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Neom invests in US artificial intelligence chip firm

6 May 2025

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Neom Investment Fund (NIF), the investment arm of the Saudi gigaproject developer, has announced a strategic investment in MemryX, a US-based startup specialising in edge artificial intelligence (AI) semiconductor solutions.

Edge refers to a distributed computing model where the compute and storage resources are located closer to the sources of data, for example within an industrial complex, unlike in a public cloud infrastructure, where the data centre could be located anywhere.

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, the gigaproject developer said.

Founded in 2019, MemryX designs AI accelerator chips for autonomous vehicles, robotics, industrial automation, Internet of Things (IoT) devices, drones and healthcare equipment.

Its flagship MX3 chip delivers “industry-leading efficiency, enabling low latency AI performance with a fraction of the power consumption of traditional [graphics processing unit] solutions”.

The technology’s architecture is designed to support a range of edge applications, including intelligent video systems, smart industrial environments and autonomous infrastructure.

The partnership with NIF validates “our technology’s relevance to future cities and autonomous digital environments”, said Keith Kressin, CEO of MemryX.

Peter Watson, head of infrastructure strategy at Neom’s technology and 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.”

The value of NIF’s investment in MemryX has not been disclosed.

In March, it was reported that MemryX raised $44m in a Series B funding round.

The funding will be used to ramp up production of the company’s MX3 chips and complete the design of the iteration of its MX4 chip, Kressin was quoted as saying.

Digital infrastructure

Neom plans to develop the Gulf region's first net-zero and AI-powered data centre project in Oxagon, its industrial cluster. The data centre will have an initial capacity of 300MW.  

The first phase of the data centre facility, which local data centre developer DataVolt will own and operate, is expected to begin operations in 2028.

The data centre’s total capacity is expected to reach 1.5GW, supporting anticipated local and global demand.

The project is estimated to require an investment of several billion dollars.

The facility will be located on a 350,000 square-metre area and will ultimately be powered by renewable energy, primarily from solar and wind sources within the Neom region.

Photo credit: Pixabay, for illustrative purposes only

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Jennifer Aguinaldo

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