Movano and Corvex announced that they have entered into a definitive all-stock merger agreement, creating a publicly traded company focused on secure, high-performance AI infrastructure. The transaction positions the combined organization to address rising global demand for scalable and reliable AI computing systems. The merger provides Movano shareholders with exposure to Corvex’s rapidly developing AI infrastructure platform and expanding customer pipeline.
The exchange ratio values Movano shares at $6.25 per share. In connection with the merger, Corvex and Movano together secured approximately $40 million in capital through private placements. Following these financings, Corvex shareholders are expected to receive 46.6 million shares of Movano stock. Movano Health will also resume its efforts to market its medical device operations, which include its FDA-cleared EvieMED Ring and proprietary mmWave RF technology for cuffless blood pressure and noninvasive glucose monitoring.
Established to address critical challenges in AI infrastructure related to scale, efficiency, and security, Corvex provides computing solutions through its Amplified AI Cloud platform. The company specializes in GPU-accelerated computing and is developing capabilities that aim to both train large-scale models and enhance inference performance. The platform features AI factories, confidential computing environments, and an emerging inference-as-a-service offering, designed to enhance throughput and reduce costs.
The combined company will be led by Corvex’s current executive leadership, including Co-Chief Executive Officers and Co-Founders Seth Demsey and Jay Crystal, along with Chief Technology Officer Brian Raymond and other senior team members. The leadership group brings experience from organizations such as Google, Microsoft, Yahoo!/AOL, NASA’s Advanced Computational Concepts Laboratory, ITT, Harris Corporation, and startups operating high-performance computing infrastructure globally. Upon closing, Movano Inc. will be renamed Corvex, Inc., and the headquarters will be located in Arlington, Virginia. The new board of directors is expected to consist of six members, with five designated by Corvex and one by Movano.
Corvex currently offers GPU- and CPU-based computing clusters for training and inference, as well as secure, confidential computing environments supported by hardware-backed Trusted Execution Environments. The company is also developing a next-generation inference platform designed to achieve higher performance and lower per-token computing costs.
As part of the transaction, Corvex raised $37.1 million in a private placement financing. Movano entered into a $1.0 billion equity facility with Chardan Capital Markets LLC and raised an additional $3.0 million in a separate private placement financing.
KEY QUOTES:
“Today’s announcement marks an important milestone for our company. From day one, our success has been grounded in engineering excellence, an obsession with our customers’ success, and disciplined capital allocation. Entering the public markets is a natural extension of this ethos—it allows us to accelerate our growth and craft a differentiated set of GPU-as-a-Service and AI-as-a-Service capabilities designed to attract customers with strong growth potential and credit quality. Over time, we plan to expand our AI factory offering’s guaranteed power access to support even faster growth while also leveraging the magic of software to drive scalable growth in an asset-light fashion on third-party owned and operated hardware. We believe this barbell strategy will enable us to even more efficiently allocate capital across different segments of the market.”
Jay Crystal, Co-Chief Executive Officer and Co-Founder, Corvex
“The next wave of AI breakthroughs is expected to come from builders who can train, secure and accelerate models at the scale they need when they need it, all with absolute confidence in their infrastructure’s reliability and the caliber of support available to ensure their success. That’s what our platform is designed for. We also have exciting emerging capabilities designed to extend the flexibility of our security capabilities in order to solve important scenarios for model builders and other security-conscious customers and, separately, an emerging offering designed to improve the cost- and performance-efficiency of inference. Ultimately, we’re building the Amplified AI CloudTM that allows AI innovators to move faster, more securely and efficiently–and trust that it will just work.”
Seth Demsey, Co-Chief Executive Officer and Co-Founder, Corvex
“When we first met the Corvex team, it was immediately clear that they weren’t just another AI infrastructure company—their ability to rapidly deliver power at up to AI factory scale, reliable operations, architectural creativity, software development and security know-how was extraordinary. We left that first meeting convinced that Corvex has the team, technology, discipline, and vision to quickly become an indispensable partner to attractive customer segments–and that our shareholders could share in that upside. The combination of these two companies represents an exciting new chapter for our stockholders, further underscored by the highly experienced and well-regarded management team who will lead the combined company.”
John Mastrototaro, Chief Executive Officer, Movano
