Semiconductor Startup Raises $55 Million From Korean VCs To Help Cloud Companies Handle The AI Boom
The advent of generative AI has turbocharged demand for cloud computing services, and data centers need a boost of their own to meet the rising demand. MangoBoost, a Seoul- and Seattle-based chip design startup, says it can give that boost.
Founded in February last year, MangoBoost develops specialized chips designed for data centers, called data processing units, or DPUs. The chips can boost the efficiency of existing server equipment, says Jangwoo Kim, cofounder and CEO of MangoBoost, in a video interview.
“Everybody believes that DPUs are going to be equipped to every server,” says Kim, who holds a doctorate in computer engineering from Carnegie Mellon University and was a senior engineer at Oracle. “So that’s a huge market.”
Some of South Korea’s top tech investors agree. Last month, MangoBoost scored $55 million in a Series A round, bringing its total funding to date to $65 million. The round was led by IMM Investment, which has backed the likes of billionaire Bom Kim’s Coupang and Chang Byung-gyu’s Krafton, as well as Shinhan Venture Investment, an arm of banking giant Shinhan Financial Group whose portfolio companies include billionaire Bang Jun-hyuk’s Netmarble and Indonesian aquaculture unicorn eFishery.
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Semiconductor Startup Raises $55 Million To Help Cloud Companies Handle The AI Boom