4 days ago
IBK invests W10b in Furiosa AI to bolster Korea's chip sovereignty
Industrial Bank of Korea said Monday it is investing 10 billion won ($7.25 million) in Furiosa AI, a leading Korean startup specializing in artificial intelligence semiconductors, as part of broader efforts to strengthen the country's strategic tech autonomy.
The state-run lender highlighted Furiosa AI's role in advancing Korea's independent AI chip technology, noting the company had turned down a buyout offer from a major US tech firm in favor of developing its own hardware.
Reports in March revealed that the offer came from Meta, which Furiosa rejected to focus on its next-generation accelerator, RNGD, slated for mass production in the latter half of this year.
The latest funding adds to a series of financial backing the policy lender has provided to Furiosa AI since its inception, including seed loans, venture capital and tech-focused financing. The lender also deployed its hybrid 'IBK Venture Loans' product, combining investment and loans, to bridge the firm's liquidity needs during the pre-mass production phase.
IBK said the 10 billion won injection was part of a broader 150 billion won raised in the funding round and expressed hope the investment would enhance Korea's competitiveness in AI chips and help local players expand globally.
'We will do our utmost to support Korea's venture ecosystem so that more companies like Furiosa AI can emerge,' said Kim In-tae, executive vice president of Innovative Financing Group at IBK. 'We remain committed to driving technological innovation and fostering a dynamic startup environment.'
IBK has supported ambitious startups through both financial and non-financial means, including 2.5 trillion won funneled into venture capital funds since 2023. In 2024, it also launched a public offering fund program aimed at channeling capital into AI and other key strategic industries.
