American aerospace firm Lockheed Martin has doubled its venture capital fund from $200m to $400m.
Lockheed Martin Ventures will use the increased funds to continue to accelerate future defence innovation through investment in start-up technology companies.
Speaking about the venture fund, Jay Malave, CFO of Lockheed Martin, said: “The success of our venture capital investments to-date is a testament to our strategy and allows Lockheed Martin to continue to deliver innovative solutions across all domains. Doubling our venture fund will allow us to increase the number of start-up companies we can work with to advance 21st Century Security technologies for the benefit of our customers.”
Since 2007, the venture fund has invested in more than 70 startup companies whose emerging innovations have the potential to become foundational technologies that help solve the complex challenges faced by our customers, the company stated.
Chris Moran, Vice President and General Manager of Lockheed Martin Ventures, added: “In 2021 alone, Lockheed Martin Ventures screened more than 1,000 start-up companies that are leading advancements in the areas such as artificial intelligence, autonomy and robotics, cyber security, and quantum computing. Today’s announcement is about growing the fund, but also about growing our team, our portfolio, and our level of engagement with core Lockheed Martin programmes. This commitment allows Lockheed Martin Ventures to identify, evolve and integrate emerging technology into our national security industrial base on a larger scale and better serve the future needs of our customers.”
Year to date, the venture fund has already invested in 11 new technology companies focused on areas of interest to Lockheed Martin such as sensor technology, quantum computing, advanced manufacturing, and space services.