Saudi Arabia's futuristic mega-city Neom has launched its investment arm, the Neom Investment Fund (NIF), to support the development of Neom's priority sectors [5ccf4c5c]. The NIF has already announced investments in several companies, including Regent, Pony.AI, Boom Technology, BlueNalu, and Animoca Brands [5ccf4c5c]. The fund has invested $100 million in Pony.ai and has also launched a joint venture for autonomous driving services [5ccf4c5c]. Additionally, the NIF has participated in the Series A round of REGENT, a seaglider manufacturer, to shape the future of water mobility [5ccf4c5c]. The NIF aims to invest globally in technology startups and develop joint ventures and partnerships, aligning with Neom's vision of addressing global challenges and driving economic diversification and job creation [5ccf4c5c]. The NIF will act as a portfolio manager for Neom's sector assets and companies, supporting Neom's strategies for growth and enabling new technologies [5ccf4c5c].
Chinese self-driving startup Pony.ai has obtained a $100 million investment from NEOM, a smart city being built in Saudi Arabia. A joint venture will be established to develop autonomous technology solutions for the region, including the development, manufacturing, and delivery of autonomous driving services, advanced vehicles, and smart vehicle infrastructure. The JV plans to establish an autonomous driving vehicle manufacturing and R&D facility in NEOM. This collaboration marks a milestone in Pony.ai's globalization strategy and will advance the development of the global autonomous driving industry. [4b866fef]
Animoca Brands and NEOM have partnered to accelerate Web3 development in Saudi Arabia. NEOM plans to invest $25 million through a convertible note and another $25 million by buying shares of Animoca Brands. The partnership aims to build Web3 enterprise service capabilities and establish a hub within NEOM to nurture the local Web3 ecosystem. The investment is part of the Saudi Vision 2030 for regional web3 initiatives. Venly, a blockchain technology provider, has raised $23 million in a Series A funding round to expand its product offering on Web3 gaming and eCommerce. [948e2e17]
Agronomics Limited, a leading company focused on cellular agriculture, has announced that NEOM Investment Fund has invested $20 million in portfolio company BlueNalu. This investment marks the start of a strategic partnership to commercialize BlueNalu's cell-cultured seafood products and improve food security in the Kingdom of Saudi Arabia and worldwide. Agronomics has invested $8 million in BlueNalu and now holds a 5.12% equity stake. NEOM and BlueNalu will work together to establish an incubation and food innovation ecosystem, conduct consumer research, and engage with regulatory agencies. The funding will support BlueNalu's growth and the scaling of its sustainable seafood production. NEOM is a region in Saudi Arabia being built as a hub for innovation and entrepreneurship. Agronomics is a venture capital firm focused on cellular agriculture, seeking to invest in companies that offer new ways of producing food and materials. The field of cellular agriculture is expected to disrupt traditional agriculture and address sustainability, human health, animal welfare, and environmental concerns. [92b8f047]