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 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 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’ 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 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 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.