Arizona lands AI venture studio backed by LG Electronics’ investment arm
The investment arm of LG Electronics is partnering with the Arizona Commerce Authority to launch an AI-focused venture studio in the state.
Silicon Valley-based NovaWave Capital and the ACA on Wednesday unveiled plans for the WaveX AI venture studio, which will support startups in the health care, energy, sports and media sectors. The announcement coincides with CES, the technology industry’s largest conference held this week in Las Vegas, where a delegation of Valley leaders and startups are representing the local innovation ecosystem.
NovaWave Capital is a venture capital firm that operates in partnership with LG Electronics through its North America Innovation Center, LG NOVA, which has hubs in West Virginia and Silicon Valley. LG Electronics is part of South Korean multinational giant LG Corp.
“Arizona is proud to welcome NovaWave Capital’s venture studio to our state, a powerful addition to our thriving innovation ecosystem,” Arizona Gov. Katie Hobbs said in a statement. “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.”
NovaWave Capital nor the ACA disclosed additional details about the venture studio, including a potential site and start date.
In addition to the AI venture studio, NovaWave Capital also announced that AZ Venture Capital Inc. and Sunny Day Sports, a Scottsdale-based sports investment firm led by Vicki and Simer Mayo, joined its NovaWave Fund I as limited partners.
NovaWave did not disclose the amount of its Fund I, although a September 2024 regulatory filing shows a total offering amount of $300 million. The firm filed a separate Form D in September 2025 indicating it raised an additional $80 million. While firms raising capital are required to file a Form D with the U.S. Securities and Exchange Commission, it’s important to note that it may not illustrate a full picture of fundraising efforts.