GeoNova Capital, a UAE-based investment and capital-markets firm, has confirmed a $10 million cornerstone investment in NovaGen Group B.V., following NovaGen's announcement of a proposed business combination with Nasdaq-listed Veea Inc. (NASDAQ: VEEA).

Veea and NovaGen signed a non-binding term sheet for the proposed combination, with the companies targeting definitive documentation in the coming weeks. The transaction is intended to create a Nasdaq-listed entity called NovaGen Health Networks, combining Veea's AI infrastructure with NovaGen's cellular-reprogramming and clinical capabilities.

GeoNova is acting as lead investor, cornerstone institutional investor and corporate adviser to NovaGen. The firm structured the financing terms and is inviting co-investment from institutional and qualified investors alongside its own commitment. The proposed combination and related financing remain subject to definitive documentation, applicable approvals and customary closing conditions.

Robert Hamilton, Managing Partner of Capital Markets at GeoNova Capital, said the firm is "taking NovaGen to our institutional, family-office and qualified-investor network as it moves toward definitive documentation."

GeoNova stated it is also reviewing additional opportunities across healthcare, biotechnology, technology, AI, defense and natural resources, with a focus on Nasdaq and NYSE business combinations, reverse mergers, uplistings, pre-listing convertible financings, and PIPE and structured-equity transactions.