[Redirecting the Flow of Capital]②[Interview] "Growth Momentum Fueled by the National Growth Fund... The 'K-Certification' Attached to Rebellion"

640 Billion Won in Combined Policy and Private Funding Fuels AI Semiconductor Drive
"Government-Accredited Innovative Company" Symbolism Spurs the "K-Certification" Effect in Attracting Foreign Capital
Boosting Global Trust and Investment... Acc

Editor's Note
The Lee Jae-myung administration has declared a major shift toward "productive finance." The key is to redirect capital currently concentrated in real estate into advanced and strategic industries. As global competition for technological supremacy expands into a "capital war," the United States, China, Japan, and Europe are pouring astronomical sums into strategic sectors by combining state capital with private finance. In contrast, Korea's financial sector has remained stuck in a conservative, real estate-collateralized system. There are growing concerns that continued distortion in resource allocation could cause Korea to fall behind in the technology race. In response, the government has launched the 150 trillion won "National Growth Fund," combining policy finance and private capital to drive structural change. This series examines the necessity of productive finance, the limitations of private finance, and the policy challenges that must be addressed going forward.

On April 13, at Rebellion's headquarters in Bundang-gu, Seongnam-si, the eight-story building—typical of a fabless company specializing in NPU (Neural Processing Unit) design—stood without factories or smokestacks. Inside the company’s exhibition space on the third floor, Rebellion's main products were on display. One corner featured an 'ATOM-Max (first-generation NPU)' card, bearing President Lee Jae-myung's handwritten message. The card read, "Become one of the world's top three powers on the AI highway!" offering the President's encouragement.

President Lee Jae-myung's handwritten signature on Rebellion's first-generation NPU 'ATOM-Max' card. Provided by Rebellion

Rebellion, a Latecomer, Achieves Tenfold Revenue Growth in Five Years... Secures 1.3 Trillion Won in Cumulative Investments

Rebellion, which began in an office where rain leaked from the ceiling, had rewritten its story within just five years of its founding. While Nvidia, a dominant force in GPUs, has established an overwhelming presence in the field of AI training, Rebellion has carved out its own niche by focusing on large inference chips for data centers. Although it was a latecomer compared to the wave of AI semiconductor startups that emerged after AlphaGo in 2016, Rebellion’s strategy of reducing power consumption and maximizing computational efficiency has gradually begun to pay off.

In 2025, revenue surged tenfold compared to two years earlier, and the company grew from five employees to 300. Currently, about 70% of the 300 employees are engineers. This growth has attracted engineers who previously worked at Samsung Electronics and SK hynix to join Rebellion. As its technological capability has gained recognition, external capital has flowed in rapidly. Rebellion is one of the few Korean AI semiconductor companies to secure overseas investment, attracting funding from eight countries: Korea, the United States, the United Kingdom, Saudi Arabia, France, Japan, Taiwan, and Singapore.

The National Growth Fund is ‘Patient Capital’... Enables Bolder, Faster Decisions in the Race for Supply Chain Security

The "National Growth Fund" has further fueled this momentum. Last month, the fund selected Rebellion as its very first direct investment recipient. As a result, 300 billion won in policy funds and 340 billion won in private capital led by Mirae Asset Group were injected, totaling 640 billion won at once. With this, Rebellion has secured a cumulative investment of 1.3 trillion won since its establishment in 2020, having completed Series A (92 billion won), B (185 billion won), C (350 billion won), and this year's pre-IPO round with the National Growth Fund. Following the fund’s investment, the company’s valuation soared to about 3.4 trillion won.

In the AI race, where capital is both strategy and a weapon for survival, the "ammunition" supplied by the National Growth Fund has been a decisive catalyst for Rebellion’s growth. Sung Sungkyu, Chief Financial Officer (CFO) of Rebellion, stressed, "This investment will be more than simple capital support—it will serve as a momentum for the company’s growth," adding, "We have secured the capacity to accelerate development and respond to global competition."

With increased financial capacity, the company is now able to make faster and bolder decisions across the board, including securing supply chains and making preemptive investments. For example, it can now secure critical components like high-bandwidth memory (HBM) in advance or purchase servers ahead of time. In the semiconductor market, where "who invests first" determines success or failure, preemptive investment creates a "speed gap," which in turn directly influences a company’s growth. This year is especially important for Rebellion, with new product launches and mass production of HBM-applied products scheduled. The "golden time" for market expansion is now.

CFO Sung explained, "The semiconductor business requires enormous development and mass production costs. In particular, mask fabrication costs and foundry costs are critical, and ultimately, the scale of capital directly determines the speed of technological development." He defined the National Growth Fund as "patient capital" that supports long-term investment. Whereas companies usually face pressure for short-term returns when capital is injected, the National Growth Fund allows for a longer-term perspective and waits for the company’s growth. Sung expressed it as, "Thanks to the National Growth Fund, we have gained the courage to take risks and possibly fail."

Funds invested under the "National Growth Fund" label carry significance beyond simple investment. Unlike private capital, they confer a great deal of symbolic value and trust. CFO Sung emphasized, "From the perspective of foreign investors, the fact that this is a ‘government-recognized company’ in Korea is a positive signal—there’s a kind of ‘K-certification effect’ at play."

Sung Sungkyu, Chief Financial Officer (CFO) of Rebellion, is explaining the company's investment history at the Rebellion headquarters located in Bundang-gu, Seongnam-si, on April 13.

Targeting Domestic Listing Next Year, Followed by Global Expansion... Contributing to the Creation of a Korean AI Semiconductor Ecosystem

The company believes that this level of trust will have a positive impact on attracting overseas investment and pursuing a global listing in the future. CFO Sung stated, "Originally, we planned to go straight to an IPO, but this investment has given us the foundation for even greater growth. Our immediate goal is to pursue a domestic listing next year, and afterward, we will consider entering the global market."

Rebellion chips are manufactured using Samsung Foundry’s 5-nanometer and 4-nanometer processes. The company actively leverages the Korean semiconductor ecosystem not only for design but also for manufacturing. Rebellion has established memory partnerships with both Samsung Electronics and SK hynix, while KT and SK Telecom are applying Rebellion’s AI services as customers. This structure demonstrates that Rebellion is contributing to the creation of a "Korean AI semiconductor ecosystem" that goes beyond being a simple fabless company to connecting memory and foundry capabilities as well.

Rebellion has expressed its commitment to helping the Korean semiconductor industry expand beyond its traditional focus on memory to include system and AI semiconductors. CFO Sung commented, "If we can build an ecosystem that covers development, production, and services domestically, it will not only strengthen the competitiveness of non-memory semiconductors but also contribute to the expansion of the entire industry. Through continued growth, we aim to create an environment where future companies can also attract investment."

This content was produced with the assistance of AI translation services.