South Korean AI chip company FuriosaAI raises $620M at $2.9B valuation

October 29: According to Bloomberg, South Korean AI chip startup FuriosaAI has completed a $620 million Series D round, lifting its valuation to $2.9 billion, roughly four times its previous valuation of $735 million. Investors include the US-based Infinitum Partners, South Korea's National Growth Fund (contributing $280 million), Jericho Capital, Worldline Capital, Singapore's QUDA Capital, and Abu Dhabi's NeoFort Holding, with existing shareholders Naver, the Korea Development Bank, DSC Investment, Nextrans, and Kakao Investment also participating, while the Export-Import Bank of Korea made its first direct investment in a startup.

FuriosaAI was founded in 2017 and began mass production of its RNGD inference chip in January this year, and is collaborating with Broadcom on developing a third-generation accelerator. TSMC will produce 20,000 RNGD chips for it this year, with plans to increase that to more than 40,000 in 2027.