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We will now begin the third presentation.

Revalion's CF, Shin Seon-gyun, will present the topic of attracting and strengthening global investment for AI semiconductor start-ups.

Please give him a big round of applause.

Hello, can you hear me?

Yes.

Okay, so let's get started. Huh?

Yes, hello. I'm the designer of the AI semiconductor.

I'm Shin Sung-kyu, the CFO of the start-up Revalion. First of all, I'd like to thank you for giving me the opportunity to introduce my company to you in such a rare occasion, and thank you for giving me the opportunity to tell you about our investments and such. As you can see here, I'm going to speak briefly today with the title of attracting global investment and increasing competitiveness to an AI semiconductor start-up.

I joined a semiconductor start-up company called Revalion about three years ago, and ever since then, I've been very involved in introducing our company and technology.

My role is to attract investors, so I met a lot of different investors, convinced them, and pitched to them. I had a lot of experience. But this is the first time I'm actually presenting something with a title like this. I've spent about three years in meetings with the investors that I've been given, but to look back briefly and talk about Revalion's global investment attraction, what it means, and its usefulness

It was very awkward and a bit overwhelming. It was a bit embarrassing in its own way, but at the same time, I felt like I should work really hard on my presentation. The reason for that is that unlike mature start-ups, early start-ups have a lot of experience and trial and error. That's because I've been receiving and learning from a lot of start-ups over the past three years. We still have a long way to go, but we're still the original team.

I hope what I'm about to tell you will be of some help to you. So I decided to let go of my embarrassment and pressure and named the first episode Disclamer. The disclamer I'd like to talk about is a team that hasn't reached half of the first quarter yet in terms of the level of competition and depth of the journey that Revalion is taking on.

Well, we're a very early team, and as you can see, we've only been in business for less than four years. And when it comes to global overseas investments, it's true that Revalion is the only semiconductor start-up in Korea that attracts overseas investors, but the start-ups that have succeeded in Korea have already attracted more overseas investors and have shown success in their businesses directly abroad. Compared to that, what we're experiencing is still a small trial and error.

But it's also very clear that we are a company that has been showing a lot in less than four years. The Milestone products that we've been building for three and a half years have brought a lot of attention to where our company is now, and the semiconductor, AI semiconductor, and the fact that we're still growing in this semiconductor is very important to the country, it's definitely different. So I'd like to talk a little bit about that today with the disclamers. Specifically.

What I'm going to do today is I'm going to briefly talk about deep tech, a hard tech company, a CFO, a liberal arts student that we all talk about, and what kind of views we have, what kind of framework we're working with, and what kind of accomplishments we're seeing.

I don't have a lot of experience, but when a start-up or a company grows, well, we're a deep tech company, so let's put it this way, it's a process where some founders, start-ups, and entrepreneurs, with huge amounts of capital, hold hands with investors and meet their customers. And the truth is, I don't think you're at the top of that mountain, I think you're on the other side of that mountain. I think we're on the other side of that

It's clear that the engineers' entrepreneurial team had the seed of technology at its core. But because of the investors who took our hand, we're on a journey. And as for today's topic, it's overseas.

I want to talk about what it means for investors to bring in foreign investment.

And then finally, as I say here team, we have technology and innovation. It's not just about having technology and capital. In the end, the body is really a team. It's not a big deal. It's just an individual person. So I really want to talk about the significance of this team today. The technology investments and that particular team, I'm going to talk about a couple of things in the frame. So let me give you a quick introduction to our company. I'm a bit

I think it's comfortable. I'm going to do it here. Yeah.

Thankfully, our company receives a lot of attention from a lot of places. We've been the fastest growing team in Korea since we were 223 years old, so we've been given a great name. In April of 2014, CB Insight conducted research on 100 AI startups worldwide. As one or two teams in Korea, our team was included this year. I marked it with a red box at the bottom, and in the category of chips, there are six teams, and we are the only team in Korea.

Uh, our company, as you can see on the top left, started in the fall of 2020. Rather than what they did in a short period of time, we decided that it would be better for the Pounders to start a semiconductor a startup in Korea after actually doing a lot of work in New York and the US. That's why I came back to Korea. We've been trying to start a business in the US for a long time, but here in Korea,

Memory semiconductors, semiconductors, like Samsung Foundry, we decided that the ecosystems would get better and better. So it's very important that when you see us, it's been relocated. Uh, the team that started this has acquired about 280 billion won worth of investment so far. We usually talk about it with 200 million uSBs, and recently, we made a series B-fund in January of this year, and we ended it with 165 billion won. What? Through fundraising, we became an AI semiconductor company that obtained the highest valuation and the largest funding in Korea.

We've been hearing a lot about it. We've been getting a lot of investment. We've been getting a lot of good investors, which is even more important. I'll talk about this in more detail later on. What started out as a team of five has grown into a team of 120 engineers. It's not important to say this, but I'm a CFO in a small team, and I do a lot of different things. That's his name.

The numbers go up and down, unlike the companies. A startup is either going to fail or it's going to succeed. So we worry about spaces like this every day. more than 80 percent are all engineers, so it's really a deep tech company.

I can tell you that based on the team members who have very good talent dances and some decent funding, we've achieved what you see here, roughly, on the right. Simply put, we're like an architectural firm that designs semiconductors. When we design, Samsung and TSMC stamp our products. Well, Nvidia and Qualcomm are the biggest kind of paparazzi around the world. We've already released two chips. A year after its founding, its first chip was released through the TSMC7 nano-A process.

This month, we launched our second product through Samsung's Foundry-O-Nano Process. As you know, Nvidia is very popular and getting a lot of attention these days. Uh, teams like ours are the ones who design the products that support the computer tapping to go into the data center and run the data center, such as harvest.pt. Speed is so important for teams like us, especially in this generation of generated AI that's progressing so fast and changing. With start-ups, speed is always key, but especially with teams like ours, in this rapidly changing semiconductor, which market, and this created AI market that's getting bigger and newer, how quickly can we release the product?

to get the product on the market as quickly as possible. So the fact that we managed to turn in two chips in three years is a lot better than what we normally do. We can't explain all of this today, but we're showing this kind of exquisite speed based on a good combination of good people in Korea that we've used very well in the Korean semiconductor ecosystem. Our Samsung Onano product is called Atom, and it's the most popular product to introduce Revalion these days. With this product, there's a decathlon that measures the performance of AI semiconductors. It's called Pulp.

Pulp has gone out there and been certified with some of the highest levels of performance in the world in terms of processing velocity. So that's been a huge contribution to global presidents. But it's really just a way of bragging rights about technology. You win a decathlon and your customer doesn't buy it from some company at Deep Tech. But more importantly, commercial licensing. As I'll tell you later on, we have a lot of investors, and KT is helping us as a strategic investor and a close business partner. What KT stands for to most of us is that it's a telecom company, but for a team like ours,

as a data center company. And KT, you know, it's a big infrastructure team now. So KT is the number one data center company in the country, and we're going to be working with a team that's going to join us as shareholders and go through all of our development with us, and we're going to be using KT Cloud as a subsidiary for our data centers. And in this early stage of the market, which is very, very, very new, the value that you're getting from this partnership, so to speak, is huge.

So I'd like to briefly talk about the strength of our company and our technology based on the fact that we have a fairly large fund and a really good team of people that are achieving a lot of things very quickly.

Next is our investor. I need to introduce some overseas investors to you today, so I'll keep it short. They'll be heartbroken if we don't show up. We have some of the best VCs in the country with us. KakaoVentures, IMM Investment, SV Investment, Future Venture Investment, and many other teams have been with us since the beginning.

As I mentioned a moment ago, we have a strategic investor including KT Cloud who supports our business a lot. Due to semiconductors and semiconductors, teams like industrial banks judge these areas as important in the country. So they are very proactive.

During Series A, we welcomed a Singaporean team named Capital for Pavilion into our team, and through the Series B Funding at the beginning of the year, two additional teams named Corelia Capital, Gigi Diavengers, and two additional teams became our shareholders. I'll briefly explain this. Babylon Capital is a team in Singapore Temsec, which is a sovereign wealth fund. Korea doesn't have a lot of investments. First row.

There was a huge moment when we started to become competitive with global investment in Series A by attracting their investments. About two and a half years ago,

When we funded 165 billion won this time, we were able to get additional shareholders from Corellier Capital in France and a VC from Japan called Digi Diabetes. Initially, as you know, it was difficult to do it once, and we were all well-equipped to do it once, so attracting foreign investment was just a matter of a few difficulties, but it was very easy. Corelia Capital is famous in Korea too. In France, we have the first Asian-American woman who was the Minister of Culture and Digital, and she founded Corelia Capital, a French VC, to make an investment that connects Europe and Korea.

I'm sure you're all familiar with Myel Trip, a team that invested in Korea at the same time. Yes, there's a Corellian team like that. DG Diaventures is one of Japan's leading VCs. A team like DG Diamonds participated more actively than we did in the series, and we were able to do that because we knew that teams like KT and the telecom company, KT, and I had business concerns together.

Who's the backer? The backer is a Japanese wireless company called KDDI, similar to KT. That's how we got involved in business, and we were able to get DG Diavengers on board. That's why Pavilion Capital, Singapore, France, and Japan's investment fishing areas have become more diverse. But what I'd like to point out here is that, you know, you can look at it from a lot of different perspectives on what it means to receive foreign investment,

We casually talk about it like this. We talk to our investors about how we want to be beaten to death. The stage we're taking on is a stage where the local market alone is meaningless. We need to enter a global market, and the support of world-renowned overseas investors is very important. But actually, not every startup needs to do that. For those who want to target domestic products and create things in domestic markets, what overseas investors get

It may be different from what we have in mind. That's why our team's premise is different. That's how our team looks at foreign investors. And the other thing is, no matter what kind of investment you get, as you know, investors, money doesn't have a label.

Money definitely doesn't have a label. Whether it's venture capital or private equity funds, there's no label on it, but I personally think it's about the flow of money.

That flow and it's very important. Working with an investor who's long-lasting in harmony with us on a long journey or a big challenge is very helpful for us to judge, think, and make decisions.

I'm just going to casually mention a couple of things. For example, I called Corella Capital for an hour last night, and they asked me some serious questions, but their perspective and their perspective are very, very refreshing. And the freshness of that is it really kind of takes us back to a lot of the business side of things and focuses on something a little bit more essential. For example, I'm about to go on a business trip to the Middle East, and Corella Capital is able to teach me more about what I should be careful of in the Middle East Of course.

We get a lot of comments and support from our domestic investors, but some of their experience and networks and perspectives are a little bit different than overseas investors. One more thing, Corelia, because they're French investors, So when we receive investments, we usually get a lot of questions, but Correlia is the only one that's very unique and asks about your team's culture very seriously in writing. You explain your team's culture and how you plan to maintain your team's culture going forward, and it literally asks you through an Excel file. Uh-huh.

It was very interesting and gave us a lot to think about, but it also gave us an insight into how much we value the team. Another one is Babylon Capital, and I'm just going to tell you what I actually experienced.

When we have a lot of worries in business, we discuss it with investors. When that happened, the investors had various ideas based on the nature, size, and when they became investors. As for Pavilion Capital, when we were discussing our concerns, they said we trust, sulfuric fluid, and percussion. We're going to trust your decision, and you're going to, uh, you're going to push forward. And the premise of that is that we gave Corelli a Pavilion Capital very, very, very, very quickly

We shared a lot of information and explained a lot of things. We provided transparents, and I was able to experience how an overseas investor could show trust and become someone's trusted ally. Yeah.

So there were investors like this.

It's about the team. Like I said at the beginning, the entrepreneurial team that started with a dream is usually broke now. So, I think that the journey of taking on a new challenge based on a lot of investors' money is this green dot right here. In three and a half years, this is about all the accomplishments and points that we've made.

As I said earlier, I have a team member in the middle. I'm not looking for an examination, which isn't a big deal, but it's the real members who go on this journey every day from five to 120 people. How many PhDs do you have? That's not what's different. Let's just say that's not what's different. And even if that's the case, it's not like

A good degree or something like that doesn't produce good results. But we're very proud that our team was able to achieve all the Milestone products we showed at the beginning so quickly and without breaking our promise. And now, for example, let me just say one thing. I'm not on the engineering team, so when I get investments from the support team, I get a lot of questions from potential candidates who didn't end up becoming investors. For example, me.

For example, if I send you 100 questions, our team replies almost the next day. In other words, we rush in together like crazy, reply quickly, and then let them think about it. For example, in our team, we all work together to deal with financial hiring or promotional issues, and that's one of the aspects of our team. That's true, but we're not talking about tech today.

It could be a work eccentric that we have at the Revalion, or it could be a culture that shows to investors. Overseas investors are looking at investors in much more diverse regions. So their standards are much higher, and impressing them, so to speak, is a very different point. But we think that that's at least the best we can do, so if we're really trying hard to explain a row, we'll explain 20 more. That's why we're doing this.

I think that's what I achieved. And I've told you this for example. I'm very grateful to each and every one of my team members. I'm not here to give you a cliché. When you look at our leading overseas investors, the team is the feedback that overseas investors give us. The passion of the team and the way the team responds to their Q and A.

It's about having faith in the investment that you should look at from afar or from time to time, and having faith in the investment that excites you. In that sense, on this journey, I thought it might be too cliché to say that the only thing that can be created by any tech, any capital, is a team, but I thought it was important to do it today. And I'm not saying that this semiconductor company is more promising because it's something Korea is good at.

As you know, we're the only company in Korea that has brought in foreign investments in our AI semiconductors. But I think this is just the beginning. On the contrary, if we think about how overseas investors will view the Korean team, first of all, we have faith in Korea's technology. So if we think about investing in technology, first of all, Korea or for example, the semiconductor is from Korea to Taiwan. In Taiwan, for example, they ask who is the best at semiconductors. In Taiwan, if you ask someone to meet a reballion,

You come in here with high expectations. I think foreign investors, for example, Korelia Capital in France, told us yesterday that it's hard to invest in China these days, and on the contrary, I'm not sure about this. The French investor said they didn't want to invest in the US. They had a sense of pride. So if you ask teams like us who don't want to invest in the US, but can't invest in China, which one do you want to invest in technology, then teams like us will become strong candidates. That's right.

In fact, it's not hard to attract overseas investments from teams like us. If we can persuade them to do something to win their hearts, it's not hard to attract overseas investments. Based on these teams, we're attracting foreign investments from various regions, and it's very beneficial. Like we said, you have a unique perspective on foreign investors. there's a network that they have. Even just the network that they have is pretty significant.

It's different. For example, there's a Japanese team like DG Diaventures that wants to go to Japan and do business, but there's a long way to go if you want to do it yourself. But digital is a Japanese team. That's why when we have business meetings, he sits with us, and since he's already our investor, he's also very aggressive and proactive in taking our side. Financial investors and business strategic investors when it comes to FI, I don't think those categories make sense. As you all know, there's an event in Barcelona called MWC, which is another one of the more famous events like the CES, in Spain. We're going to

KT is there because they're partners, but this year, when my CEO and I attended, Corelian Capital was extremely close to us. But for example, you know Catalonia, right? The state of Catalonia brings the person in charge of purchasing semiconductors to meet them. We've had a lot of experience with this. It's clear that it's hard for us to do this with domestic investments or with our own funding and our own ideas and efforts.

So my premise is that for those who want to invest overseas and go global, these overseas investors are of great benefit to us, and through them, we'll be able to gain a lot of help in establishing global presentations.

And then, of course, the domestic investors, they have a lot of roles, so when foreign investors come in, we get a lot of what we call recommendations or reference calls from the local investors. Good Korean investors helped us out a lot, so when overseas, Singapore, France, or other teams were in doubt, we were able to gain a lot of confidence in our team.

As I said at the beginning, I'm in charge of explaining things to the tech company as a non-tech person, so the company that designs AI semiconductors is still the core competitor. But this.

technology isn't the only way for the start-up team to meet the market customers.

I think at the end of the day, when technology isn't enough, you need good partners, you need good people. And the first of those good people are the team members that are really building the team. The second is ultimately the investors. Investors are all human after all, so I think of them as internal and external employees. Well, when they eventually trust you and support you with long-term teamwork, they really believe that you can go further towards that customer in a big challenge.

Well, I have faith now. So, as I said at the beginning, it was a bit embarrassing for me to start working at a company where I've been working for three and a half years, but it's really meaningful to continue to take on big challenges with the people who help me grow in this start-up company. Well, lastly, I want to point out that this is going to be applied to not just the tackle-based tech companies, but it's also going to be applied to the idea-based really innovative tech companies as well.

A lot of overseas investors praise us for having a lot of good people in Korea. It's very encouraging to meet overseas investors. It's very encouraging because we send our trust and trust to talent in Korea. If we're more assertive and give it our all, I think we'll be able to attract more foreign investors than just our team. The last thing I thought about when I was preparing this presentation was that at the end of the day, foreign investors chose us for something that wasn't about language.

It's never been about how well we speak and how followent we are in English. There's a lot of things out there that we can make up for, and there's a lot of start-ups and companies that don't make up for that even though they have language. That's why if we can work together and take on a challenge like this with all our heart, it'll be a meaningful experience for everyone in the start-up company.

that's going to help us get into some of the next chapters that we might not even imagine. Yeah, so that concludes my rambling presentation. We still have a long way to go with our rebalance, so please show us your support and support. Thank you.

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It's been a great time to look at the competitiveness of the AI semiconductor ecosystem and the potential of the hardware market.

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