South Korean AI chip firm Panmnesia valued at over $81.4 M, raised $12.5 M Seed funding
Panmnesia, a fabless semiconductor startup established in South Korea and focusing on CXL (Compute Express Link) technology, revealed on Friday that it has successfully raised $12.5 million in a seed round of investment.
According to a release from Panmnesia, this huge financial achievement caused the company’s post-money valuation to leap to a stunning $81.4 million.
The statement claimed that Daekyo Investment was driving the investment surge.
A group of seven prestigious investment companies, including SL Investment, Smilegate Investment, GNTech Venture Capital, Time Works Investment, Yuanta Investment, and Quantum Ventures Korea, also contributed to the round.
A bright group of Ph.D. graduates from the Korea Advanced Institute of Science and Technology (KAIST) worked together to create Panmnesia.
Professor Myoungsoo Jung, an excellent mentor, provided them with guidance.
Panmnesia is dedicated to providing an extensive suite of products that includes CXL semiconductor IP, cutting-edge data processing acceleration solutions, and complete CXL-driven technologies. The company’s basis is firmly based on ground-breaking research and innovation.
As a revolutionary interface technology created to smoothly link a variety of system equipment, such as memory expansion units, accelerators, CPUs, and switches, it is observed that CXL is gaining ground quickly.
Its ability to easily increase memory capacity and its skill at speeding data processing are what give it its promise.
Memory pooling, one outstanding CXL feature, serves as a beacon for data center efficiency by offering opportunities for significant cost reductions in memory-related processes. These benefits have led tech behemoths like Meta, Microsoft, and Google to show increased interest in CXL-centric solutions.
Global semiconductor giants including Intel, AMD, Samsung Electronics, and SK Hynix have outlined their strategic plans to release CXL-compliant products in line with this trend.
Market predictions suggest that the CXL domain will grow to a sizeable $20 billion by the year 2030, echoing the widespread enthusiasm. This puts Panmnesia in an advantageous position to take advantage of these emerging opportunities.
When Panmnesia unveiled the first full-system memory pooling framework based on CXL 2.0 last year, their efforts gained attention.
By utilizing CXL 3.0 technology, the company extended its technical lead by announcing a solution in May that speeds up data center-focused Artificial Intelligence (AI) applications.
This year, the company also unveiled a complete system that connected through a multi-level switch architecture and supported CXL 3.0. This system included both hardware and operating systems.
“CXL 3.0 takes a fundamentally different viewpoint from CXL 2.0 in its approach to various processors and memory semiconductor devices to support high scalability,
“Regrettably, most companies are still only discussing certain features of CXL 1.1 or 2.0,” said Myoungsoo Jung, Chief Executive Officer of Panmnesia.