NEOM Tech & Digital, a subsidiary of the $500 billion signature NEOM digital city project, has reportedly invested $1 billion in artificial intelligence (AI) and metaverse technologies in 2022 alone.
The division’s CEO Joseph Bradley also announced that NEOM Tech would be rebranded to ‘Tonomus’.
He noted that the move to change the name to Tonomus is in line with NEOM’s efforts to integrate AI tech in the building of its flagship project The Line, a zero-carbon city with robots, holograms and mirrored facades stretching over 170 kilometres (150 miles) and running on 100 percent renewable energy.
“Technology is constantly evolving, and – as a global disruptor and innovator – Tonomus is on the same forward-thinking and fast-moving trajectory toward the future,” said Bradley.
“With a new identity, renewed sense of purpose and focus on true inclusivity, Tonomus will be a synonym for cognitive tech and proactive, predictive solutions that fundamentally reimagine human experiences and the way we live.”
Bradley further highlighted that Tomonus has invested $1 billion in 2022 alone in the metaverse and other AI applications. The company spent another $1 billion in the connectivity network and is investing an additional $1.2 billion in venture and entrepreneurship.
NEOM is Crown Prince Mohammed bin Salman’s most ambitious project yet. It is part of the Kingdom’s Vision 2030 national development plan into which Prince Mohammed has poured hundreds of billions of dollars, with the aim of transforming the Saudi economy, creating jobs for citizens, and reducing its dependence on oil.
