NATO’s $1.1 billion innovation fund, announced in the summer of 2022, with a promise to invest in defence technologies has made its initial investments, as reported by Reuters.
Four European tech companies were selected. Fractile AI, a UK chipmaker that makes efficient LLMs, ARX Robotics a German company that makes unmanned surveillance robots, British company iCOMAT which makes lightweight material for vehicles, and Welsh company Space Forge which builds semiconductors in orbit.
These companies focus on enhancing AI, robotics, materials, and semiconductor technologies, respectively. The companies would help address challenges in defence, security, and resilience.
“Enabling access to strategic technologies is key to securing a safe and prosperous future for the alliance’s one billion citizens,” said Andrea Traversone, the fund’s managing partner.
The fund supported by 24 NATO member states aims to strengthen NATO’s defence and security capabilities and has partnered with venture capital firms Alpine Space Ventures, OTB Ventures, Join Capital and Vsquared Ventures for further investment.
