BAE Systems has committed €50m (£43.2m) to VC funds focused on backing European defence tech startups.
A sum of €25m (£21.6m) will be invested into two funds headed up by Expeditions and Lakestar, who are both working to help shape the future of European defence innovation by backing founders and technologies aiming to deliver next generation capability for allies across the continent.
The investments form the second stage of BAE Systems’ recently announced Launchpad programme, which aims to accelerate disruptive innovation.
Launchpad aims to address the challenge of moving defence technologies beyond prototype development by funding early-stage ventures or spinning them out into independent startup businesses.
The programme is designed to leverage BAE Systems’ position as a technology innovator to support national priorities, including rapid technology incubation, sovereign capability and economic growth.
It also provides startups with access to customers across a broader range of sectors, like energy and advanced manufacturing.
“Building on our long-standing investment in innovation, we recently set up Launchpad as a win-win, aiming to spin out some of our own defence technologies to commercial markets while also backing startups who can bring something new to defence,” says Dave Ewing, head of technology commercialisation at BAE Systems.
“This latest step means we’re full steam ahead on making that a reality.”
