South Korea’s industry ministry said on Thursday that a government–led fund will invest around 800 billion won ($533 million) to take a stake in local startup FuriosaAI.
The investment will come from the country’s so-called national growth fund, aimed at nurturing promising industries with cutting-edge technologies, which is backed by government and private money.
The company, which builds AI chips, will shortly close a pre-IPO fundraising, estimated to be more than $500 million, while demand from investors is strong, a company spokesperson told Reuters.
The firm has been valued at 3 trillion won in the latest round of funding, he added.
Reuters
