New investors join LG NOVA-supported fund as WaveX AI venture studio debuts in partnership with Arizona Commerce Authority
LAS VEGAS (Jan. 7, 2026) — NovaWave Capital, a Silicon Valley–based venture capital firm, announced a significant fund milestone and a new Arizona-focused collaboration to accelerate the creation of AI-first companies across the United States.
The firm confirmed that AZ Venture Capital Inc. and Sunny Day Sports have joined NovaWave Fund I Generation as new investors, expanding the public-private capital base supporting innovation in the American West and Appalachia. The announcements were made at CES 2026®, alongside anchor limited partner LG Electronics.
In conjunction with the fund milestone, NovaWave Capital unveiled a collaboration with the Arizona Commerce Authority (ACA) to launch WaveX, a new AI venture studio designed to support early-stage companies across Arizona in key sectors including healthcare, energy, sports, and media.
“Arizona is proud to welcome NovaWave Capital’s venture studio to our state,” said Arizona Governor Katie Hobbs. “This initiative strengthens our innovation ecosystem and reflects Arizona’s growing global role in advanced technologies, including artificial intelligence, energy, and advanced manufacturing.”
“With our collaborative business environment, world-class talent, and advanced technology ecosystem, Arizona offers unparalleled opportunities for startups to scale,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “We’re excited to partner with NovaWave Capital on a new AI venture studio and fund that will support Arizona-based companies.”
Building a Cross-Regional Innovation Network
The Arizona collaboration complements LG NOVA’s innovation hubs in Silicon Valley and West Virginia, as well as NovaWave Capital’s growing presence in the Gulf region. Together, these initiatives form a cross-regional and international platform designed to accelerate technology development, commercialization, and scale.
NovaWave Capital was created to support companies aligned with LG Electronics’ North America Innovation Center, LG NOVA, with a focus on scaling high-growth AI companies in energy, health, and enterprise sectors.
“Our collaboration with AZ Venture Capital Inc., Sunny Day Sports, and the Arizona Commerce Authority reflects a shared vision across public and private partners to build AI-first companies with real economic impact,” said “Tonton” Ali Diallo, Founding Managing Partner of NovaWave Capital and founder of Aurion Capital. “By connecting Silicon Valley innovation with fast-growing regional and international markets, we aim to help build the next generation of AI, energy, and health companies driving America’s innovation economy.”
“LG NOVA is committed to creating 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 work with NovaWave Capital enables us to identify, support, and scale AI-first ventures that deliver meaningful benefits to industries and communities nationwide.”
Investor Base and Venture Platform
NovaWave Capital is backed by a diverse group of corporate, institutional, and public-sector investors, including LG Electronics (anchor investor), the Nevada Governor’s Office of Economic Development, the West Virginia Division of Economic Development, Sunny Day Sports, AZ Venture Capital, and Aurion Capital, among others.
Through its venture-building and fund platform, NovaWave Capital provides portfolio companies with:
- Strategic collaboration with LG NOVA, enabling commercialization pathways in the U.S. and global markets
- Venture incubation and product-development support through the WaveX AI venture studio
- Regional acceleration partnerships in Arizona, Nevada, and West Virginia
- Deep sector expertise in artificial intelligence, advanced energy systems, digital health, and enterprise innovation
- Access to global expansion opportunities and government-industry collaborations across Europe and the Gulf region
NovaWave Capital collaborates with strategic partners across North America, Asia, and the Middle East, including organizations and institutions in South Korea, Qatar, the UAE, Japan, and Saudi Arabia, as well as partners such as Samrya Group, University of Sharjah, Marshall University, West Virginia University, and the University of Nevada, Las Vegas (UNLV).
About NovaWave Capital
Headquartered in Menlo Park, California, NovaWave Capital invests in technologies focused on delivering measurable economic and industrial impact alongside long-term capital appreciation. The firm’s strategy centers on scaling companies in artificial intelligence, next-generation energy, and digital health, supported by public-private innovation corridors in West Virginia, Appalachia, Nevada, and Arizona, and commercial collaboration with LG NOVA.
NovaWave Capital is managed by Aurion Capital, a global investment group with offices in Silicon Valley, Seoul, Dubai, and Abu Dhabi, partnering with corporations, governments, sovereign funds, and family offices to advance innovation-driven growth across the U.S. and the Gulf region.
Learn more at www.novawavecapital.com.
About LG NOVA
LG NOVA is the North America Innovation Center for LG Electronics, focused on sourcing external innovation and launching new ventures that serve as future growth engines for LG. Based in Santa Clara, California, LG NOVA works with startups, entrepreneurs, and ecosystem partners to commercialize breakthrough technologies. Learn more at www.lgnova.com.
About LG Electronics USA
LG Electronics USA Inc., headquartered in Englewood Cliffs, New Jersey, is the North American subsidiary of LG Electronics Inc., a global smart life solutions company with more than $60 billion in annual global revenue. LG’s U.S. portfolio includes home appliances, home entertainment, commercial displays, HVAC systems, and vehicle components. LG is an 11-time ENERGY STAR® Partner of the Year. Visit www.LG.com.
