DEEPX Raises $80 Million to Power On-Device AI Revolution
The Rise of On-Device AI
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The global edge AI market, also known as on-device AI, is experiencing explosive growth. Projected to reach a staggering $107.47 billion by 2029, up from $11.98 billion in 2021, this surge is driven by the increasing demand for AI capabilities directly within devices, bypassing the need for cloud or server reliance. This shift empowers applications like facial and voice recognition, smart mobility, robotics, the Internet of Things (IoT), and physical security systems.
DEEPX: A South Korean Powerhouse in On-Device AI
DEEPX, a South Korean startup specializing in on-device AI chips (NPUs) and software, is at the forefront of this revolution. Founded in 2018 by CEO Lokwon Kim, a veteran with experience at Apple, Cisco Systems, IBM Research, and Broadcom, DEEPX has secured $95 million in funding to date. Their recent Series C round, which brought in $80 million at a valuation of $529 million, represents an eightfold increase from their 2021 Series B funding.
A Comprehensive AI Solution
DEEPX differentiates itself through its cost-effectiveness, energy efficiency, and All-in-4 AI Complete Solution. This comprehensive approach encompasses a range of chips tailored for specific applications:
- DX-V1 and DX-V3: Designed for vision systems in home appliances, surveillance cameras, robotic vision, and drones.
- DX-M1 and DX-H1: Optimized for AI computing boxes, AI servers, smart factories, and AI booster chips.
Competing with the Giants
DEEPX joins a growing list of companies developing AI chip solutions, including Hailo, SiMa.ai, and Axelera. While Nvidia’s GPGPU-based solutions dominate large language model (LLM) services like ChatGPT, DEEPX aims to address the significant power consumption challenges associated with these centralized approaches. By enabling on-device AI, DEEPX seeks to reduce energy usage and costs while offering a more decentralized and efficient alternative.
Building Strategic Partnerships
DEEPX is actively collaborating with over 100 potential customers and strategic partners, including Hyundai Kia Motors Robotics Lab and POSCO DX. These partnerships are crucial for testing and refining DEEPX’s AI chip capabilities in real-world applications.
Funding the Future of On-Device AI
SkyLake Equity Partners, a South Korea-based technology-focused private equity firm, led the recent funding round, joined by BNW Investments, AJU IB, and former backer Timefolio Asset Management. This investment will fuel DEEPX’s continued development and expansion in the rapidly evolving on-device AI landscape.
