NEOM backs MemryX to scale Edge computing AI chips
Partnership boosts AI-native vision for future infrastructure
#SaudiArabia #edge – NEOM Investment Fund (NIF), the strategic investment arm of NEOM, has partnered with US-based fabless chipmaker MemryX to scale its energy-efficient Edge AI semiconductor solutions. The deal supports the development of next-generation accelerators, designed to power real-time, decentralised AI across NEOM’s smart systems. MemryX’s MX3 chip delivers sub-10% power consumption compared to GPUs, targeting critical use cases including intelligent video, smart industry and autonomous infrastructure, all core pillars of NEOM’s AI-native digital ecosystem.
SO WHAT? – This partnership reinforces NEOM’s ambitions to lead in AI-native infrastructure by enabling intelligent processing directly at the edge. By investing in chip-level innovation, NIF is not only reducing dependence on centralised cloud infrastructure but also laying the foundations for faster, more secure, and energy-efficient digital services.
Key facts and highlights:
NEOM’s investment arm NEOM Investment Fund (NIF) has partnered with US-based Edge AI semiconductor company MemryX to scale low-power AI chips for edge computing.
The announcement was made during the Future of Semiconductors Forum 2025, hosted by KAUST (King Abdullah University of Science and Technology) in collaboration with King Abdulaziz City for Science and Technology (KACST) and NEOM University. MemryX also announced that it was joining Saudi Arabia’s National Semiconductor Hub programme.*
MemryX’s MX3 AI accelerator uses less than 10% of the power of traditional GPU solutions for vision-based inference workloads.
The accelerator enables real-time, decentralised AI processing in smart video, industrial systems and autonomous infrastructure—critical to NEOM’s digital operations.
The chips are designed to reduce latency and power draw, allowing AI applications to operate efficiently without reliance on high-bandwidth cloud connectivity.
NEOM will leverage MemryX’s energy-efficient computing to power its intelligent infrastructure, enabling secure, high-privacy edge processing.
MemryX has raised $44 million in Series B funding as of March 2025 to scale production and develop its next-generation MX4 accelerator.
Headquartered in Ann Arbor, Michigan, MemryX also has offices in India and Taiwan, supporting global scale-up and manufacturing.
MemryX supports a broad developer ecosystem through its software-first approach, enabling rapid deployment of AI across varied use cases.
NIF’s portfolio also includes investments in autonomous tech and deeptech firms such as Pony.AI, Regent, Boom Technology, BlueNalu and Animoca Brands.
NEOM’s investment strategy focuses on scaling frontier technologies across 14 priority sectors, supporting job creation and economic transformation in the region.
ZOOM OUT – Established in 2023, the NEOM Investment Fund was created to accelerate the buildout of NEOM’s 14 priority sectors by backing pioneering growth companies and frontier technologies. As NEOM’s wholly owned strategic investment arm, NIF operates globally through venture capital, M&A, and joint ventures with innovators and institutional investors. Its mandate is to deliver long-term value, attract private sector participation, and create high-impact jobs within NEOM. Early investments include Pony.AI, Boom Technology, and Animoca Brands.
[Written and edited with the assistance of AI]
* Updated 06-May-25