(Bloomberg) -- AI chip startup DeepX Co. is close to raising 120 billion won ($90 million) in a funding round to accelerate production and bankroll global expansion, according to people familiar with the matter. 

The South Korean firm has secured 60 billion won from Skylake Equity Partners as well as 30 billion won from existing backer Timefolio Asset Management, said the people, who asked not to be named as the matter is private. DeepX is also in final discussions with another investor to secure 30 billion by next month, they said.

The new round values Pangyo-based DeepX in the mid-700 billion won range, said one of the people. The company’s semiconductors are intended for use outside of data centers, helping to make smarter robotics and add AI to various electronic devices. Alongside fellow AI silicon startup Rebellions, which recently got a fresh round of $124 million, DeepX is one of a promising crop of new ventures in this field in South Korea.

Representatives for DeepX and Timefolio declined to comment, while officials at Skylake weren’t immediately available for comment.

DeepX is working with companies including the Hyundai Kia Motors Robotics Lab and Posco DX to move toward mass production, according to the company.

--With assistance from Jane Lanhee Lee.

(Updates with additional details about company’s business)

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