Saudi Aramco’s $500 million venture arm, Wa’ed Ventures, has invested $15 million in South Korean chipmaker Rebellions Inc. to accelerate the AI industry in Saudi Arabia.

Fahad Alidi, managing director at Wa’ed Ventures, said, “This investment underscores our commitment to fostering innovation in the semiconductor industry, which has become one of the strategic focus areas in Saudi Arabia’s vision for technological advancements.”

Wa’ed said its investment in Rebellions is its first deal in South Korea.

Rebellions is working with Samsung Electronics Co. to develop its proprietary chip for the generative artificial intelligence market. Rebellions plans to use the funding to establish a new subsidiary in Saudi Arabia and launch business operations there.

Sunghyun Park, CEO of Rebellions, said, “This strategic investment is pivotal as it accelerates our growth and enhances our global business opportunities, particularly in Saudi Arabia, where AI technology investment is thriving. This partnership provides us with a clearer path to expand and innovate in key markets worldwide.”