NovaWave Capital, in partnership with the Arizona Commerce Authority (ACA) and LG Electronics, has announced the launch of WaveX, an artificial intelligence venture studio based in Arizona. The initiative aims to accelerate innovation in sectors such as healthcare, energy, sports, and media throughout the state.
Arizona Governor Katie Hobbs commented on the development: “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.”
Sandra Watson, President and CEO of the ACA, highlighted Arizona’s advantages for startups: “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. 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.”
Vicki Mayo, CEO of Sunny Day Sports—a company joining as an investor—said: “Sunny Day Sports is pleased to partner with NovaWave Capital to bring WaveX to Arizona. This partnership will enhance the innovation within Sunny Day Sport’s new Palo District in Mesa, AZ, bringing with it new advancements in Women-focused healthcare and sports medicine through new sports-tech and fem-tech products and platforms. Arizona is the right place to launch this new initiative, and Sunny Day Sports is the right local partner.”
Sunny Day Sports focuses on building a future-oriented sports industry through investment and partnerships. The organization is developing the Palo District in Mesa as a hub for integrated sports technology and entertainment ecosystems.
James Goulka of AZ Venture Capital Inc., another incoming investor in NovaWave Fund generation announced at CES 2026 along with Sunny Day Sports’ involvement, said: “This collaboration pairs Silicon Valley venture-building with Arizona’s fast-growing innovation ecosystem. Through the NovaWave Fund and the WaveX venture studio, AZ Venture Capital Inc. will help founders validate faster, scale smarter, and deliver measurable outcomes—particularly in health tech and energy where AI can drive real industrial and community impact.”
NovaWave Capital was established under LG Electronics’ North America Innovation Center (LG NOVA) to support high-growth AI businesses targeting economic impact across several industries. Founding Managing Partner “Tonton” Ali Diallo stated: “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. 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 health companies that will accelerate America’s innovation economy.”
Dr. Sokwoo Rhee from LG NOVA added: “LG NOVA is committed to building a strong foundation for breakthrough innovation in the United States. Our collective work with NovaWave Capital allows us to identify support & scale impactful AI-first ventures that benefit communities & industries nationwide.”
The ACA has played a significant role in boosting job creation within Arizona; according to their report in September 2022, their economic development efforts led to over 24,000 projected new jobs for Fiscal Year 2022—surpassing set goals—and $10.75 billion invested into local communities.
The announcement emphasizes that it does not constitute financial advice or recommendations regarding securities or investments.
