South Korean CXL Startup Panmnesia Raises $57 Million 

Panmnesia, a South Korea-based fabless startup specializing in Compute Express Link (CXL) technology, has raised 80 billion won (approximately $57 million) in its Series A funding round. 

This achievement values the two-year-old company at over 340 billion won ($244 million), making it the largest Series A round secured by a South Korean fabless startup exclusively backed by venture capital.

The funding will support Panmnesia’s efforts to complete the production of its CXL 3.1 Switch chip, enhance its CXL intellectual property (IP), and strengthen collaborations with global IT companies.  The latest round brings the company’s total funding to over $80 million as it continues to push advancements in next-generation memory and connectivity solutions.

Panmnesia, established in 2022 by Jeong Myung-soo, a professor at the Korea Advanced Institute of Science and Technology (KAIST), has quickly become a prominent name in the CXL technology sector. In just two years, the company has secured a total of 100 billion won ($75 million) in funding, which includes government grants.

The 80 billion won ($57 million) Series A funding round was led by 15 prominent venture capital firms, with InterVest at the forefront. Other key investors included KB Investment, Woori Venture Partners, BSK Investment, NVester, Murex Partners, Daesung Private Equity, and TS Investment. Additionally, several existing investors, such as Daekyo Investment, G&Tech Venture Investment, SL Investment, Timeworks Investment, Quantum Ventures Korea, and Yuanta Investment, also participated in the round.

Panmnesia’s swift rise highlights the increasing interest in CXL technology, which is designed to improve memory and interconnectivity in computing systems. With a strong foundation in academic research and support from leading venture capital firms, the startup is expected to have significant growth in the coming years.

Panmnesia specializes in CXL-based solutions, including high-power switch chips and semiconductor intellectual property (IP), to become a leading player in memory connectivity for data centers and AI acceleration. The company’s innovative products aim to improve the efficiency and scalability of modern computing systems, addressing the growing demand for faster and more reliable memory and connectivity solutions.

In 2022, Panmnesia showcased its CXL full-system framework, including the CXL Switch, at the USENIX Annual Conference. The company recently introduced its CXL 3.1 IP with two-digit nanosecond latency and the CXL-GPU at the OCP/OpenInfra joint event.