AI chip startup DEEPX secures $80M Series C at a $529M valuation

DEEPX raises $80M Series C for on-device AI chips, boosting valuation to $529M.

: DEEPX, a South Korean AI chip startup, has secured $80 million in a Series C funding round, valuing the company at $529 million. The funds will be used for mass production of their AI chips for global distribution and to accelerate development of new large language model solutions. The company competes in the rapidly growing on-device AI market, aiming to differentiate with cost and energy efficiency.

DEEPX, an emerging AI chip manufacturer based in South Korea, recently announced a significant milestone in its growth journey, raising $80 million in Series C funding at a $529 million valuation. This latest financial injection, which has escalated the company's total fundraising to around $95 million, is earmarked for scaling up the mass production of its inaugural products (DX-V1, DX-V3, DX-M1, and DX-H1) slated for late 2024, aimed at meeting the surging demand for on-device AI applications globally. Additionally, the new funds will bolster DEEPX's efforts in expediting the development and launch of its next-gen large language model (LLM) on-device solutions, a critical move given the expansive trajectory of the edge AI market projected to reach $107.47 billion by 2029.

Founded in 2018 by Lokwon Kim, a veteran with stints at notable tech companies like Apple and IBM, DEEPX is navigating a competitive landscape marked by innovations in AI chip technology, focusing on the burgeoning demand for on-device AI capabilities. With its eyes set on disrupting the industry, DEEPX prioritizes cost efficiency, low energy consumption, and a comprehensive suite of AI solutions aimed at a wide array of applications including home appliances, surveillance systems, robotics, and smart factories. The startup's ambitious roadmap aligns with a clear vision to furnish end-product manufacturers with cutting-edge AI chip technology by 2025, signaling a significant leap towards commercializing smart, AI-driven solutions across diverse sectors.

Despite stiff competition from counterparts like Hailo and SiMa.ai, DEEPX sets itself apart with an emphasis on energy-efficient AI computing solutions and a robust IP portfolio boasting over 259 patents pending in key markets including the U.S., China, and South Korea. As the company prepares for mass production, it engages with over 100 potential clients and strategic partners, testing the waters for a revolutionary transformation in how AI capabilities are integrated across electronic devices on a global scale. With the backing of prominent investors and a clear strategic direction, DEEPX is poised to carve a niche in the rapidly evolving domain of on-device AI, underscored by a promise of innovation, efficiency, and broad applicability.

AI chipsDEEPXSeries C