Panmnesia says it raised over $60 million in Series A funding as it advances its fabless CXL chip designs for the datacenter and AI workloads.
The company has now raised a total of $80 million since its inception in 2022, and says its valuation now stands at over $250 million.
A total of 15 investment institutions participated in the Series A funding, led by InterVest, and joined by new investors such as Korea Investment Partners, KB Investment, Woori Venture Partners, BSK Investment, Nvestor, Murex Partners, Daesung Private Equity, and TS Investment. Existing investors including Daekyo Investment, GNTech Venture Capital, SL Investment, TimeWorks Investment, Quantum Ventures Korea, and Yuanta Investment Korea also participated in this round.
Panmnesia is currently focusing on developing semiconductor IP and switch chips for CXL (Compute Express Link), the next-generation memory interconnect technology. CXL 3.0 technology enables a pool of external memory, accessed through CXL switches, to be shared between host computers with coherent caches and the CXL memory endpoints or expanders.
Panmnesia introduced the world’s first CXL full-system framework, including the CXL Switch chip, at the 2022 USENIX Annual Conference. More recently, at the OCP/OpenInfra joint event last month, the company said it “surprised the industry” by unveiling the world’s first CXL 3.1 IP with two-digit nanosecond latency, and the world’s first CXL-GPU designed for AI workloads.
Panmnesia was founded in 2022 by CEO Myoungsoo Jung, a tenured professor at KAIST (Korea Advanced Institute of Science & Technology) in South Korea, along with other researchers there. “We will allocate this investment to successfully complete key projects, such as manufacturing of the high-bandwidth CXL 3.1 Switch silicon chip, advancement of next-generation CXL IP, and collaboration projects with global IT companies,” said Jung.
