Friday, November 3, 2023

Press Release

Announcing our closing of Series A funding round and way forward

Bellevue, Washington – MangoBoost, Inc., a leading Data Processing Unit (DPU) and AI server infrastructure company, is excited to announce the successful closing of its Series A funding round. The funding round, led by IMM Investment and Shinhan Venture Investment and jointly backed by top investors including Korea Development Bank, KB Investment, IM Capital, and Premier Partners, has raised $55 million to support the company’s continued growth and innovation. All Seed round investors including DSC Investment, Stonebridge Ventures, and Must Ventures also participated in this round. 

Since its inception in 2022, MangoBoost has been dedicated to boost the performance 
and cost effectiveness of datacenters. With a commitment to the exceptional DPU research accomplishments achieved over 10 years at a university laboratory, the company has quickly gained recognition in the server and datacenter industry and has attracted a growing customer base. 

MangoBoost plans to employ the newly acquired funds to accelerate its development of 
multiple products that utilize its unique patent-pending DPU accelerator hardware IPs, composition flows, and full-system expertise. This includes enhancing off-the-shelf Field-Programmable Gate Array (FPGA) based full-stack DPUs, expanding the scope of fully-customized DPU solutions, and investing in cutting-edge DPU powered AI.

“This round of funding reflects our investors’ confidence in the immense opportunity we have in DPU and its contribution to making datacenters smarter. I am energized by the support of our seasoned investors. With this support, we will grow our business by providing a series of market-defining flexible DPU solutions to meet the various needs of modern datacenters. I am fully confident that MangoBoost is the only driving force to truly realize the ambitious goal,” said Jangwoo Kim, founder and CEO of Mangoboost. 

“Mangoboost has assembled a remarkable team, positioning itself as a true leader in the 
DPU and AI infrastructure technology. The company’s unwavering commitment to excellence and cutting-edge technology is truly inspiring. I am looking forward to working with Mangoboost and contributing to the company’s continued growth and unparalleled

success,” remarked Hyejin Kim, the Managing Director of IMM Investment.

The Series A funding round signifies a significant milestone for MangoBoost, and the company is excited about the future as it continues to drive innovation, expand its reach, and serve its customers with excellence.

About MangoBoost, Inc.: MangoBoost is at the forefront of DPU and AI infrastructure technology. Its DPUs play a crucial role in optimizing performance and cost efficiency in data centers, which will be essential for the next generation of AI applications including large language models such as GPT, Bard, and LLAMA. Its cutting-edge technologies significantly reduce power consumption in data centers and contribute to ESG goals. MangoBoost was established in 2022 to commercialize 10 years of exceptional academic DPU research that’s been published at top-tier systems conferences including OSDI and ISCA. Its team includes over 60 systems architects, software engineers, and FPGA/SoC engineers, many of whom have PhDs from top universities. MangoBoost has offices in Seattle and Seoul.

For media inquiries or further information, please contact Junki Park (Chief Financial Officer) at [email protected].

MangoBoost, Inc.
3120 139th Ave SE Ste 500, Bellevue, Washington 98005-4486, United States of America

©2023 MANGOBOOST. All rights reserved. | Seattle and Seoul

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