Panmnesia raises $57 mn in Series A funding

Panmnesia, a South Korean fabless startup specializing in compute express link (CXL) technology, said on Tuesday it raised 80 billion won ($57 million) in Series A funding, valuing the company at over 340 billion won ($244 million) including potential equity.

The funding marks the largest Series A round for a South Korean fabless startup backed solely by venture capital. 

Founded in 2022 by Jeong Myung-soo, a professor at the Korea Advanced Institute of Science and Technology (KAIST), Panmnesia has raised 100 billion won ($75 million) in total funding, including government grants, in just two years.

The round was led by 15 VCs, including InterVest, Korea Investment Partners, KB Investment, Woori Venture Partners, BSK Investment, NVester, Murex Partners, Daesung Private Equity and TS Investment.

Existing investors Daekyo Investment, G&Tech Venture Investment, SL Investment, Timeworks Investment, Quantum Ventures Korea, and Yuanta Investment also joined the round.

Panmnesia develops CXL-based solutions, including high-power switch chips and semiconductor intellectual property (IP), aiming to position itself as a key player in memory connectivity for data centers and AI acceleration solutions.

Write to Joo-Wan Kim at kjwan@hankyung.com