Technology innovation is rapidly reshaping industries, and NovaWave Capital is positioning itself at the forefront of this shift.
The Menlo Park, California–based venture capital firm is ramping up its support for high-growth AI and technology startups across multiple regions, leveraging a mix of strategic partnerships, funding, and global expertise.
Strong Backing from Investors and Governments
NovaWave Capital recently secured investments from AZ Venture Capital and Sunny Day Sports for its latest fund generation, joining anchor limited partner LG Electronics.
The firm also enjoys the backing of several public and private entities, including the Nevada Governor’s Office of Economic Development (GOED), the West Virginia Division of Economic Development, and Aurion Capital.
This combination of private and governmental support underscores NovaWave’s credibility and reach in the venture ecosystem.
Launching the WaveX AI Venture Studio
To accelerate innovation, NovaWave Capital has partnered with the Arizona Commerce Authority to launch WaveX, a dedicated AI venture studio.
WaveX is designed to nurture new ventures in healthcare, energy, sports, and media, providing startups with resources to develop products quickly and scale efficiently.
This initiative complements NovaWave’s ongoing efforts to cultivate tech talent and solutions across the U.S.
Building a Cross-Regional Innovation Network
NovaWave Capital is not limiting its impact to Arizona.
Through LG NOVA hubs in West Virginia and Silicon Valley, along with NovaWave’s presence in the Gulf region, the firm is building a cross-regional network for technology and AI innovation.
This approach allows portfolio companies to access diverse markets, talent, and strategic opportunities across multiple U.S. states and international regions.
Supporting High-Growth AI Companies
Founded to support businesses under LG Electronics’ North America Innovation Center, LG NOVA, NovaWave Capital focuses on scaling AI-driven startups in the energy, health, and enterprise sectors.
According to Founding Managing Partner “Tonton” Ali Diallo, also the founder of Aurion Capital, the firm aims to generate measurable economic and industrial impact while accelerating innovation.
Comprehensive Venture-Building Platform
NovaWave’s venture-building model offers a multi-layered support system for portfolio companies:
- Strategic collaboration with LG NOVA for commercialization in the U.S. and international markets.
- Incubation and venture-building via WaveX to fast-track product development.
- Regional acceleration partnerships in West Virginia, Nevada, and Arizona.
- Deep sector expertise in AI, advanced energy, digital health, and applied enterprise innovation.
- Global commercial expansion opportunities through government and industry collaborations in Europe and the Gulf Region.
Global Network of Strategic Partners
The firm leverages a broad network of collaborators across Asia, the Middle East, and North America.
Notable partners include Samrya Group, the University of Sharjah, Marshall University, West Virginia University, and the University of Nevada, Las Vegas (UNLV), along with strategic collaborations in South Korea, Qatar, the UAE, Japan, and Saudi Arabia.
Managed by Aurion Capital
NovaWave Capital is managed by Aurion Capital, a global investment group headquartered in Silicon Valley, with offices in Seoul, Dubai, and Abu Dhabi.
Aurion partners with corporations, sovereign funds, governments, and family offices to manage institutional capital, public-private partnerships, and innovation programs.
Their goal is to accelerate growth in emerging economies, spanning Rural America, the Southwestern U.S., and the Gulf region.
What’s Next?
With its cross-regional footprint, robust partnerships, and targeted focus on AI and high-growth sectors, NovaWave Capital is poised to shape the next wave of technological innovation, helping startups scale and deliver measurable impact on both industry and society.
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