DEEPX AI chip startup eyes IPO after $408M funding round, expands Hyundai robotics partnership

DEEPX Prepares for Public Share Offering After Major Funding Round

South Korean AI chip startup DEEPX is gearing up for an initial public offering on the domestic stock market, following an ongoing funding round expected to raise more than 600 billion won, or approximately $408 million 1

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. CEO Lokwon Kim, a former Apple engineer who founded the company, confirmed that DEEPX is in talks with the government and investors to secure the capital 1

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. The company plans to select banks to manage its IPO after wrapping up the funding round in the first half of this year 2

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. While the priority is a Korean stock market listing, DEEPX CFO Young Cho indicated that a secondary US listing through American Depositary Receipts could be considered later 1

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Expanding Hyundai Motor Collaboration on Robots Powered by Generative AI

DEEPX is significantly expanding its partnership with Hyundai Motor Group to develop a generative AI computing platform for robots 1

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. The collaboration will leverage DEEPX's second-generation DX-M2 chips, which are scheduled for volume production later next year using Samsung Electronics' most advanced 2-nanometer chipmaking technology 1

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. The company already supplies AI chips used in Hyundai's four-wheeled delivery robots 1

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. Lokwon Kim explained that DEEPX's lower-power chips would help prevent energy-hungry humanoid robots from overheating, though he did not specify which robots would utilize the DX-M2 chips 1

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. Hyundai, which unveiled its Atlas humanoid robot in January, plans to build a factory capable of manufacturing 30,000 robot units annually by 2028 1

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On-Device AI Chips Optimized for Generative AI Applications

DEEPX develops neural processing units (NPUs) that enable robots, factories, and self-driving cars to handle AI tasks through on-device computing, meaning without external connectivity 1

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. The company's current-generation on-device AI chips are 20 times more power-efficient and significantly cheaper than Nvidia's Jetson Orin, according to Kim 1

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. Kim emphasized that the next-generation chips are optimized for generative AI, stating, "Our next-generation chips are optimized for generative AI, which, like ChatGPT, will enable robots to learn from their experiences" 1

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. The head of Hyundai's Robotics LAB, Hyun Dong-jin, confirmed that the Hyundai Motor collaboration is part of an effort to build an ecosystem of on-device computing partners in South Korea and overseas 1

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South Korean Startup Riding AI Ambitions with Global Customer Base

As a South Korean startup, DEEPX is among several companies benefiting from Seoul's ambitions to nurture artificial intelligence champions and establish the country as an AI leader 1

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. The company, which began producing chips late last year, has already attracted notable customers including China's Baidu 1

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. DEEPX aims to achieve revenue of $40 million this year 1

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. The executives did not disclose what the ongoing funding round would value the whole company at 1

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. With its computing platform designed for the next generation of intelligent machines and its strategic partnerships with major players like Hyundai Motor Group and Samsung Electronics, DEEPX is positioning itself to compete in the rapidly evolving AI hardware market against established players like Nvidia.