NEOM to invest in MemryX's energy-efficient semiconductors business
MemryX is a leader in Edge AI semiconductor solutions. Its 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 (less than 10 per cent of traditional GPU solutions) for vision-based inference workloads. Its architecture is designed to support a wide range of edge applications, including intelligent video systems, smart industrial environments and autonomous infrastructure – all of which are core enablers of NEOM's digital ecosystem.
Last month, MemryX's MX3 M.2 AI Accelerator Module was awarded the 2025 Edge AI and Vision Product of the Year Award in the Edge AI Computers and Boards category. It delivers AI model-based computer vision processing with ultra-low power consumption, averaging under 3W for multiple camera applications.
Also in April, MemryX closed its Series B funding of US$44 million. The exact details of the investment weren't made public.
The partnership will accelerate the development and deployment of next-generation, energy-efficient edge AI accelerators which are critical to enabling the responsive and high-privacy intelligent digital infrastructure powering NEOM.
Majid Mufti, CEO of NIF, commented: 'Our investment in MemryX marks another pivotal step toward realising 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.'
Keith Kressin, CEO of MemryX, added: '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 was co-founded in 2019 by Dr Wei Lu, Professor of Electrical Engineering at the University of Michigan. It has offices in Bangalore and Taiwan.
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 centralised 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.'
With NEOM's focus on technology and sustainability, NIF has made several investments in modern tech companies. These include BlueNalu, the global leader in the development of cell-cultured seafood; US$100 million in Pony.ai, a leading global autonomous driving company; electric seaglider maker Regent; hydrogen power systems manufacturer for aeroplanes, ZeroAvia; and US$175 million in Volocopter, the urban air mobility company.
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