Veea Inc. (NASDAQ: VEEA) and NovaGen Group B.V. have signed a term sheet to combine their businesses, with plans to execute a definitive agreement within the coming weeks, according to a press release from the companies.

As part of the arrangement, the two companies announced a joint platform called NovaGen Health Networks, which would integrate Veea's edge computing, connectivity, and cybersecurity technology with NovaGen's cellular reprogramming and clinical services. Initial deployments are planned for NovaGen clinics and partner hospitals in Q4 2026.

GeoNova Capital, described as a UAE-based investment firm, has signed a term sheet to provide an initial $10 million investment in the combined company as a cornerstone investor. The companies said management estimates the combined company's value at approximately $750 million, based on internal projections and an independent valuation using those projections.

The planned platform, built on Veea's VeeaONE infrastructure, would connect health records, wearable data, and biological measurements into patient-controlled profiles. A Phase 1 rollout would include a household health hub and digital health records wallet. A Phase 2 would expand to clinician-supervised diagnostics and therapy pathways, subject to clinical validation and regulatory approvals.

"NovaGen Health Networks creates a pathway to identify and evaluate potential candidates for our therapies, allowing that relationship to begin earlier and continue through assessment, treatment and follow-up," said Diederik van der Reijt, CEO of NovaGen Group.

The business combination and GeoNova Capital's investment remain subject to the execution of definitive documentation and satisfaction of closing conditions.