive rights to bring the final figure to $424.4M (640 billion KRW).

The investment is the opening move of the government’s “K-Nvidia Nurturing Project,” the flagship initiative within the first mega-project of the National Growth Fund — a broader program aimed at establishing South Korea as one of the world’s top three AI powers. Of the fund’s total target of approximately $99.5B (150 trillion KRW) over five years, around $9.94B (15 trillion KRW) is earmarked for direct equity stakes in high-impact innovators. Rebellions is the first company to receive such a designation.

The company has built a compelling commercial case for its homegrown NPU technology, delivering roughly tenfold revenue growth between 2023 and 2025. In five years since its founding, Rebellions has grown to more than 300 employees and has hit key milestones from product launch through to volume production at a pace that has earned recognition from both government and market stakeholders.

With the new capital, Rebellions plans to more than double its current headcount through an aggressive hiring campaign. The company will lead this expansion with its flagship chip, the Rebel100™ — the company’s bid to establish a homegrown “Big Chip” capable of competing on the global stage. Beyond its own growth, Rebellions sees its role as a catalyst for a healthier domestic semiconductor value chain, reinforcing the interdependencies between fabless design houses, foundries, and memory manufacturers across Korea.

“It is meaningful to support Rebellions as a strategic partner on its growth journey,” said Eungseok Kim, Vice Chairman of Mirae Asset Venture Investment, who has backed the company since its Series A. “We are confident they will fully demonstrate their potential and value on the global stage.”

Rebellions CEO Sunghyun Park said the timing of this investment reflects a pivotal window for the AI inference market. “Having both national and private venture capital come together at this moment is a symbolic milestone for Korea’s semiconductor ecosystem,” he said. “We will build our team with the best talent and prove the competitiveness of Korea’s AI and semiconductor ecosystem at the center of the global AI infrastructure market.”