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DEEPX is a South Korean AI chip startup (NPU, or Neural Processing Unit) that makes hardware and software for various AI applications in electronic devices. The company announced this week that it has raised $80 million (108.5 billion KRW) in a Series C round at a valuation of $529 million (723 billion KRW), which is up more than eight times from its Series B funding, about $15 million. In 2021.
The Series C funding, which brings its total raised to about $95 million, will go toward mass production of the startup’s inaugural products — the DX-V1, DX-V3, DX-M1 and DX-H1 — in late 2024 for global distribution. The startup will also use the fresh capital to accelerate the development and launch of next-generation large language modeling (LLM) solutions on device.
Dipex It was founded in 2018 by CEO Lokwon Kim, who previously worked at Apple, Cisco Systems, IBM’s Thomas J. Watson Research Center, and Broadcom.
The global market size for artificial intelligence, also called on-device AI It is expected to reach $107.47 billion by 2029, up from $11.98 billion in 2021, according to a recent report. “The on-device AI market, excluding edge servers, requires the implementation of AI capabilities, going beyond servers or the cloud,” Kim told TechCrunch. “the [on-device AI market] It is expanding due to computer vision capabilities such as facial and voice recognition, intelligent mobility, robotics, the Internet of Things and physical security systems.
If mass production begins this year, potential customers such as end-product manufacturers will be able to market their products using DEEPX’s AI chips in 2025, Kim said.
DEEPX, which has about 65 employees, is not the only company developing AI chip solutions. The Korean team is competing with Hailo, which received a $120 million funding round last month. SiMa.ai, which closed on $70 million, also in April; Axelera, a Belgium-based AI chip startup, raised $27 million in 2022.
Kim said his company’s advantages include cost efficiency, energy efficiency and All-in-4 AI solution, which is a comprehensive solution for various AI applications. Its comprehensive AI solutions include: DX-V1 and DX-V3, designed for vision systems in home appliances, security camera systems, machine vision and drones; As well as the DX-M1 and DX-H1, designed for AI compute boxes, AI servers, smart factories and AI-enhancing chips. DEEPX now has more than 259 patents pending in the United States, China and South Korea, Kim said.
“Nvidia’s GPGPU-based solutions are the most cost-effective for large language modeling services like ChatGPT; the total power consumed by operating GPUs has reached levels exceeding the electrical power of an entire country,” Kim said. “This collaboration technology between server-scale AI and large on-device AI models significantly reduces power consumption and costs compared to relying solely on data centers.”
The startup has no customers yet, but is collaborating with more than 100 potential customers and strategic partners, such as Hyundai Kia Motors Robotics Lab and Korean IT company POSCO DX, to test the capabilities of DEEPX’s AI chips.
SkyLake Equity Partners, a technology-focused private equity firm based in South Korea, led the latest investment with participation from BNW Investments, a Korean private equity firm founded by the former head of Samsung LED and Samsung Electronics’ memory chip unit. AJU IB and former backer Timefolio Asset Management also participated in this round.
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