NEOM Investment Fund partners with MemryX to scale energy-efficient Edge AI computing
Majid Mufti, CEO of NIF, commented: 'Our investment in MemryX marks another pivotal step toward realizing NEOM's vision of an AI-native, energy-efficient future. It also reflects our commitment to backing transformative, next-generation technologies that will define the new era of intelligent digital infrastructure. Through our partnership with MemryX, a stellar fabless innovator, we are accelerating the deployment of advanced computing at scale, while laying the groundwork for a new digital economy.'
MemryX's flagship AI accelerator, the MX3, delivers industry-leading efficiency, enabling low latency AI performance with a fraction of the power consumption of traditional GPU solutions. The technology's architecture is designed to support a wide range of edge applications, including intelligent video systems, smart industrial environments and autonomous infrastructure—core enablers of NEOM's digital ecosystem.
Keith Kressin, CEO of MemryX, said: 'NEOM represents one of the boldest technological visions of our time. This partnership with NIF validates our technology's relevance to future cities and autonomous digital environments. We look forward to working closely with NIF and NEOM to deploy Edge AI solutions that deliver real-world performance at scale.'
MemryX's software-first design enables seamless integration across diverse use cases, with a developer-friendly platform and performance benchmarks that are already supporting a growing ecosystem of customers.
Peter Watson, Head of Infrastructure Strategy, NEOM's Tech & Digital Sector, said: 'MemryX's breakthrough approach to Edge AI allows us to process vast volumes of video data locally, significantly reducing our dependency on centralized infrastructure and limited bandwidth. This unlocks smarter, more efficient systems across NEOM's digital ecosystem. We're excited to partner with MemryX as they continue to shape the future of AI and computing at the edge.'
The partnership with MemryX is part of NIF's expanding portfolio of investments, underscoring its role as a strategic investor and ecosystem developer. It reflects NIF's commitment to enabling NEOM's commercial success by advancing next-generation infrastructure, scaling frontier technologies and laying the foundations for a cognitive, AI-native economy.
About NEOM Investment Fund
NEOM Investment Fund (NIF) is the strategic investment arm of NEOM, accelerating the growth of its 15 knowledge-economy sectors. As the key enabler of NEOM's commercial success, NIF is prioritizing investments that unlock next-generation industries to turn NEOM's visionary goals into reality. NIF partners with likeminded innovative companies, investors, and entrepreneurs that are working on solving the world's most complex problems.
About NEOM
NEOM is an accelerator of human progress and a vision of what a New Future might look like. It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory - a place where entrepreneurship will chart the course for this New Future. It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses and reinventing environmental conservation.
NEOM will include hyperconnected, cognitive cities, ports and enterprise zones, research centers, sports and entertainment venues and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate and commercialize new technologies and enterprises in groundbreaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity.
About MemryX:
MemryX Inc. is a fabless semiconductor company that designs edge AI processing solutions powered by a proprietary compute-at-memory technology and dataflow architecture. By combining high performance and accuracy with low system power and a high-performance architecture, MemryX solutions are able to power AI needs for a number of industries, including transportation, IoT, and a wide range of industrial and consumer applications. MemryX is backed by leading investors including NEOM Investment Fund (NIF), Ospraie Management, HarbourVest, Arm IoT Fund, eLab Ventures, M Ventures, and Motus Ventures. MemryX has headquarters in Ann Arbor, Mich., with offices in Bangalore, India, Taipei and Hsinchu, Taiwan.
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