Rebellions, a Seoul-based designer of chips for running AI models, announced on 30 March 2026 that it had closed a $400m pre-IPO funding round that valued the company at about $2.34bn. The round was led by Mirae Asset Financial Group and the Korea National Growth Fund.
The company said the round brought its total funding to $850m. It came six months after a $250m Series C in September 2025, which means Rebellions raised $650m, more than 75% of all its capital, in half a year.
The Korea Herald put the round at 640bn won (about $419m). It reported that Mirae Asset contributed 300bn won (about $196m) as anchor investor, and that 300bn won came from policy financing: 250bn won (about $166m) from the National Growth Fund and 50bn won (about $33m) from the Korea Development Bank.
“AI is now measured by its ability to operate in the real world – at scale, under power constraints, and with clear economic return.”Sunghyun Park, Co-Founder and CEO, Rebellions
What Rebellions does
Founded in 2020, Rebellions designs neural processing units built for inference, the work of running trained AI models, rather than for training them. Its flagship Rebel100 uses a chiplet design, and The Next Web reported that it relies on UCIe interconnects and HBM3E memory. The company merged with SAPEON Korea in June 2024, according to The Next Web.
With the round, Rebellions launched RebelRack, a ready-to-deploy rack of inference computing, and RebelPOD, which joins several racks into a cluster. It also sells a cloud-native software stack built on Kubernetes that works with open-source tools such as vLLM, PyTorch, Triton, Hugging Face and OpenShift.
The Korea Herald reported that the company has about 300 employees and plans to double its workforce, and that its sales in 2025 were ten times higher than in 2023.
Who invested
Mirae Asset has backed Rebellions since its Series A. Eung-Suk Kim, vice chairman and chief executive of Mirae Asset Venture Investment, said the firm was proud to support the first company backed by the National Growth Fund.
The National Growth Fund is a public-private programme set up to support strategic industries, particularly AI and semiconductors. Rebellions was its first investment under the government's 'K-Nvidia' initiative, under which the Korea Herald said 15tn won of the 150tn won fund will go to fast-growing technology companies over five years. The Korea Herald also reported that Mirae Asset's participation led existing shareholders to exercise their pre-emptive rights.
Earlier backers named by the company include Aramco, Arm, Kindred Ventures, KT, Samsung, SK Hynix and SK Telecom.
What the money is for
Rebellions said it would use the funds to expand in the United States, scale production of the Rebel100 platform and prepare for a future stock market listing. Its US expansion is led by chief business officer Marshall Choy, who joined recently. The Next Web reported that the company is running proof-of-concept trials with US customers.
Co-founder and chief executive Sunghyun Park said companies in this era would be judged less by their silicon than by how well they fit into the open-source software ecosystem and let developers deploy without friction.
Company website: rebellions.ai