NEOM Invests in MemryX’s Energy-efficient Semiconductor Technology
NEOM’s investment arm, NEOM Investment Fund (NIF), has announced its investment in MemryX, a Michigan-based startup specializing in energy-efficient Edge AI semiconductor solutions. This strategic move is part of NEOM’s larger vision to build an AI-native digital ecosystem for its smart city ambitions.
A Step Toward AI-Efficient Infrastructure
MemryX’s MX3 accelerator is at the core of this partnership. Unlike traditional GPUs, the MX3 delivers vision-based AI processing using less than 10% of the power. It supports applications like intelligent video surveillance, autonomous systems, and industrial automation. As a result, the technology aligns with NEOM’s priorities for sustainability, speed, and privacy in digital infrastructure.
Importantly, the MX3 M.2 module recently won the 2025 Edge AI and Vision Product of the Year Award. It is recognized for enabling multiple-camera AI functions while consuming just under 3W of power. This achievement, coupled with MemryX’s successful Series B funding of $44 million last month, underscores its innovation strength.
Accelerating AI Deployment at NEOM
Majid Mufti, CEO of NIF, emphasized that this investment reinforces NEOM’s goal of creating an energy-efficient and intelligent urban environment. According to Mufti, backing companies like MemryX accelerates the foundation of a scalable digital economy powered by advanced AI infrastructure.
Keith Kressin, CEO of MemryX, added that NEOM’s vision aligns closely with their mission to deliver Edge AI that performs reliably and efficiently at scale. He noted that MemryX is eager to contribute to NEOM’s future-ready city initiatives.
Furthermore, NEOM’s Peter Watson, Head of Infrastructure Strategy, highlighted the advantage of processing data locally. This shift reduces dependence on central servers and overcomes bandwidth limitations. Consequently, MemryX’s technology enhances system intelligence and efficiency across NEOM.
Broad Vision, Strategic Investment
This investment fits into NIF’s broader tech portfolio, which includes commitments to future-forward companies like BlueNalu, Pony.ai, and Volocopter. NEOM’s consistent focus on high-impact, sustainable technology solutions signals a long-term commitment to shaping urban innovation through cutting-edge partnerships.
Founded in 2019 by Dr. Wei Lu, MemryX operates from Michigan with additional offices in Bangalore and Taiwan. The collaboration with NEOM marks a significant milestone in their journey toward deploying practical and scalable Edge AI solutions.
