FuriosaAI, a Seoul-based maker of AI inference chips, has raised $620m in a Series D round. The round values it at about $2.9bn. South Korea’s National Growth Fund put in $280m, making it the largest investor.

The company announced the round in a press release and a blog post . Its previous round last year valued it at $735m, so its valuation has quadrupled, Yoolim Lee reported for Bloomberg , which had the news first.

“We see strong demand and opportunities as we are scaling our business globally,” chief executive June Paik said on Bloomberg Television on Thursday.

Who invested

International investors put $110m into the FuriosaAI Series D. US firm Infinitum was the largest of them. Jericho Capital, Worldline Capital, Cisco Investments, Abu Dhabi’s NeoFort Holding and Singapore’s QUDA Capital Partners joined it. QUDA’s founder, Charlie Foo, is a former Nvidia executive and now advises FuriosaAI.

Existing shareholders added $125m, including all three seed investors: NAVER, DSC Investment and KDB Capital.…