Alat, a Company Created by the Public Investment Fund of Saudi Arabia, Has Become a Strategic Corporate Partner of EvoNexus
SAN DIEGO / DECEMBER 20TH, 2024 / EvoNexus is California’s premier non-profit technology incubator with locations in San Diego and Irvine. Alat, a PIF company, will create a global sustainable technology manufacturing hub in Saudi Arabia focused on advanced industrials and electronics. Alat will focus on seven key Strategic Business Units: advanced industrials, semiconductors, smart health, smart appliances, smart devices, smart buildings, as well as next generation infrastructure and create products both for Saudi Arabia and the world. In December, EvoNexus and Alat entered into a strategic corporate partnership.
Through the partnership Alat has gained insight, access, and explored opportunities with emerging growth companies in the EvoNexus portfolio relevant to the strategic business units of Alat. EvoNexus startups gain insight into the strategic technology and manufacturing needs of the Kingdom.
“Since the inception of EvoNexus in 2010, our unique incubation program has accelerated the launch of new companies with disruptive technologies and transformative products,” said Rory Moore, Co-Founder & CEO of EvoNexus. “We are exceptionally proud when the technologies and products achieve a global footprint. A partnership with Alat will help us to further extend the global impact of our startups.”
“As the Chief Technology Officer at Alat – a transformative company backed by $100B of capital by the Saudi Public Investment Fund (PIF) – I lead innovation and technology strategy across our various business units comprising Semiconductors, Smart Devices, Smart Appliances, Smart Health, Smart Buildings, Advanced Industrials, Next Gen Infrastructure, Electrification, and AI Infrastructure. I lead partnerships with technology innovators (startups, VCs, university labs, etc.),” said Dr. Nandhu Nandhakumar.
“I have followed and been engaged with this unique non-profit technology incubator program for over 20 years. During my previous career at LG Electronics, I led initiatives in digital media, robotics, and AI. As the founding head of LG’s Technology Center of America, I established LG’s North America Corporate Venture Capital efforts, led investments in startups, strategic industry partnerships, technology standards development, and collaborations with academia. That history provides me the insight to align strategic elements of the Kingdom’s goals with transformative technologies of early-stage companies for mutual benefit.”
About Alat
Alat is a company focused on transforming global industries (electronics and industrials) and creating a world class manufacturing hub in the Kingdom of Saudi Arabia powered by clean energy to build a better tomorrow. Alat will deliver sustainable manufacturing to help global companies reduce their emissions and move towards carbon zero manufacturing.
Alat, a PIF company, is an essential enabler of the Vision 2030 goals for economic diversification, industrial development, innovation, and job creation. Alat’s primary goal is to ensure that global companies set up sustainable manufacturing solutions in the Kingdom of Saudi Arabia, benefitting from abundant green energy resources, the country’s unique geolocation and its investments in technology. Initially its key strategic business areas will be semiconductors, smart devices, smart buildings, smart appliances, smart health, advanced industrials and next gen infrastructure technologies. For more information visit www.alat.com.
About EvoNexus
EvoNexus is California’s leading nonprofit technology startup incubator located in San Diego and Irvine. EvoNexus has successfully incubated over 268 startups with a survival rate of over 85%. Since the incubator’s formation in 2010, EvoNexus companies have secured over $1.6B in venture funding, $10B in pre-exit valuation, and had 54 acquisitions valued at over $2.1B. EvoNexus is supported by corporate partners, including some of the largest multinational corporations in the world. Learn more at evonexus.org/.