NATO partners have verified which businesses will receive funding from the organization’s $1 billion euro ($1.1 billion) innovation fund.
The first round of enterprises to get cash from the group’s one billion euro ($1.1 billion) innovation fund has been confirmed by a coalition of NATO members.
Months after Russia invaded Ukraine, in the summer of 2022, the alliance revealed the fund and pledged to invest in defense-enhancing technologies. Of the 32 nations that make up NATO, 24 of them—including Finland and Sweden, which joined the alliance earlier this year—support the fund.
The other two businesses were Space Forge, a Welsh business that uses space conditions, such as microgravity and vacuum, to create semiconductors in orbit, and British firm iCOMAT, which produces lighter materials for automobiles.
The managing partner of the fund, Andrea Traversone, stated that “securing a safe and prosperous future for the alliance’s one billion citizens” requires enabling access to crucial technology.
In order to encourage additional deep tech investment on the continent, the fund has also teamed with venture capital firms Alpine Space Ventures, OTB Ventures, Join Capital, and Vsquared Ventures.
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