Domestic fabless large-scale series A attraction
CXL technology highly evaluated, accelerating global expansion
CXL fabless startup Panesia announced on the 19th that it has successfully attracted Series A investment of over 80 billion won.
This investment is the largest investment ever made solely by venture capital (VC) in a Korean-headquartered fabless startup at the Series A stage, recording the largest investment amount and corporate value ever. Panesia announced that it successfully raised a cumulative investment of 100 billion won, including subsidies, in just two years since its establishment.
According to KPMG's '3rd Quarter VC Investment Trend Report', global VC investment is at its lowest level in seven years, and the domestic project financing crisis is affecting the investment market as a whole.
Panesia expressed confidence that it had proven its technological prowess by attracting large-scale investment even in these market conditions.
Panesia CEO Jeong Myeong-su expressed his aspirations, saying, “With this investment, we will complete key pending tasks such as developing the world’s leading CXL 3.1 switch silicon chip, enhancing CXL IP, and collaborating with global IT companies, and ensure that our executives and employees are recognized as key players in the global industrial community.”
A total of 15 venture capital firms participated in this Series A investment, including InterVest as the lead investor, Korea Investment Partners, KB Investment, Woori Venture Partners, BSK Investment, Envester, Murex Partners, Daesung Venture Investment, and TS Investment as new investors.
A venture capital industry insider explained, “It is highly unusual for half of the 10 largest domestic venture capital firms with the largest AUM to participate in Series A investment at the same time, which is the largest scale of VC funding the industry has ever seen,” adding, “It shows the high interest of the investment industry in Panesia.”
Currently, Panesia is collaborating with various global IT companies based on advanced CXL solutions. A Panesia official analyzed the factors behind the success of this investment, saying, “This investment round seems to have been successful because Panesia’s global leadership in CXL technology development and future vision were highly evaluated.”
