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DEEPX, an AI chip startup, successfully raises $80 million in Series C funding, valuing the company at $529 million.

ByYasmeeta Oon

May 12, 2024
DEEPX, an AI chip startup, successfully raises $80 million in Series C funding, valuing the company at $529 million.

DEEPX, an AI chip startup, successfully raises $80 million in Series C funding, valuing the company at $529 million.

In the ever-evolving landscape of artificial intelligence (AI) technology, South Korean startup DEEPX has emerged as a frontrunner in the development of on-device AI chips. The company, known for its Neural Processing Unit (NPU) technology, recently announced a significant milestone in its journey: the successful closure of an $80 million Series C funding round. This latest infusion of capital, led by SkyLake Equity Partners, marks a pivotal moment for DEEPX as it gears up for the mass production of its groundbreaking products and accelerates the development of next-generation AI solutions.

DEEPX, founded in 2018 by CEO Lokwon Kim, has quickly gained recognition for its innovative hardware and software solutions tailored for various AI applications in electronic devices. With a diverse portfolio encompassing products such as the DX-V1, DX-V3, DX-M1, and DX-H1, DEEPX aims to revolutionize industries ranging from smart appliances to robotics and beyond. The Series C funding, which values the company at a staggering $529 million, underscores the growing demand for on-device AI capabilities in today’s digital landscape.

DEEPX’s Product Portfolio
ProductTarget Applications
DX-V1Home appliances, surveillance systems, drones
DX-V3Robotics, vision systems
DX-M1AI computing boxes, smart factories
DX-H1AI servers, AI booster chips

With the Series C funding, DEEPX is poised to propel its ambitious vision forward. A significant portion of the investment will be allocated towards ramping up the mass production of its flagship products, slated for global distribution by late 2024. Additionally, the company plans to expedite the development and deployment of its next-generation Large Language Model (LLM) solutions, catering to the burgeoning demand for advanced AI technologies.

The global edge AI market, also known as on-device AI, is experiencing unprecedented growth, fueled by advancements in computer vision, smart mobility, and IoT technologies. According to recent projections, the market is set to soar to $107.47 billion by 2029, highlighting the immense potential for innovation in this space. DEEPX, with its cutting-edge AI chip solutions, is well-positioned to capitalize on this lucrative opportunity and carve out a significant market share.

While DEEPX faces competition from established players in the AI chip industry, such as Hailo and SiMa.ai, the company distinguishes itself through its focus on cost efficiency, energy consumption optimization, and comprehensive AI solutions. Leveraging its proprietary All-in-4 AI Total Solution, DEEPX offers a versatile array of products tailored to diverse applications, ranging from vision systems to AI computing infrastructure.

DEEPX’s journey towards success is marked by strategic partnerships and collaborations with industry leaders and technology innovators. With over 100 potential clients and partners, including Hyundai Kia Motors Robotics Lab and Korean IT giant POSCO DX, the company is actively testing and refining its AI chip capabilities. These collaborative efforts underscore DEEPX’s commitment to driving innovation and fostering synergies within the broader tech ecosystem.

As the demand for AI-powered solutions continues to surge, DEEPX remains steadfast in its commitment to sustainability and efficiency. CEO Lokwon Kim emphasizes the importance of collaborative operation technologies, which blend on-device AI models with server-scale infrastructure to reduce energy consumption and operational costs. By leveraging cutting-edge technologies and fostering strategic partnerships, DEEPX aims to chart a sustainable path forward in the dynamic landscape of AI technology.

DEEPX’s successful Series C funding round marks a significant milestone in its journey towards redefining the future of on-device AI technology. With a robust portfolio of products, a focus on innovation and sustainability, and a burgeoning network of partnerships, DEEPX is poised to lead the charge in unlocking the full potential of AI across industries worldwide. As the company gears up for the next phase of its growth trajectory, all eyes are on DEEPX as it continues to push the boundaries of what’s possible in the realm of artificial intelligence.


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Featured Image courtesy of DALL-E by ChatGPT

Yasmeeta Oon

Just a girl trying to break into the world of journalism, constantly on the hunt for the next big story to share.

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