Arlington has a new publicly traded company after a local AI cloud computing platform completed a merger with a California-based health technology firm last week.
Virginia Square-based Corvex finalized a reverse merger with Movano Inc. — a group that develops “wearable solutions” for users to track their personal health data — last Thursday. Movano is now called “Corvex” and remains under the “MOVE” symbol on the Nasdaq Stock Market.
“The mission is to engineer AI infrastructure for customers where speed, security, and scale can be achieved harmoniously, without tradeoffs,” Corvex said in a press release. “Corvex seeks to move the industry beyond commodity GPU access toward a production-grade standard where clients can run AI workloads with confidence, control, and efficiency. ”
Prior to the merger, Corvex, which specializes in “GPU-accelerated infrastructure for AI workloads,” raised $40.2 million with Movano “to expand its pure play platform for secure, high-performance AI Infrastructure.”
The local company, which is headquartered at 3401 N. Fairfax Drive in George Mason University’s Fuse building, aims to “become the trusted infrastructure partner for AI model training and inference,” Corvex said.
“The Merger marks the culmination of Corvex’s plan to enter the public markets and underscores its emerging leadership addressing the three defining challenges of the AI era — more scale, more efficiency, and more security — via its Amplified AI Cloud™ platform,” Corvex said. “As global demand for reliable and secure AI computing accelerates, Corvex offers investors differentiated exposure to the infrastructure layer powering the AI innovators of today and tomorrow.”
Corvex joins several publicly traded companies with a foothold in Arlington’s tech and defense sectors, including Amazon, E-Trade and Boeing.
The merger comes as state and local officials continue to grapple with the possible implications of AI’s influence on the workforce.
“While I believe that AI is going to bring enormous positive benefits to society over the next decade, I think in the short run — next two to five to seven years — it is going to bring economic disruption unlike anything we’ve seen,” Sen. Mark Warner said last month.
Back in June, former Arlington Economic Development director Ryan Touhill acknowledged the changes AI could introduce — but said that “Arlington’s highly educated workforce is well positioned to adapt.”
“Continuous learning and upskilling will be key as technology advances,” he said.
