The increase makes Lockheed Martin Ventures CVC's first $1bn defence tech fund, on the back of strong growth in the sector.
US defence contractor Lockheed Martin has increased the size of its corporate venture fund by 250% to $1bn, making it one of the largest defence tech CVC funds, amid strong growth in military and dual-use technologies.
The capital boost is the largest since the fund was launched in 2007 with $100m of initial funding. That capacity was expaned to $200m in 2018 and then $400m four years later. Lockheed Martin will use the increase over future periods to mature technologies for national security, it said in a release.
“Our venture capital investments are a critical part of our overall strategy to develop and integrate the best technologies for national security now and in the future,” said Evan Scott, CFO of Lockheed Martin, in a release.
“Our investments help create a pipeline of cutting-edge technologies that create a resilient industrial base, drive growth and ultimately help the United States and its allies deter the most pressing emerging threats,” he said.
Lockheed Martin Ventures has invested $500m in more than 120 companies since its founding, it said in the release, with more than 60 portfolio companies having become suppliers to the defence company.
Recent investments it has made include contributions to a $28m series A for Antaris, the US developer of a platform for designing and operating satellite missions, and the series D round for Radiant, a US portable nuclear microreactor developer.
See all the recent Lockheed Martin-backed startup deals the CVC Funding Round Database
