South Korean chip startup Panmnesia has successfully secured a seed funding round, valuing the company at $81.4 million. Panmnesia specializes in developing intellectual property related to Compute Express Link (CXL), a technology that enables data center operators to consolidate resources like AI accelerator chips, processors, and memory.
Addressing the typical bottleneck issue associated with memory in AI applications, Panmnesia’s CXL technology promises to significantly enhance efficiency. According to Panmnesia CEO Myoungsoo Jung, the absence of a standard interface makes accommodating various AI accelerators in data centers challenging.
Panmnesia’s technology is garnering interest from chip design software companies like Synopsys and Cadence Design Systems. However, both Synopsys and Cadence declined to comment on the matter.
The $12.5 million funding round was led by Daekyo Investment, with participation from investors including SL Investment, Smilegate Investment, GNTech Venture Capital, Time Works Investment, Yuanta Investment, and Quantum Ventures Korea.
The South Korean government is actively supporting the domestic AI chip industry, committing $800 million over the next five years to boost the share of Korean AI chips in domestic data centers to 80% by 2030, up from essentially zero.
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