Davis Polk has provided legal counsel to South Korea’s FuriosaAI during its recent Series D financing, which raised a total of $620 million. This funding round brings FuriosaAI’s post-money valuation to approximately $2.9 billion.
Participation in the financing came from a mix of new and existing investors. Significant contributors included Infinitum, Jericho Capital, QUDA Capital, Cisco Investments, the National Growth Fund of South Korea, Korea Development Bank, NAVER Ventures, and Kakao Investment. The National Growth Fund emerged as the largest investor in this round, contributing $280 million, while international investors collectively provided $110 million.
The financing will support FuriosaAI as it expands its commercial operations globally, particularly focusing on its RNGD AI inference accelerator, which is designed to optimize the processing of AI workloads with enhanced speed and energy efficiency. FuriosaAI plans to use the capital to increase production of the RNGD, enhance its software ecosystem, and accelerate the development of its third-generation AI accelerator.
The team from Davis Polk involved in the transaction includes corporate department head Michael Kaplan, Korea head Samuel Kang, and registered foreign lawyers Yong Lee and Claire Park. Kang noted, “Davis Polk served as transaction counsel to FuriosaAI, advising on all aspects of this series D financing.” He also emphasized the importance of power efficiency in AI infrastructure, stating, “This series D financing gives one of the most closely watched AI companies in the world the capital to scale at a pivotal moment.”
FuriosaAI, headquartered in Seoul, specializes in designing high-performance, energy-efficient AI accelerators aimed at data centers.
