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 by venture capital (VC) in a Series A round for a Korean-based fabless startup, recording the largest investment amount and enterprise value ever. Panesia announced that it had successfully raised a cumulative investment of 100 billion won, including subsidies, in just two years since its founding.

According to KPMG's 'Q3 VC Investment Trends Report,' global VC investment is at a seven-year low, and the domestic project financing crisis is affecting the overall investment market.

Panesia expressed confidence that it had proven its technological prowess by attracting large-scale investment despite these market conditions.

Panesia CEO Jeong Myeong-su expressed his ambition, saying, “With this investment, we will complete key tasks such as developing a world-leading CXL 3.1 switch silicon chip, enhancing CXL IP, and collaborating with global IT companies. We will also ensure that our executives and employees are recognized as key players in the global industrial sector.”

A total of 15 venture capital firms participated in this Series A investment round, including InterVest as lead investor, Korea Investment Partners, KB Investment, Woori Venture Partners, BSK Investment, Envester, Murex Partners, Daesung Venture Capital, 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 assets under management 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 its advanced CXL solutions. A Panesia representative 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.”