Rebellions' IPO plans are drawing attention to B2EN's earlier KRW 10 billion investment and the companies' business cooperation.
B2EN said the AI chip assets held by GS New Technology Growth Private Equity Fund, in which it invested KRW 10 billion in 2024, became linked to Rebellions, and the companies now also collaborate on Mongolia's customs AI demonstration.
In September 2024, the fund agreed to acquire 3.35% of Sapeon Korea. Sapeon's December merger with Rebellions created the combined Rebellions entity, linking the fund's assets to it.
Rebellions is a fabless AI semiconductor company specializing in inference NPUs. Valued at approximately KRW 1.3 trillion at its Sapeon merger, it recently completed a KRW 640 billion pre-IPO round and is targeting the first half of 2027 for listing. Samsung Securities leads the IPO, with KB Securities joining as co-lead.
B2EN expects a potential revaluation of Rebellions during its IPO to positively affect the related assets held through the fund.
The relationship has expanded from investment into operations. Last year, B2EN formed a consortium with VIRNECT and Rebellions and signed a joint cooperation plan with Mongolia's customs authority for AI-based digital administration.
Under the Ministry of Science and ICT and NIPA's overseas AI semiconductor demonstration program, the project combines Rebellions' server chips with B2EN technology to build a customs AI chatbot and augmented search platform.
B2EN completed first-year testing last December. The system supports HS code classification of imports and customs officers' responses to inquiries. The project proceeds in stages over two years through this year.
The company plans to use the demonstration as a reference for overseas public-sector entry combining Korean chips and proprietary AI/data technology, expanding into digital ODA and other countries' government services.