The NEOM Investment Fund (NIF), the investment division of NEOM, has added MemryX, based in Ann Arbor, Michigan, to its growing list of portfolio companies.
MemryX specialises in Edge AI semiconductor solutions. Its main product, the MX3 AI accelerator, offers outstanding efficiency, enabling low-latency AI tasks while using less than 10% of the power required by standard GPUs for visual inference. The system is engineered to support a broad array of edge technologies, such as smart video platforms, intelligent industrial setups, and autonomous infrastructure—all vital components of NEOM’s digital network.
Last month, MemryX’s MX3 M.2 AI Accelerator Module won the 2025 Edge AI and Vision Product of the Year Award in the Edge AI Computers and Boards category. It supports AI-based computer vision with extremely low power usage, typically consuming under 3W when managing multiple camera systems.
In April, MemryX also completed its Series B funding round, securing US$44 million.
The collaboration aims to speed up the rollout of the next generation of energy-efficient edge AI accelerators, which are essential for NEOM’s secure, responsive, and intelligent digital infrastructure.
Majid Mufti, CEO of NIF, stated that the investment in MemryX represents another major move towards achieving NEOM’s goal of an AI-driven, energy-conscious future. He added that the partnership underscores NIF’s support for transformative technologies that will shape tomorrow’s intelligent infrastructure. He praised MemryX for accelerating scalable advanced computing and contributing to the foundation of a new digital economy.
Keith Kressin, CEO of MemryX, remarked that NEOM embodies one of the most ambitious tech visions today. He said the partnership highlights the importance of MemryX’s technology for future cities and digital autonomy. He expressed enthusiasm for working with NEOM and NIF to deliver Edge AI systems that scale in real-world conditions.
Founded in 2019 by Dr Wei Lu, a University of Michigan professor of electrical engineering, MemryX also operates offices in Bangalore and Taiwan.
