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Arabian Business
06-05-2025
- Business
- Arabian Business
NEOM to invest in MemryX's energy-efficient semiconductors business
NEOM Investment Fund (NIF), NEOM 's investment arm, said it has added the Ann Arbor, Michigan-based MemryX to its growing portfolio of investments. 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 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.
Leaders
05-05-2025
- Business
- Leaders
NEOM Investment Fund, MemryX to Deploy Energy-Efficient Edge AI Computing
NEOM Investment Fund (NIF) has signed a strategic partnership with MemryX, a US-based leader in Edge AI semiconductor solutions, according to the Saudi Press Agency. The partnership will accelerate the deployment and expansion of next-generation, energy-efficient edge AI accelerators. '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,' NIF CEO Majid Mufti said. Through this deal, the new technology will strengthen the responsive, high-privacy intelligent digital infrastructure powering NEOM. '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,' CEO of MemryX Keith Kressin said. 'We look forward to working closely with NIF and NEOM to deploy Edge AI solutions that deliver real-world performance at scale,' Kressin added. Meanwhile, the Head of Infrastructure Strategy at NEOM's Tech and Digital Sector, Peter Watson, noted that MemryX's breakthrough approach to Edge AI will offer NEOM an extraordinary opportunity to process vast volumes of video data locally. Therefore, this will reduce NEOM's dependency on centralized infrastructure and limited bandwidth. As part of NIF's expanding portfolio of investments, the partnership highlights NEOM's pivotal role as a strategic investor and ecosystem developer. Related Topics: NEOM, Paradromics Join Forces to Advance Brain Implants NEOM Ignites AI Revolution with $5 Billion Oxagon Data Center Leveling Up Saudi Gaming: NEOM Unveils Publishing Partner Network Short link : Post Views: 141
Zawya
05-05-2025
- Business
- Zawya
NEOM Investment Fund partners with MemryX to scale energy-efficient Edge AI computing
NEOM, Kingdom of Saudi Arabia – NEOM Investment Fund (NIF), the investment arm of NEOM, has announced a strategic investment in MemryX, a US-based leader in Edge AI semiconductor solutions. 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 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.
