AI chip startup DEEPX raises $80 million in Series C funding, now valued at $529 million

DEEPX, a South Korean on-device AI chip startup, has made waves in the tech industry with its recent announcement of raising $80 million in a Series C round. The company, founded in 2018 by CEO Lokwon Kim, has seen its valuation surge to $529 million, marking a significant growth from its previous funding rounds.

The Series C funding will be used towards mass production of DEEPX’s inaugural products, including DX-V1, DX-V3, DX-M1, and DX-H1, set for global distribution in late 2024. Additionally, the startup plans to accelerate the development and launch of its next generation of large language model (LLM) on-device solutions.

DEEPX’s focus on the on-device AI market comes at a time when the industry is projected to reach $107.47 billion by 2029. With applications in computer vision, smart mobility, robotics, IoT, and security systems, the demand for on-device AI solutions is on the rise.

Kim emphasized the importance of cost efficiency, energy consumption efficiency, and a comprehensive All-in-4 AI Total Solution in setting DEEPX apart from its competitors. The startup currently has more than 259 patents pending in the U.S., China, and South Korea, showcasing its commitment to innovation in the AI chip space.

With collaborations with potential clients and strategic partners like Hyundai Kia Motors Robotics Lab and POSCO DX, DEEPX is poised to make a significant impact in the AI chip market. The latest investment round was led by SkyLake Equity Partners, with participation from BNW Investments, AJU IB, and Timefolio Asset Management.

DEEPX’s success in securing funding and partnerships highlights the growing interest and investment in on-device AI technology, positioning the company as a key player in the evolving tech landscape.