Memryx gains Saudi backing from NEOM, builder of The Line

Business news | May 6, 2025

By Peter Clarke

Edge AI accelerator startup Memryx Inc. (Ann Arbor, Michigan) has announced it is being backed by NIF, the investment fund of Saudi Arabia’s NEOM.

NIF’s investment in Memryx was not quantified and nor was it made clear whether it was additional to, or part of, Memryx’s US$44 million Series B equity funding round announced in March 2025.

NEOM is a futuristic, large-scale development project building multiple cities and urban environments in the northwest of Saudi Arabia near the Red Sea. NEOM’s best-known planned development is The Line; a linear city 170 kilometers-long and just 200 meters wide that is being designed to house 9 million residents.

Memryx was founded in 2019 and has come to market with a series of edge AI accelerators the most recent being the MX3. At the time the Series B was announced Memryx said it was backed by HarbourVest, M Ventures, eLab Ventures, Motus Ventures and Arm IoT Fund, amongst others. Keith Kressin, CEO of Memryx, said the money would be used to complete the design of the MX4.

The MX3 is being designed into smart building and smart city applications by way of AI-powered video management systems (VMS), industrial PCs, and edge servers.

NEOM is itself primarily financed by Saudi Arabia’s Public Investment Fund and was expected to spend US$320 billion on construction by 2030. However recent reports have suggested the first phase may now not be completed until 2035 at a cost of $370 billion.

In a statement Kressin 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.”