On May 9, 2024, South Korea-based AI chip development startupDEEPXannounced it has raised approximately $80 million (108.5 billion won) in Series C funding at a valuation of $529 million (723 billion won). This funding round was led by SkyLake Equity Partners, with participation from BNW Investments, AJU IB, and Timefolio Asset Management.
The company plans to use the raised funds for mass production of its first products DX-V1, DX-V3, DX-M1, and DX-H1 in late 2024, to achieve global distribution. In addition, DEEPX will use the new capital to accelerate the development and launch of on-device solutions for its next-generation large language models.
Founded in 2018, DEEPX was founded by CEO Lokwon Kim, who previously worked at Apple, Cisco Systems, the IBM Thomas J. Watson Research Center, and Broadcom. The company mainly develops hardware and software for various AI applications in electronic devices. DEEPX's business focus is on edge AI, also known as on-device AI, and the global market size is expected to grow from $1.198 billion in 2021 to $10.747 billion by 2029. DEEPX currently has more than 259 pending patent applications in the United States, China, and South Korea.
(Source:TechCrunch）