Rebellions said Tuesday it has secured 640 billion won ($419 million) in pre-IPO funding, marking the first investment under the government-backed National Growth Fund.

The round combines public and private capital: 300 billion won comes from policy financing, including 250 billion won from the National Growth Fund and 50 billion won from the Korea Development Bank. Another 300 billion won comes from Mirae Asset Financial Group, the anchor investor.

The deal is the first step in the government’s “K-Nvidia” initiative, which aims to position South Korea among the world’s top three artificial intelligence powers. Under the broader plan, 15 trillion won from the 150 trillion won National Growth Fund will be allocated over five years to support high-growth technology firms.

Mirae Asset’s participation also prompted existing shareholders to exercise preemptive rights, reinforcing investor confidence in the startup’s growth trajectory.

Founded in 2020, Rebellions develops neural processing units tailored for AI workloads. The company said its sales in 2025 rose tenfold compared with 2023, highlighting early traction in commercializing domestic AI chips.

Rebellions currently employs about 300 people and plans to double its workforce as it scales operations ahead of a potential public listing.

“Our growth reflects strong support from the domestic semiconductor ecosystem and government initiatives,” CEO Park Sung-hyun said. “We will continue to expand and demonstrate the global competitiveness of Korea’s AI chip technology.”

By Lee Han-gyoul (stlee0329@heraldcorp.com)