South Korean Startups Develop AI Chips as Global Demand Soars

South Korean startups are increasingly focusing on designing artificial intelligence (AI) chips to capitalize on the rapidly expanding global market for AI computing. These fabless companies, which do not own production facilities, are receiving support from Samsung Electronics and the government to develop their AI chip designs.

TipTop, a startup that provides instant cash for electronics, has launched TipTop Shop, a new feature that allows users to purchase and trade in devices. This builds upon the success of TipTop Cash, released late last year, which enables people to receive instant payouts for electronic devices such as smartphones, tablets, cameras, and game systems.

Many consumers sell old devices to buy new ones but often do not want the most expensive or latest model. TipTop Shop simplifies this process by combining buying and trading in one platform, allowing users to purchase new, open-box, and refurbished devices using cash from trade-ins. The value of traded-in items is instantly recognized, and discounts are applied based on this value. Customers can also make purchases without a trade-in.

Founded by Bastian Lehmann, former founder of Postmates, TipTop handles payments through Stripe and deliveries. Unlike online marketplaces such as eBay and Facebook Marketplace, TipTop owns the devices itself. The company has raised $23 million in Series A funding from investors including Andreessen Horowitz, OpenAI CEO Sam Altman, AngelList co-founder Naval Ravikant, and Pinterest, Coinbase, and DoorDash board member Gokul Rajaram.

As the demand for AI computing continues to grow, South Korean startups are well-positioned to make significant contributions to the development of AI chips. With support from industry leaders like Samsung and the government, these companies are poised to become major players in the global AI chip market.

Meanwhile, TipTop's innovative platform is revolutionizing the way consumers buy and sell electronic devices. By combining instant cash payouts, trade-ins, and a wide selection of devices, TipTop Shop offers a convenient and streamlined experience for users looking to upgrade their electronics.