This article was first published on Signal, the capital markets newsletter, at 1:48 p.m. on April 9, 2026.
Mangobust has launched efforts to raise 150 billion won ($110 million) in Series B funding. The data processing unit (DPU) design company is reportedly planning to advance its DPU technology while expanding into artificial intelligence data center infrastructure business.
According to investment banking sources on the 10th, Mangobust will soon begin its Series B funding round. Industry observers expect the company to raise 150 billion won in this round at a valuation of approximately 700 billion won ($510 million). "With active investment in AI semiconductor companies, Mangobust will begin fundraising soon," an IB industry official said.
Market interest in Mangobust has grown as liquidity has increased, particularly after the National Growth Fund made large-scale investments in the AI semiconductor sector. AI chipmaker Rebellions recently succeeded in raising 640 billion won at a valuation of 3.4 trillion won.
Mangobust is a DPU design company founded in 2022 by Kim Jang-woo, a professor in the Department of Electrical and Computer Engineering at Seoul National University. The company's DPUs prevent overload on central processing units and graphics processing units in data centers, optimizing core component operations to improve server efficiency and performance.
Despite being only four years old, Mangobust is considered a pre-unicorn in the capital markets. The company raised 13 billion won in its seed round in May 2022 and secured 70 billion won in its Series A round in 2023.
Mangobust has received acquisition interest from global semiconductor giants including Nvidia, AMD, and Intel. The company reportedly received a concrete acquisition proposal from Nvidia in the first half of last year but declined, citing its upcoming mass production phase. Samsung Electronics (005930.KS) and SK hynix (000660.KS) have also designated Mangobust as a key partner.
"Mangobust is one of the most watched startups in the AI semiconductor sector, along with FuriosaAI and Rebellions," another IB industry official said. "Given the strong investor interest, the Series B round is likely to close successfully."
