NovaWave Capital is accelerating its ambition to build and scale AI-first companies across the US, announcing today both new limited partners and a material expansion of its venture-building footprint.
The Silicon Valley–based venture capital firm shared in a company press release that AZ Venture Capital Inc. and Mayo Global have joined as Limited Partners to its NovaWave Fund I Generation, continuing a growing public-private investment platform backed by corporate and institutional stakeholders.
Alongside the new fund milestone, NovaWave Capital unveiled a collaboration with the State of Arizona to launch WaveX, an AI venture studio designed to support early-stage company creation across sectors including healthcare, energy, sports, and media. The studio will anchor NovaWave’s activities in Arizona while connecting to the firm’s broader innovation network spanning Silicon Valley, West Virginia, Nevada, and international markets including in the Gulf region.
Founded with support from LG Electronics through LG NOVA—LG’s North America Innovation Center—NovaWave Capital focuses on building and scaling high-growth AI companies with the mission to delivering measurable economic and industrial impact. The firm’s investor base includes LG Electronics as its anchor limited partner, along with organizations such as the Nevada Governor’s Office of Economic Development, the West Virginia Division of Economic Development, Aurion Capital, and other regional and institutional partners.
According to NovaWave Capital, the launch of WaveX in Arizona reflects a strategy of pairing Silicon Valley expertise with fast-growing regional ecosystems. By embedding venture-building capabilities within local markets, the firm aims to shorten the path from idea to commercialization while expanding access to capital, talent, and enterprise partners.
Said Founding Managing Partner ‘Tonton’ Ali Diallo, “Our investors and regional collaborators share a common vision for building AI-first companies that can scale globally while delivering real economic value at home.”
“By connecting innovation hubs across the U.S. and abroad, we’re creating new pathways for next-generation energy, health, and media companies,” added the investor.
LG NOVA plays an important role here, providing portfolio companies with access to strategic collaboration, commercialization opportunities, and global market insights. Dr. Sokwoo Rhee, Executive Vice President of Innovation at LG Electronics and Head of LG NOVA, emphasized that the partnership enables LG to identify and support ventures capable of benefiting industries and communities nationwide.
Arizona leaders also highlighted the significance of the initiative. Governor Katie Hobbs described the WaveX launch as a strong addition to the state’s innovation ecosystem, while Arizona Commerce Authority President and CEO Sandra Watson pointed to Arizona’s business environment, talent base, and technology infrastructure as key enablers for startup growth.
“Arizona is proud to welcome NovaWave Capital’s venture studio to our state, a powerful addition to our
thriving innovation ecosystem,” said Arizona Governor Katie Hobbs. “This prominent initiative reflects
Arizona’s growing global importance in advanced technologies and our commitment to fostering next-gen innovations across artificial intelligence, energy, advanced manufacturing, and more.”
Added Sandra Watson, President and CEO of the Arizona Commerce Authority, “With our collaborative business environment, world-class talent, and advanced technology ecosystem,
Arizona offers unparalleled opportunities for startups and early-stage companies to scale and succeed.”
Beyond capital, NovaWave Capital offers portfolio companies venture-building support through WaveX, regional acceleration partnerships, deep sector expertise in AI, digital health, and advanced energy systems, and access to global commercial and government collaborations.
The fund works closely with organizations across the U.S., South Korea, and the Gulf, including universities, research institutions, and economic development organizations.
NovaWave Capital is managed by Aurion Capital, a global investment group headquartered in Silicon Valley with offices in Seoul, Dubai, and Abu Dhabi.
