NOVAWAVE CAPITAL ANNOUNCES FUND MILESTONE, LAUNCHES ARIZONA COLLABORATION ON AI VENTURE STUDIO

LG NOVA-Supported Fund and Investment Vehicle Welcomes New Investors in NovaWave Fund I Generation to Accelerate AI-First Company Creation in American West and Appalachia

LAS VEGAS, Jan. 7, 2026 /PRNewswire/ -- Silicon Valley–based venture capital firm NovaWave Capital announced AZ Venture Capital Inc. and Sunny Day Sports as incoming investors in the NovaWave Fund generation, further strengthening the public-private capital base supporting innovation across the United States. At CES 2026^®, together with anchor Limited Partner LG Electronics, NovaWave Capital also announced a collaboration with Arizona Commerce Authority to launch the groundbreaking "WaveX" AI venture studio that will support new ventures across the state in healthcare, energy, sports and media.

Arizona Governor, Katie Hobbs said, "Arizona is proud to welcome NovaWave Capital's venture studio to our state, a powerful addition to our thriving innovation ecosystem. 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."

"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," said Sandra Watson, President and CEO of the Arizona Commerce Authority. "We are excited to partner with NovaWave Capital on the creation of a new AI venture studio and venture fund to support Arizona based companies."

Complementing the Arizona projects are LG NOVA's hubs in West Virginia and Silicon Valley; as well as NovaWave Capital's presence in the Gulf region, forming a cross-regional network for technology innovation.

NovaWave Capital, created to support businesses under LG Electronics' North America Innovation Center LG NOVA, is focused on helping to scale high growth AI companies in the energy, health and business sectors with the goal of delivering measurable, economic and industrial impact, according to NovaWave Capital's Founding Managing Partner, "Tonton" Ali Diallo, who also founded Aurion Capital.

"Our collaboration with AZ Venture Capital Inc., Sunny Day Sports and the Arizona Commerce Authority is a testament to the vision shared by our investors and regional partners across the public and private spectrum to build and scale AI-first companies in collaboration with LG NOVA," said Diallo. "By bridging Silicon Valley innovation with the fast-growing ecosystems of regional and international markets, we are seeking to build the next generation of AI, energy and health companies that will accelerate America's innovation economy."

"LG NOVA is committed to building a strong foundation for breakthrough innovation in the United States," said Dr. Sokwoo Rhee, Executive Vice President of Innovation at LG Electronics and Head of LG NOVA. "Our collective work with NovaWave Capital allows us to identify, support, and scale impactful AI-first ventures that benefit communities and industries nationwide."

NovaWave Capital is supported by a diverse base of investors across the corporate, institutional and government sectors, including LG Electronics, the fund's anchor investor; the Nevada Governor's Office of Economic Development (GOED); the WV Division of Economic Development; Sunny Day Sports; AZ Venture Capital, Aurion Capital among others.

NovaWave Capital's venture-building and fund platform provides portfolio companies with:

• Strategic collaboration with LG NOVA, enabling commercialization pathways in the U.S. and globally
• Incubation and venture-building resources through WaveX to support rapid product development
• Regional acceleration partnerships across West Virginia, Nevada and Arizona
• Deep-sector expertise in AI, advanced energy systems, digital health and applied enterprise innovation, and
• Global commercial expansion opportunities and government and industry collaborations across Europe and the Gulf Region.

NovaWave Capital collaborates closely with a network of strategic partners in Asia, the Middle East and North America (including the U.S. states of West Virginia, Nevada and Arizona) and International NovaWave Capital collaborators from South Korea, Qatar, the UAE, Japan, and Saudi Arabia, including Samrya Group, the University of Sharjah, Marshall University, West Virginia University and the University of Nevada, Las Vegas (UNLV). Such collaborations underscore the global and cross-sector collaboration behind NovaWave Capital's platform and its regional reach and impact across global innovation ecosystems.

NovaWave Capital is managed by Aurion Capital, a global investment group headquartered in Silicon Valley with offices in Seoul, Dubai and Abu Dhabi. Aurion Capital partners with global corporations, sovereign funds, governments and family offices to manage institutional capital, public-private partnerships and innovation programs that accelerate the growth of emerging economies across Rural America, the Southwestern United States and the Gulf. The firm is a partner of the World Economic Forum and oversees a portfolio of funds in the United States and in Abu Dhabi Global Markets.

About LG NOVA
LG NOVA, the North America Innovation Center for global innovation leader LG Electronics, is a team focused on bringing innovation from the outside to LG. LG NOVA is based in Santa Clara, Calif. The center's mission is to fuel innovation for LG and its partners by creating and launching new ventures to become the next growth engine for LG. Learn more about LG NOVA at www.lgnova.com.

About LG Electronics USA
LG Electronics USA Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics Inc., a smart life solutions company with annual global revenues of more than $60 billion. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems and vehicle components. LG is an 11-time ENERGY STAR® Partner of the Year. www.LG.com.

About NovaWave Capital
Headquartered in Menlo Park, CA, NovaWave Capital invests in technologies with the goal of delivering measurable economic and industrial impact, and long-term capital appreciation. The firm's investment strategy centers on scaling companies in artificial intelligence, next-generation energy and digital health, supported by public-private innovation corridors in West Virginia, the Appalachia region, Nevada, and Arizona—while leveraging commercial collaboration with LG NOVA. Learn more at www.novawavecapital.com

NovaWave Capital is a registered investment adviser (RIA).*
Registration of an investment adviser with the SEC or with any state securities authority does not imply a certain level of skill or training. This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein, any risks associated therewith and any related legal, tax, accounting or other material considerations. To the extent that the reader has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, prospective investors are encouraged to consult with the professional advisor of their choosing.

Media Contacts:

LG Electronics USA
Linda Quach
+1 408 903 3045
[email protected]

NovaWave Capital
[email protected]

SOURCE LG Electronics USA