FuriosaAI said on October 29 that it completed a Series D round totaling roughly $620 million (820 billion won), with a pre-money valuation of $2.28 billion (3 trillion won) and a post-money valuation of about $2.89 billion (3.8 trillion won), according to Wowtale.

Bloomberg reports the round quadrupled the Seoul-based startup's valuation to $2.9 billion and was backed by investors including US-based Infinitum Partners.

The company began the Series D in January targeting only $342 million to $570 million, but strong domestic and overseas interest pushed the final size above that target, and the company described the raise as one of the largest ever by a Korean startup.

A fourfold valuation jump in a single round is rare for a semiconductor startup taking direct aim at Nvidia, and even more unusual outside Silicon Valley.

FuriosaAI itself framed the round as reflecting investor confidence in technology and business execution demonstrated through its own AI chip architecture and the mass production of two product generations.

The raise comes amid what Bloomberg's coverage calls a 'Chip Wars' moment, with Broadcom's Anthropic deal and Korea's $1 trillion chip bet in the headlines. Wowtale notes the company called the $623 million raise a notable capital injection even by global standards, not just a domestic record.

Korea's National Growth Fund was the largest investor, contributing $280 million per Bloomberg, or $281 million per Wowtale, and FuriosaAI said the fund's large stake helped draw in global investors as the government pushes to build up the AI semiconductor industry.

The largest overseas participant was US-based Infinitum, which co-led Groq's $650 million round in June, and whose founder and CIO John Yetimoglu joined Groq's board.

New investors also included Singapore's QUDA Capital, Cisco Investments, Abu Dhabi-based NeoFort Holding, and US investors Jericho Capital and Worldline Capital.

Existing shareholders added follow-on investments of $129 million per Wowtale, including all three seed investors — NAVER, DSC Investment and KDB Capital.

The bull case rests on FuriosaAI's second-generation RNGD chip, which entered mass production in January.

According to Wowtale, the chip has moved through real enterprise and cloud deployments: technology validation and commercialization cooperation with LG AI Research, Samsung SDS launching an RNGD-based NPUaaS, and supply of RNGD to Upstage's Daum search summary service, which serves millions of users.

'Very few companies have successfully led advanced AI semiconductors from design to mass production,' said Infinitum CIO John Yetimoglu, adding that FuriosaAI proved its commercialization capability in service environments at Samsung SDS and the LG Group.

FuriosaAI plans to use the proceeds to expand global commercialization of RNGD, broaden its international customer base, and strengthen its software ecosystem, while accelerating development of a third-generation AI accelerator built in collaboration with Broadcom and aimed at the hyperscale AI infrastructure market.

Wowtale reports the company plans to push performance, power efficiency and system scalability on top of the compute architecture it developed in-house.

CEO Junho Baek said now is the stage to spread the technology across the global AI infrastructure market and offer a new option built on high-performance, high-efficiency AI chips — a direct challenge to Nvidia's dominance.

Yongjung Park, General Partner at NAVER Ventures, said what matters most in technology companies is the point where they move from proving the technology to proving the business, and argued FuriosaAI has reached exactly that point as chip mass production and customer adoption get under way.

NAVER Ventures, based in Silicon Valley, said it will help FuriosaAI expand in the North American market.