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

Korean AI chip startup DEEPX, Hyundai work on robots powered by generative AI

SEOUL, April 15 (Reuters) - South Korean AI chip startup DEEPX will expand its partnership with Hyundai Motor Group to develop a computing platform for generative AI robots using its second generation of low-power chips, its top executive said, as it gets set for an IPO. DEEPX is in talks with the government and investors to raise more than 600 billion won ($408 million) in an ongoing funding round, in the run-up to a potential IPO in South Korea, DEEPX CEO Lokwon Kim said. The company, which began producing chips late last year, is one of a number of South Korean startups riding on Seoul's ambitions to nurture ⁠artificial intelligence champions and make the country an AI leader. Founded by Kim, a former Apple (AAPL.O), opens new tab engineer, DEEPX develops neural processing units (NPUs) which allow robots, factories and self-driving cars to handle AI tasks on-device, meaning without external connectivity. It has already developed AI chips, opens new tab used in Hyundai's four-wheeled delivery robots. Hyundai's new robotics platform will use DEEPX's second-generation DX-M2 chips, which will go into volume production later next year using Samsung Electronics' (005930.KS), opens new tab most advanced 2-nanometer chipmaking technology. Kim said DEEPX's lower-power chips would be able to help prevent energy-hungry humanoid robots from overheating, but did not elaborate on which robots would use its ⁠DX-M2 chips. The company's current-generation chips are 20 times more power-efficient and are much cheaper than Nvidia's (NVDA.O), opens new tab Jetson Orin, Kim said. "Our next-generation chips are optimized for generative AI, which, like ChatGPT, will enable robots to learn from their experiences," he said in an interview. Hyundai, which unveiled its Atlas humanoid robot in January, plans to build ⁠a factory capable of manufacturing 30,000 robot units annually by 2028. The head of Hyundai's Robotics LAB, Hyun Dong-jin, said its work with DEEPX is part of an effort to build an ecosystem of on-device computing partners ⁠in South Korea and overseas. DEEPX counts China's Baidu (9888.HK), opens new tab as one of its customers. It aims to achieve revenue of $40 million this year. DEEPX CFO Young Cho told reporters on Tuesday the company's priority ⁠was to be listed on the Korean stock market, but a secondary U.S. listing through American Depositary Receipts could be considered later. The executives did not disclose what the ongoing funding round would value the whole company at. ($1 = 1,470.2800 won) Reporting by Hyunjoo Jin; Editing by Sonali Paul Our Standards: The Thomson Reuters Trust Principles., opens new tab

Korean AI chip startup DeepX prepares public share offering

SEOUL, April 14 (Reuters) - South Korean AI chip startup DeepX said on Tuesday it is preparing to list its shares domestically, adding the firm ⁠is open to a possible U.S. listing after that. The on-device AI chip company, which works with Hyundai Motor (005380.KS), opens new tab and Baidu (9888.HK), opens new tab, plans ⁠to select banks to manage its initial public offering after wrapping ⁠up its ongoing funding round in the first ⁠half of this year, DeepX CEO ⁠Lokwon Kim told Reuters. · Reporting by Hyunjoo Jin; Editing by Christian Schmollinger Our Standards: The Thomson Reuters Trust Principles., opens new tab

Korean AI chip startup DeepX prepares public share offering

The on-device AI chip company, which ⁠works with Hyundai Motor and Baidu, plans to select banks to manage its initial public offering after wrapping up its ongoing funding round ⁠in the first half of this year, DeepX CEO Lokwon Kim told Reuters. South Korean AI chip startup DeepX said on Tuesday it is preparing ⁠to list ⁠its shares domestically, adding the firm is open to a possible US listing after ⁠that. The on-device AI chip company, which ⁠works with Hyundai Motor and Baidu, plans to select banks to manage its initial public offering after wrapping up its ongoing funding round ⁠in the first half of this year, DeepX CEO Lokwon Kim told Reuters.