South Korean AI chip startup FuriosaAI has entered the ranks of the country’s unicorn companies following its ₩170 billion KRW (~$130 million USD) Series C bridge funding round. Backed by over 40 institutional and private investors—including Korea Development Bank and Kakao Investment—the round marks a major milestone for Korea’s deep tech sector. FuriosaAI plans to expand mass production of its AI processor RNGD and accelerate next-gen semiconductor development.

Based on the exchange rate of ₩1,300 per USD, the company’s valuation has surpassed ₩1 trillion KRW—approximately $769 million USD. While this falls short of the global $1 billion unicorn standard, ₩1 trillion is widely recognized within South Korea as the domestic threshold for unicorn status. By this benchmark, FuriosaAI joins Rebellions among Korea’s few deep tech startups with unicorn-level valuations.

The fundraising marks a pivotal moment for South Korea’s AI semiconductor ambitions as competition intensifies with global giants like NVIDIA and emerging domestic players.

Strong Institutional and Private Capital Backing from Over 40 Investors

FuriosaAI’s Series C bridge round was supported by a wide range of institutional investors, including national policy banks and venture arms:

• Korea Development Bank (KDB): ₩30 billion KRW (~$23 million USD)
• Industrial Bank of Korea (IBK): ₩10 billion KRW (~$7.7 million USD)
  • IBK Securities: ₩6 billion KRW (~$4.6 million USD)
  • IBK Venture Capital: ₩5 billion KRW (~$3.8 million USD)
• Eugene-Growth Finance Fund: ₩11.6 billion KRW (~$8.9 million USD)
• Private Equity and Venture Capital Participants:
• Keystone Partners: ₩20 billion KRW (~$15.4 million USD)
• PI Partners: ₩13.2 billion KRW (~$10.2 million USD)
• Daesung Startup Investment: ₩5 billion KRW (~$3.8 million USD)
• Kakao Investment: ₩3 billion KRW (~$2.3 million USD)

*Note: All USD conversions are approximate, based on an exchange rate of ₩1,300 KRW per $1 USD.

The breadth of participation—spanning policy finance institutions, private equity, and strategic tech investors—reflects growing confidence in FuriosaAI’s product roadmap and commercial potential.

Scaling Production of RNGD AI Chips and Developing 3rd-Gen Architecture

FuriosaAI plans to use the funding to mass-produce its second-generation AI processor, RNGD (Renegade), and begin early development of its third-generation chips. RNGD recently gained traction in the enterprise AI space after being adopted by LG AI Research to power its large language model (LLM) EXAONE.

FuriosaAI claims that RNGD meets LG’s high-performance criteria and delivers 2.25x higher performance-per-watt than conventional GPUs. This is a metric that could give RNGD a competitive edge over traditional GPUs in high-efficiency enterprise computing environments.

The company’s strategic direction is now to position RNGD as a viable alternative to GPUs for enterprise-scale AI workloads, with the EXAONE deployment serving as a reference point for global enterprise adoption.

A Deep Tech Startup Reaches Unicorn Status: What It Means for Korea

Founded in 2020, FuriosaAI has raised significant cumulative capital, with this round reportedly matching or exceeding the total amount of FuriosaAI’s previous funding combined. 

The startup becomes one of the few AI chipmakers in Korea to achieve a ₩1 trillion+ valuation, signaling a meaningful endorsement from capital markets that traditionally avoid early-stage deep tech risk.

Of particular note is the participation of private equity (PE) firms—an uncommon move in such high-tech early-stage investments. Their involvement, totaling ₩40 billion KRW, signals a shift in sentiment, where advanced semiconductor companies like FuriosaAI are no longer seen as speculative but as scale-ready AI infrastructure enablers.

FuriosaAI’s Vision: Scaling Korea’s Role in the Global AI Semiconductor Race

Additionally, FuriosaAI CEO Baek Jun Ho stated that the timing of the Series C funding reflects strong market confidence in the company’s vision and capabilities. He further emphasized that securing global competitiveness in AI semiconductors is not just a goal—but a national imperative for Korea’s position in the global AI race. 

“We believe this investment shows the capital market’s strong trust in our technical capabilities and vision, especially as we enter mass production of RNGD. We are committed to expanding global enterprise revenues.

For Korea to rise alongside the U.S. and China as an AI G3 powerhouse, global leadership in AI semiconductors is not just a target—it is a mission we must achieve.”

June Paik (Baek Jun Ho), CEO of FuriosaAI.

Implications for South Korea’s AI and Deep Tech Ecosystem

FuriosaAI’s rise to unicorn status strengthens Korea’s positioning in sovereign AI infrastructure development, particularly amid geopolitical tensions over semiconductor supply chains. 

Its success builds momentum behind Korea’s broader strategy to become a global AI and semiconductor powerhouse—a vision increasingly backed by public capital initiatives and corporate-led scaling programs.With RNGD entering production and 3rd-gen designs on the way, FuriosaAI is poised to play a leading role in shaping the hardware backbone of Korea’s AI ambitions.

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