Investment in defence startups is at record levels this year, with Raytheon the latest to set up an investment arm. This is their strategy.

Perhaps unsurprisingly, given the invasion of Ukraine and growing tensions between Russia and Nato, investment in defence startups is going through the roof. Corporate investors have been involved in deals worth more than $2bn in this sector, a record level already higher than last year’s total although we are not quite halfway through the year.

One of those adding to this total is Raytheon, the US defence and aerospace company, which launched a new investment arm, RTX Ventures, in April, and swiftly announced its first investment, taking a stake in hypersonic aircraft developer Hermeus.

Raytheon has already been investing in HawkEye 360 and Gastops, but a dedicated corporate venture arm will allow the defence company to invest more widely and help to build a network of new defence startups, Dan Ateya, the vice-president and managing director of RTX Ventures told Global Corporate Venturing.

Our investments will help seed an ecosystem of disruptive tech companies,” he said.

 

Source: GCV Analytics

GCV:  Raytheon Technologies already invests in tech companies – like HawkEye 360 and Gastops – so what will RTX Ventures do that is different?  

Dan Ateya: RTX Ventures is a separate corporate venture arm within Raytheon Technologies and makes strategic investments in companies that are accelerating the development of transformational aerospace and defence technologies. We’ve shifted our model to build a centralised portfolio of investments in startup companies that align with our key priorities. 

GCV: What goals are you aiming to achieve through the new unit? 

DA: While many corporate VC arms solely focus on impacting internal development, our goal is to accelerate transformation in our industry. Identifying and building a pipeline of new technology companies that are aligned with both our portfolio and our anticipated customer needs has been a critical first step. Our investments will help seed an ecosystem of disruptive tech companies and our close engagement will support their success, ultimately leading to new opportunities for growth.

GCV: Does the defence industry need to innovate faster?

DA: There are an increasing number of startups in the defence tech and space tech segments, which suggests both a need and curiosity for faster innovation within the aerospace and defence industry. There is also a trend toward private venture-backed companies disrupting the standard model between the Department of Defense (DoD) and contractor primes, creating increased competition and agility within the field. 

GCV: What are some of the defence sector trends you are particularly interested in?  

DA: When you look at the defence industry, spacetech, hypersonics, artificial intelligence and machine learning, and cybersecurity are becoming increasingly critical to the national security and defence strategies of the United States and our allies. Because of this, top-tier VCs and the DoD are investing significant capital in venture-backed companies that are developing advanced technologies to power these newer innovations. Our recent investment in Hermeus, a hypersonic aircraft startup, is a great example of partnering with a company that is developing technology that has near-term defence applications.

Private venture-backed companies today are providing critical solutions to the defence industry for data analytics, satellite communications, imaging and more. Venture-backed companies that have established business models built to develop dual-use tech have a significant impact on the industry, and these successes will only lead to additional allocation of venture capital in these spaces going forward.

 

Source: GCV Analytics

Corporate VC deals in the defence and aerospace sector have typically been focused on both industrial areas – like spacetech and hypersonics – and IT, including artificial intelligence, machine learning and cybersecurity. This split still remains fairly constant.

Corporate-backed defence and aerospace technology deals

YearPortfolio Company NameSectorSub SectorLocationRoundCo Particpant ListRound Size $m
2019Beijing Qianxin TechnologyITCybersecurityChinaStake purchaseChina Electronics Corporation (CEC)548
2022WiskServicesAccommodation & travelUSAUndisclosedBoeing450
2018ZymergenIndustrialIndustrial chemicalsUSACData Collective | Draper Fisher Jurvetson | Goldman Sachs | Hanwha | Innovation Endeavors | SoftBank | True Ventures | Two Sigma Investments400
2021ABL Space SystemsIndustrialSpace & Satellite TechUSABFidelity | Lockheed Martin Corporation | T Rowe Price | undisclosed investors370
2021OneWebTelecomsTelecommunication service providersUSAStake purchaseHanwha300
2022Tessera TherapeuticsHealthPharmaceuticalsUSACAbu Dhabi Investment Authority | Alaska Permanent Fund | Altitude Life Science Ventures | Artis Ventures | Cormorant Asset Management | Flagship Pioneering | Hanwha | Longevity Vision Fund | March Capital Partners | Salt Fund | SoftBank | T Rowe Price300
2018Flying WhalesTransportOther (Transport)FranceUndisclosedAviation Industry Corporation of China | Bpifrance | Office National des Forêts | private investors246
2022EpirusIndustrialOther (Industrial)USAC8VC | Bedrock | Broom Ventures | Epiq Capital | Gaingels | General Dynamics | I Squared Capital | Moore Strategic Ventures | Parkwood | Piedmont Capital Investments | Red Cell Partners | StepStone Group | T Rowe Price200
2022VolocopterTransportConnected, Autonomous & Electric vehiclesGermanyE and beyondAtlantia | BtoV Partners | Honeywell | Whysol Investments | WP Investment170
2019Element AIITArtificial intelligence (general)CanadaBBusiness Development Bank of Canada (BDC) | Caisse de dépôt et placement du Québec | Data Collective | Government of Quebec | Hanwha | McKinsey | Real Ventures | undisclosed investors151
2020TekionTransportVehicle marketplaces & platformsUSACAdvent International | Airbus SAS | EXOR | FM Capital | Index Ventures | private investors150
2021LanciumEnergyRenewable energyUSAUndisclosedHanwha | Novawulf | SBI Group | undisclosed investors150
2019Global Wings Business Aviation TechnologyTransportOther (Transport)ChinaUndisclosedAviation Industry Corporation of China149
2019Medbanks Network TechnologyHealthHealthcare IT/AdministrationChinaDChina Electronics Corporation (CEC) | CICC Capital | Fidelity | International Data Group | Tencent | Wu Capital142
2022ICeyeIndustrialSpace & Satellite TechFinlandDBAE Systems | C16 Ventures | Chione | European Investment Fund (EIF) | Kajima | Molten Ventures | OTB Ventures | Promus Ventures | Seraphim | Services Group of America | Space Capital | True Ventures | UK Government136
2022Ayar LabsITSemiconductors & ChipsUSACApplied Materials | Atreides Capital | Berkeley | BlueSky Capital Partners | Boardman Bay Capital Management | Founders Fund | GlobalFoundries | Hewlett Packard Enterprises | IAG Capital Partners | Infinitum Partners | Intel | Lockheed Martin Corporation | Nautilus Venture Partners | Nvidia | Playground Global LLC | TechU Ventures | Tyche Partners130
2022SparkCognitionITCybersecurityUSADAE Industrial Partners | B. Riley Financial | Boeing | Doha Venture Capital | March Capital Partners | private investors123
2017Element AIITArtificial intelligence (general)CanadaABusiness Development Bank of Canada (BDC) | Data Collective | Fidelity | Hanwha | Intel | Microsoft | National Bank of Canada | Nvidia | Real Ventures | Tencent | undisclosed102
2018UnisoundMediaOther (Media)RussiaUndisclosedChina Electronics Corporation (CEC) | Hanfor Capital Management | Qianhai Wutong Mergers and Acquisitions Funds | Qihoo360 Technology100
2020Astra InternationalIndustrialRobotics & Unmanned Aerial VehiclesUSAUndisclosedAcme Capital | Advance | Airbus SAS | Canaan Partners | Innovation Endeavors | Private Investor100
2019SparkCognitionITCybersecurityUSACAlameda Ventures | Blue Horizon Ex Ventures | Boeing | Dalus Capital | Founders Equity Partners | Hearst | Kerogen Capital | March Capital Partners | MSD Capital | Sustainable Technologies | Temasek | undisclosed investors100
2021FarEyeServicesLogistics & supply chain servicesIndiaE and beyondDragoneer Investment Group | Fidelity | Fundamentum Partnership | Honeywell | TCV100
2021Nozomi NetworksITCybersecurityUSADHoneywell | Keysight Technologies | Porsche | Triangle Peak Partners100
2018Team8ITCybersecurityIsraelUndisclosedAirbus SAS | Barclays | Bessemer Venture Partners | Cisco Systems | Dimension Data | Innovation Endeavors | Microsoft | Moody’s Corporation | Munich Re Ventures | Nokia | Scotiabank | SoftBank | Temasek | Walmart85
2022KymetaTelecomsWireless technologiesUSAUndisclosedHanwha | private investors | undisclosed investors84
2021LightmatterITSemiconductors & ChipsUSABAlphabet | Hewlett Packard Enterprises | Lockheed Martin Corporation | Matrix Partners | SIP Global Partners | Spark Capital | undisclosed investors | Viking Global Investors80
2019Hawkeye 360IndustrialSpace & Satellite TechUSABAirbus SAS | Allied Minds | Blackbird Technologies | ESRIA | Shield Capital | undisclosed investors70
2020CyberbitITCybersecurityIsraelUndisclosedCharlesbank Capital Partners | Elbit Systems70
2021InfiniumTransportConnected, Autonomous & Electric vehiclesUSAUndisclosed8090 Partners | Amazon | AP Ventures | Mitsubishi Heavy Industries | NextEra Energy Resources | Pavilion Capital69
2017MedlinkerHealthHealthcare IT/AdministrationChinaCChina Electronics Corporation (CEC) | China Renaissance | Sequoia Capital | Tencent60
2020ParsableIndustrialOther (Industrial)USADActivate Capital | Alumni Ventures Group | Bridge 37 Ventures | Cisco Systems | Downing Ventures | Evolv Technology | Future Fund | Glade Brook Capital Partners | Honeywell | Lightspeed Venture Partners | Princeville Global | Saudi Aramco60
2020ChaiFinancial ServicesPayment technology & cryptocurrencySouth KoreaBAarden Partners | Hanwha | Hashed | SK Group | SoftBank | undisclosed investors60
2022CesiumAstroIndustrialSpace & Satellite TechUSABAirbus SAS | Forever Ventures | Franklin Templeton | Heico | Kleiner Perkins | L3Harris Technologies | Lavrock Ventures60
2022DaedaleanTransportConnected, Autonomous & Electric vehiclesSwitzerlandBAmino Capital | Carthona Capital | Honeywell | RedAlpine57.70000076
2021Apex.AITransportConnected, Autonomous & Electric vehiclesUSABAGCO | Airbus SAS | Canaan Partners | Continental AG | Hella | Jaguar Land Rover | Lightspeed Venture Partners | Orillion | Toyota | undisclosed | Volvo | ZF Friedrichshafen56.5
2019Health IQFinancial ServicesInsuranceUSADAndreessen Horowitz | Aquiline Technology Growth | Greenspring Associates | Hanwha | undisclosed investors55
2019IonQITOther (IT)USAUndisclosedA&E Investment | Acme Capital | Airbus SAS | Alphabet | Amazon | Correlation Ventures | Hewlett Packard Enterprises | Mubadala Ventures | New Enterprise Associates | Osage University Partners | Samsung | Tao Venture Capital Partners55
2020AttaboticsIndustrialRobotics & Unmanned Aerial VehiclesCanadaCHoneywell | Ontario Teachers’ Pension Plan Board50
2020ABL Space SystemsIndustrialSpace & Satellite TechUSAUndisclosedLockheed Martin Corporation | Lynett Capital | New Science Ventures | VenRock49
2022AerospacelabIndustrialSpace & Satellite TechBelgiumBAirbus SAS | Belaero | BNP Paribas | Noshaq | private investors | Sambrinvest | SRIW | Xange45.5
2019Tempo AutomationIndustrialOther (Industrial)USACCendana Capital | Golden Seeds | Lockheed Martin Corporation | Lux Capital | Point72 Ventures | Uncork Capital45
2018AEyeIndustrialRobotics & Unmanned Aerial VehiclesUSABAirbus SAS | Intel | Kleiner Perkins | Taiwania Capital | Tyche Partners | undisclosed investors40
2018MythicITArtificial intelligence (general)USABAME Cloud Ventures | Data Collective | Draper Fisher Jurvetson | Lockheed Martin Corporation | Lux Capital | private investors | SoftBank40
2018ParsableIndustrialOther (Industrial)USACAirbus SAS | Bridge 37 Ventures | Future Fund | Lightspeed Venture Partners | Saudi Aramco40
2021Isotropic SystemsIndustrialSpace & Satellite TechUKUndisclosedBoeing | Firmament Ventures | Future Fund | Orbital Ventures | SES Engineering Services | Space Angels Network40
2021Elroy AirServicesLogistics & supply chain servicesUSAACatapult Ventures | DiamondStream Partners | Lockheed Martin Corporation | Marlinspike Capital | Precursor Ventures | Saudi Aramco | Shield Capital Partners | Side X Side Management40
2021Skydweller AeroTransportConnected, Autonomous & Electric vehiclesUSAAAdvection Growth Capital | Leonardo | Marlinspike Capital | Palantir Technologies40
2021GrabangoFinancial ServicesPayment technology & cryptocurrencyUSABCommerce Ventures | Founders Fund | Honeywell | Unilever | Wind Ventures39
2018Fly BladeTransportOther (Transport)USABAirbus SAS | Colony NorthStar | Lerer Hippeau | LionTree38
2020Zapata ComputingITOther (IT)USABAhren Innovation Capital | Alumni Ventures Group | BASF | Comcast | Honeywell | Itochu | Massachusetts Institute of Technology (MIT) | Merck & Co | Pitango | Prelude Ventures | Robert Bosch38
2020CommsatIndustrialSpace & Satellite TechChinaBAviation Industry Corporation of China | Beijing Wealth Capital38
2018Reaction EnginesIndustrialSpace & Satellite TechUKUndisclosedBAE Systems | Boeing | Rolls-Royce37.29999924
2018Terran OrbitalIndustrialSpace & Satellite TechUSABBeach Point Capital Management | Goldman Sachs | Lockheed Martin Corporation36
2017FuyoukacheServicesLogistics & supply chain servicesChinaCAviation Industry Corporation of China | Eastern Bell Venture Capital | Global Logistic Properties | Legend Holdings | Zhen Fund36
2018SpinLaunchIndustrialSpace & Satellite TechUSAAAirbus SAS | Alphabet | ATW Partners | Bolt | Kleiner Perkins | Lauder Partners | Starlight Ventures35
2020Ayar LabsITSemiconductors & ChipsUSABApplied Materials | BlueSky Capital Partners | Downing Ventures | Founders Fund | Intel | Lockheed Martin Corporation | Massachusetts Institute of Technology (MIT) | Playground Global LLC | SGInnovate35
2020SpinLaunchIndustrialSpace & Satellite TechUSAUndisclosedAirbus SAS | Alphabet | Byers Family | Catapult Ventures | Kleiner Perkins | Lauder Partners | private investors35
2021FictivITOther (IT)USAD40 North Ventures | Adit Ventures | G2VP | Honeywell | M20 Accel | private investors | Sumitomo Mitsui35
2021Isotropic SystemsIndustrialSpace & Satellite TechUKBBoeing | Firmament Ventures | Promus Ventures | Seraphim35
2021Catalog TechnologiesHealthHealthcare IT/AdministrationUSABHanwha | undisclosed investors35
2022BcompIndustrialOther (Industrial)SwitzerlandBAirbus SAS | BMW | Generali | Porsche | undisclosed investors | Volvo34.90000153
2022Finless FoodsConsumerFood & beveragesUSABAt One Ventures | Dainichi | Draper Associates | Gaingels | Hanwha | Humboldt Fund | Olive Tree Capital | Private Investor | SOSV | Sustainable Ocean Alliance (SOA)34
2020Cambridge Quantum ComputingITOther (IT)UKUndisclosedAlvarium | Honeywell | IBM | JSR | Serendipity Capital | Talipot Holdings33.5
2017SparkCognitionITCybersecurityUSABBoeing | Undisclosed strategic investors | Verizon32.5
2018Singularity UniversityServicesEducation & Ed TechUSABBoeing | Mukita | PeopleFund | Silicon Valley Bank | Tal Education Group | WestRiver Capital32
2021Fiddler LabsITArtificial intelligence (general)USABAmazon | Bloomberg | Haystack Ventures | Insight Partners | Lightspeed Venture Partners | Lockheed Martin Corporation | Lux Capital32
2021Jimu IntelligentTransportConnected, Autonomous & Electric vehiclesChinaCAviation Industry Corporation of China | Forebright Capital | Founder Securities | State Development & Investment Corporation (SDIC) | Tsinghua Strait Research Institute | UMC Corporation | undisclosed investors31.29999924
2020LightnetFinancial ServicesOther/various fin servicesThailandADu Capital | Hanwha | Hashkey Global | Hopeshine Ventures | Seven Bank | Signum Capital | Uni-President Enterprises Corporation | United Overseas Bank31.20000076
2017FogHorn SystemsITInternet of Things (software)USACDarling Ventures | Dell | General Electric | Honeywell | Intel | March Capital Partners | Robert Bosch | Saudi Aramco | The Hive | Yokogawa Electric30
2019MythicITArtificial intelligence (general)USABAME Cloud Ventures | Atreides Capital | Data Collective | Future Ventures | Lam Research | Lockheed Martin Corporation | Lux Capital | Micron Technology | SoftBank | Threshold Ventures | Valor Equity Partners30
2020HumaticsITOther (IT)USABAirbus SAS | Blackhorn Ventures | Fontinalis Partners | Lockheed Martin Corporation | Sumitomo | Tenfore Holdings30
2020KymetaTelecomsWireless technologiesUSAUndisclosedHanwha30
2021CynerioITCybersecurityIsraelBAccelmed | Alive Israel HealthTech Fund | CBG London | Elron Ventures | MTIP MedTech Innovation Partners | Rafael Advanced Defense Systems Ltd30
2022VirnectITVR & AR technologySouth KoreaBHanwha | KB Financial Group | Korea Development Bank | KTB Network | Lotte Ventures | Stic Ventures30
2019HumaticsITOther (IT)USAAAirbus SAS | Blackhorn Ventures | Fontinalis Partners | Johnson Controls | Lockheed Martin Corporation | Sumitomo | Tenfore Holdings28
2021Anello PhotonicsITSemiconductors & ChipsUSAACatapult Ventures | Hardware Club | JS Capital Management | Legacy Ventures | Lockheed Martin Corporation | undisclosed investors28
2022Bow SystemsIndustrialSpace & Satellite TechUSAABroom Ventures | Crosslink Capital | Lockheed Martin Corporation | Razor’s Edge27
2017KalrayITSemiconductors & ChipsFranceUndisclosedAce Management | CEA Investissements | Eurekap | Héléa Financière | Inocap Gestion | Pengpai | Safran26
2017AirMapIndustrialRobotics & Unmanned Aerial VehiclesUSABAirbus SAS | General Catalyst | Lux Capital | Microsoft | Qualcomm | Rakuten | Sony26
2019K4 AeronauticsTransportConnected, Autonomous & Electric vehiclesUSAAHanwha | undisclosed investors25
2020FogHorn SystemsITInternet of Things (software)USACDarling Ventures | Dell | Forté Ventures | General Electric | Honeywell | Intel | LS Corporation | March Capital Partners | Robert Bosch | Saudi Aramco25
2020FarEyeServicesLogistics & supply chain servicesIndiaDFidelity | Honeywell | Microsoft | SAIF25
2021New Age MeatsConsumerFood & beveragesUSAAff Venture Capital | Hanwha | Siddhi Capital | SOSV | TechU Ventures25
2021Q-CtrlITSemiconductors & ChipsAustraliaBAirbus SAS | Data Collective | Horizons Ventures | In-Q-Tel | Main Sequence Ventures | Ridgeline Partners | Sequoia Capital | Sierra Ventures | Square Peg Capital25
2022Slingshot AerospaceIndustrialSpace & Satellite TechUSAAATX Venture Partners | Draper Associates | Edison Partners | Embedded Ventures | Lockheed Martin Corporation | Okapi Venture Capital | Revolution | undisclosed investors | Valor Equity Partners25
2018SparkCognitionITCybersecurityUSABBoeing | Brevan Howard Investment | CME Group | Invenergy | private investors | Verizon24
2020Soft RoboticsIndustrialRobotics & Unmanned Aerial VehiclesUSABCalibrate Ventures | FANUC | Honeywell | Material Impact | Scale Venture Partners | Tekfen Ventures | Yamaha23
2022CogniFinancial ServicesOther/various fin servicesUSAAAlsara Investment Group | Bluewatch Ventures | CaplinFO | FTX Trading | Hanwha | ROK Capital | Ship Capital | Solana | Thirty Five Ventures23
2022IneratecEnergyRenewable energyGermanyAEngie | Extantia Capital Management | FO Holding | High-Tech Gruenderfonds | Karlsruhe Institute of Technology | MPC Münchmeyer Petersen & Co. | Planet A | Safran22.70000076
2021GrowthwellConsumerFood & beveragesSingaporeACreadev | DSG Consumer Partners | GGV Capital | Hanwha | Temasek22
2022Satellite VuIndustrialSpace & Satellite TechUKAContrarian Ventures | In-Q-Tel | Lockheed Martin Corporation | Seraphim21.89999962
2021Universal HydrogenTransportConnected, Autonomous & Electric vehiclesUSAAAirbus SAS | Coatue | Fortescue Metals | Future Shape | Global Founders Capital | JetBlue | Playground Global LLC | Plug Power | Sojitz | Toyota20.5
2018Soft RoboticsIndustrialRobotics & Unmanned Aerial VehiclesUSAUndisclosedABB | Calibrate Ventures | Haiyin Capital | Honeywell | Hyperplane | Material Impact | Scale Venture Partners | Taylor Farms | Tekfen Ventures | Yamaha20
2019Virgin GalacticIndustrialSpace & Satellite TechUSAUndisclosedBoeing20
2021TelexistenceIndustrialRobotics & Unmanned Aerial VehiclesJapanAAirbus SAS | Global Logistic Properties | KDDI | SoftBank | University of Tokyo20
20213D Glass SolutionsIndustrialOther (Industrial)USABCerracap Ventures | Intel | Lockheed Martin Corporation | Nagase20
2022Electra.aeroTransportConnected, Autonomous & Electric vehiclesUSAALockheed Martin Corporation20
2018Element AnalyticsITBig data & analytics (IT)USAAABB | Aster Capital | Blue Bear Capital | General Electric | Honeywell | Kleiner Perkins | Mitsui19.5
2020MyriotaIndustrialSpace & Satellite TechAustraliaBBoeing | Hostplus | In-Q-Tel | Main Sequence Ventures | private investors | Right Click Capital | Singtel (Innov8) | South Australian Venture Capital Fund19.29999924
2021CirculorIndustrialOther (Industrial)UKABHP Billiton | Boeing | Jaguar Land Rover | Salesforce | TotalEnergies | Volvo19
2021Latent AIITArtificial intelligence (general)USAA40 North Ventures | AutoTech Ventures | Blackhorn Ventures | Booz Allen Hamilton | Future Ventures | Lockheed Martin Corporation19
2018Verity StudiosIndustrialRobotics & Unmanned Aerial VehiclesSwitzerlandAAirbus SAS | Fontinalis Partners | Kitty Hawk | Sony18
2020Element AnalyticsITBig data & analytics (IT)USABABB | Activate Capital | AJAX Strategies | Blue Bear Capital | Evonik Industries | High Tide Foundation | Honeywell | Kerogen Capital | Kleiner Perkins | Schneider Electric18
2021HedronIndustrialSpace & Satellite TechUSAAExplorer 1 Fund | Fidelity | Flybridge | Lime Street Ventures | Lockheed Martin Corporation | NKM Capital | Republic Labs | Space Angels Network | The Engine | Yard Ventures17.79999924
2018UpskillITVR & AR technologyUSAUndisclosedAccenture | Boeing | Cisco Systems | General Electric | New Enterprise Associates | undisclosed investors17.20000076
2019BestMileTransportConnected, Autonomous & Electric vehiclesUSABAirbus SAS | Blue Lagoon Capital | Eight Road Ventures Japan | Groupe ADP | Partech Ventures | Serena Capital | Translink Capital | undisclosed investors16.5
2019Isar AerospaceIndustrialSpace & Satellite TechGermanyAAirbus SAS | Apeiron Investment Group | Earlybird | Private Investor | Unternehmertum Venture Capital Partners | Vito Ventures16.5
2018MatternetServicesLogistics & supply chain servicesUSAABoeing | Levitate Capital | Sony | Swiss Post16
2018Fortem TechnologiesIndustrialRobotics & Unmanned Aerial VehiclesUSAUndisclosedBoeing | Data Collective | Manifest Investment Partners | Mubadala | New Ground Ventures | Signia Venture Partners15
2018MyriotaIndustrialSpace & Satellite TechAustraliaABlue Sky Ventures | Boeing | Main Sequence Ventures | Right Click Capital | Singtel (Innov8)15
2019BigfiniteHealthHealthcare IT/AdministrationUSABAtlantic Bridge | Crosslink Capital | Honeywell | Institut Català de Finances (ICF) | La Famiglia | Uncork Capital15
2018Hawkeye 360IndustrialSpace & Satellite TechUSAAAllied Minds | Blackbird Technologies | Raytheon Technologies | Shield Capital | Space Angels Network | Sumitomo14.89999962
2019Isotropic SystemsIndustrialSpace & Satellite TechUKABoeing | Space Angels Network | Space Capital | Waterlow Management14
2018LeoLabsITOther (IT)USAAAirbus SAS | Horizons Ventures | Space Angels Network | Weru Investment13
2020CalypsoAIITCybersecurityUSAA8VC | Frontline Ventures | Lightspeed Venture Partners | Lockheed Martin Corporation | Manta Ray Ventures | Paladin Capital | Pallas Ventures | undisclosed investors13
2022SynthetaicITBig data & analytics (IT)USAABetaworks | Booz Allen Hamilton | Esri | Lupa Systems | Microsoft13
2019CesiumAstroIndustrialSpace & Satellite TechUSAAAirbus SAS | Analog Devices | Franklin Templeton | Honeywell | Kleiner Perkins | Lavrock Ventures12.39999962
2022OloidITInternet of Things (software)USAADell | Honeywell | Okta | undisclosed investors12
2021C-ZeroIndustrialOther (Industrial)USAAAP Ventures | Breakthrough Energy Ventures | Eni | Mitsubishi Heavy Industries11.5
2021UrbanbaseServicesOther (Services)South KoreaBHanwha11.10000038
2018BestMileTransportConnected, Autonomous & Electric vehiclesUSAAAirbus SAS | Eight Road Ventures Japan | Groupe ADP | MobilityFund | Partech Ventures | Serena Capital11
2018Trillium SecureITCybersecurityUSAAAirbus SAS | Deutsche Bahn | Jafco | Mitsubishi | Plug and Play | Tokyo Century Corporation11
2020Accion SystemsIndustrialSpace & Satellite TechUSABBoeing | Shasta Ventures11
2018BridgeSatIndustrialSpace & Satellite TechUSABAllied Minds | Boeing10
2019Dust IdentityServicesOther (Services)USAAAirbus SAS | Angular Ventures | Castle Island Ventures | Kleiner Perkins | Lockheed Martin Corporation | New Science Ventures10
2020Catalog TechnologiesHealthHealthcare IT/AdministrationUSAAAirbus SAS | Horizons Ventures10
2020DendraIndustrialAgriculture & Ag TechUKAAirbus SAS | At One Ventures | Future Positive Capital | Lionheart Ventures | Lowercarbon Capital | SystemIQ | Venture Souq10
2021C12 Quantum ElectronicsITOther (IT)FranceSeed360 Capital Partners | Airbus SAS | BNP Paribas | Bpifrance | private investors10
2021Orbit FabIndustrialSpace & Satellite TechUSAUndisclosedLockheed Martin Corporation | Northrop Grumman10
2020RunSafe SecurityITCybersecurityUSAALockheed Martin Corporation | NextGen Venture Partners9.800000191
2020TranscelestialIndustrialSpace & Satellite TechSingaporeAAirbus SAS | Cap Vista | EDBI | Entrepreneur First | Partech Ventures | Private Investor | Spring Seeds Capital | Tekton Ventures | Wavemaker Partners9.600000381
2018Impossible AerospaceTransportOther (Transport)USAAAirbus SAS | Bessemer Venture Partners | Eclipse Ventures9.399999619
2019OxisTransportVehicle hardware & maintenanceUKUndisclosedAerotec | Arkema | Safran | Samsung9
2020E-peasITSemiconductors & ChipsBelgiumUndisclosedAirbus SAS | Digital Wallonia | KBC | LeanSquare | NivelInvest | Noshaq | Partech Ventures | Vives Fund9
2019Oxis EnergyEnergyEnergy storage, management & equipmentUKUndisclosedAerotec | Arkema | Safran | Samsung8.800000191
2019CAILabsIndustrialArtificial/Advanced materialsFranceUndisclosedDefinvest | Innovacom | Safran | Starquest Capital | Supernova Invest8.800000191
2018SecuredTouchITCybersecurityIsraelABertelsmann | Elron Ventures | Rafael Advanced Defense Systems Ltd8
2017InfostellaIndustrialSpace & Satellite TechJapanA500 Startups | Airbus SAS | D4V | FreakOut Holdings | Sony | Weru Investment7.300000191
2017Terran OrbitalIndustrialSpace & Satellite TechUSAALockheed Martin Corporation7
2019Edge Case ResearchTransportConnected, Autonomous & Electric vehiclesUSAUndisclosedAnsys | Blue Tree Allied Angels | Liberty Mutual | Lockheed Martin Corporation | Private Investor | Trucks Ventures7
2020IonQITOther (IT)USAUndisclosedCambium Capital Partners | Lockheed Martin Corporation | Robert Bosch7
2020Atlas AIITOther (IT)USAAAirbus SAS | Micron Technology | Rockefeller Foundation7
2017Tech in AsiaMediaPublishing (Print & Online)SingaporeBEast Ventures | Eduardo & Elaine Saverin | Hanwha | Walden International6.599999905
2018QC WareITEnterprise softwareUSAAAirbus SAS | Citigroup | DE Shaw | Fenox Venture Capital | Goldman Sachs6.5
2017CAILabsIndustrialArtificial/Advanced materialsFranceUndisclosedSafran | Undisclosed strategic investors5.699999809
2017BestMileTransportConnected, Autonomous & Electric vehiclesSwitzerlandSeedAirbus SAS | Partech Ventures | Serena Capital5.5
2019CogniFinancial ServicesOther/various fin servicesUSASeedBarclays | CXO Fund | Hanwha | Hard Yaka | Private Investor5.400000095
2017UAvionixIndustrialRobotics & Unmanned Aerial VehiclesUSABAirbus SAS | Playground Global LLC | Redpoint Ventures5
2018Kitty HawkIndustrialRobotics & Unmanned Aerial VehiclesUSAUndisclosedBoeing | Bonfire Ventures | Freestyle Capital | Kluz Ventures5
2017CognataTransportConnected, Autonomous & Electric vehiclesIsraelSeedAirbus SAS | Emerge Education | Maniv Mobility5
2020iStoxFinancial ServicesOther/various fin servicesSingaporeUndisclosedHanwha5
2020DeepSigITArtificial intelligence (general)USAABlu Venture Investors | Leawood Ventures | Lockheed Martin Corporation | Scout Ventures5
2021Chain.ioITEnterprise softwareUSAUndisclosedEngage Ventures | Grand Ventures | Honeywell | Mercury Fund5
2022Hawkeye 360IndustrialSpace & Satellite TechUSADLeidos5
2022C360 TechnologiesITVR & AR technologyUSAUndisclosedBluetree Allied Angels | Boeing | LH Ventures | SeventySix Capital | TechNexus4.900000095
2018KinditeITCybersecurityIsraelSeedCreditEase | Elron Ventures | Rafael Advanced Defense Systems Ltd4
2017LeoLabsITOther (IT)USAUndisclosedAirbus SAS | Horizons Ventures | SRI International4
2019CapBridgeFinancial ServicesOther/various fin servicesSingaporeUndisclosedHanwha4
20223D Glass SolutionsIndustrialOther (Industrial)USABCerracap Ventures | Corning | Intel | Lockheed Martin Corporation | Menlo Micro | Sun Mountain Capital4
2018TurbotechIndustrialOther (Industrial)FranceUndisclosedGo Capital | Safran3.700000048
2020InfostellaIndustrialSpace & Satellite TechJapanUndisclosedAirbus SAS | Daiwa Securities | Mitsubishi UFJ Financial | Sony3.599999905
2017C360 TechnologiesITVR & AR technologyUSAABlueTree Capital | Boeing | MI-12 | Pasadena Angels3.5
2018OzCodeITOther (IT)IsraelSeedElron Ventures | Rafael Advanced Defense Systems Ltd | TPY Capital3.5
2018Blueprint PowerEnergyRenewable energyUSAUndisclosedCongruent Ventures | Fifth Wall Ventures | Hanwha | Lennar | MetaProp NYC | private investors | Urban-X | Urban.US3.5
2020CrossAngleFinancial ServicesPayment technology & cryptocurrencySouth KoreaAHanwha | Private Investor3.299999952
2021Tru TechnologiesFinancial ServicesOther/various fin servicesSouth KoreaAHana Financial Group | Hanwha | KB Investment | Kiwoom Investment-Shinhan Capital | Korea Growth Investment | Shinhan Capital | Stonebridge3.099999905
2017AstrocastIndustrialRobotics & Unmanned Aerial VehiclesSwitzerlandSeedAirbus SAS3
2018Accion SystemsIndustrialSpace & Satellite TechUSAUndisclosedBoeing | GettyLab3
2018UaviaIndustrialRobotics & Unmanned Aerial VehiclesFranceUndisclosedAirbus SAS | Bpifrance | Sofimac Partners | undisclosed investors2.5
2021InfiniDomeITCybersecurityIsraelAHoneywell | Next Gear Ventures2.400000095
2022MarindowsITEnterprise softwareJapanSeedFuruno | Imoto Lines | Mitsubishi Heavy Industries | Tokyo Kisen | undisclosed investors1.700000048
2020Fiddler LabsITArtificial intelligence (general)USAUndisclosedLockheed Martin Corporation0.800000012
2017Near Earth AutonomyTransportConnected, Autonomous & Electric vehiclesUSAUndisclosedBoeing
2017Ocean AeroTransportOther (Transport)USAUndisclosedLockheed Martin Corporation
2017Gamma AlloysIndustrialArtificial/Advanced materialsUSASeedBoeing
2017Flux Information TechnologyServicesLogistics & supply chain servicesChinaStake purchaseHoneywell
2018EnevateEnergyEnergy storage, management & equipmentUSAUndisclosedChina Electronics Corporation (CEC) | Draper Fisher Jurvetson | Infinite Potential Technologies | Lenovo | LG Chem | Mission Ventures | Samsung | Sumitomo | Tsing Capital
2018ITUSAABoeing
2018TelexistenceIndustrialRobotics & Unmanned Aerial VehiclesJapanAAirbus SAS | Deep Core | Global Logistic Properties | JTB Group | KDDI | Maeda Industry | Mizuho Financial | Monoful | National Science and Technology Corporation (JST) | University of Tokyo
2018EarthNowIndustrialSpace & Satellite TechUSAUndisclosedAirbus SAS | private investors | SoftBank
2018Morf3DIndustrial3D PrintingUSAABoeing
2017Zunum AeroTransportConnected, Autonomous & Electric vehiclesUSAUndisclosedBoeing | JetBlue
2017UpskillITVR & AR technologyUSABBoeing | General Electric
2019Robotic SkiesIndustrialRobotics & Unmanned Aerial VehiclesUSAUndisclosedBoeing | Kickstart Seed Fund | Sun Mountain Capital | Thayer Ventures
2019Hangzhou Tongdun TechnologyITBig data & analytics (IT)ChinaUndisclosedAviation Industry Corporation of China | GF Securities | undisclosed investors | Zheshang Venture Capital
20193D Glass SolutionsIndustrialOther (Industrial)USABLockheed Martin Corporation
2019Morf3DIndustrial3D PrintingUSAUndisclosedBoeing
2020Morpheus SpaceIndustrialSpace & Satellite TechGermanyUndisclosedAirbus SAS | In-Q-Tel | Lavrock Ventures | Pallas Ventures | TechStars | Vsquared Ventures
2020Trinity MobilityITInternet of Things (software)IndiaUndisclosedHoneywell
2020Monolith MaterialsIndustrialOther (Industrial)USAUndisclosedMitsubishi Heavy Industries
2020DarwinAIITArtificial intelligence (general)CanadaUndisclosedACVC Partners | Honeywell | Redds Capital | undisclosed investors
2021Grab Financial GroupFinancial ServicesOther/various fin servicesSingaporeUndisclosedHanwha | undisclosed investors
2021TracepointITCybersecurityUSAUnknownBooz Allen Hamilton
2020Red 6MediaVR & AR contentUSAUndisclosedLockheed Martin Corporation
2019Electric Power SystemsEnergyEnergy storage, management & equipmentUSAUndisclosedBoeing | Safran
2019Apex.AITransportConnected, Autonomous & Electric vehiclesUSABAirbus SAS | Canaan Partners | Hella | Jaguar Land Rover | Lightspeed Venture Partners | Toyota | Volvo
2020TactMediaDigital marketing & AdTechUSAUndisclosedHoneywell
2020Zapata ComputingITOther (IT)USAUndisclosedHoneywell
2020Cambridge Quantum ComputingITOther (IT)UKUndisclosedHoneywell
2020Ayar LabsITSemiconductors & ChipsUSAUndisclosedLockheed Martin Corporation
2020Lykke CorporationFinancial ServicesOther/various fin servicesSwitzerlandUndisclosedHanwha
2021SkyFiveTelecomsTelecommunication service providersGermanyASafran | Star Capital
2021Starfire EnergyEnergyOther (Energy)USAUndisclosedAP Ventures | Chevron | Mitsubishi Heavy Industries | New Energy Technologies | Osaka Gas
2021Alder FuelsEnergyOil & GasUSAUndisclosedHoneywell | United Airlines
2021TileDBITOther (IT)USAUndisclosedLockheed Martin Corporation | NTT Docomo
2021iSpaceIndustrialSpace & Satellite TechJapanUndisclosedAirbus SAS
2021QuincusITEnterprise softwareSingaporeBAE Industrial Partners | Boeing
2022GastopsIndustrialOther (Industrial)CanadaUndisclosedRaytheon Technologies
2022InfiniDomeITCybersecurityIsraelAHoneywell | Next Gear Ventures | VentureIsrael

Source: GCV Analytics

Corporate exits involving defence and aerospace technology developers

YearPortfolio Company NameSectorSub SectorLocationRoundCo Particpant ListRound Size $m
2020OneWebTelecomsTelecommunication service providersUSAAcquisitionAirbus SAS | Bharti Enterprises | British Government | Coca-Cola | Government of Rwanda | Grupo Salinas | Hughes Network Systems | Intelsat | Qualcomm | SoftBank | Virgin1,000
2020Hefei Jianghang Aircraft EquipmentIndustrialOther (Industrial)ChinaIPOAviation Industry Corporation of China | Beijing Haolan Xingyuan Investment | China Reform Holding | China Zhongji Investment | North Industries Group Investment Management148
2020CotteaConsumerFood & beveragesJapanAcquisitionAirbus SAS | Horizons Ventures
2020Element AIITArtificial intelligence (general)CanadaAcquisitionHanwha | Intel | McKinsey | Microsoft | Nvidia | Tencent500
2021Astra InternationalIndustrialRobotics & Unmanned Aerial VehiclesUSAOther (reverse mergers/SPACs)Airbus SAS | BlackRock | Holicity475
2021Vertical AerospaceTransportOther (Transport)UKOther (reverse mergers/SPACs)American Airlines | Avolon | Broadstone Acquisition Corp | Honeywell | Microsoft | Rolls-Royce | Standard Industries300
2021SecuredTouchITCybersecurityIsraelAcquisitionBertelsmann | Elron Ventures | Eshbol Investments | Rafael Advanced Defense Systems Ltd | Swarth Group | Wellborn Ventures
2021IoTiumTelecomsOther (Telecommunications)USAAcquisitionGeneral Electric | Honeywell | Juniper Networks | March Capital Partners | OpenSource Ventures | private investors
2021Safety LineTransportOther (Transport)FranceAcquisitionBpifrance | Groupe ADP | Safran
2021AEyeIndustrialRobotics & Unmanned Aerial VehiclesUSAOther (reverse mergers/SPACs)Airbus SAS | Aisin Seiki | CF Finance Acquisition Corp III | General Motors | Hella | Intel | LG Electronics | SBI Group | SK Hynix | Taiwania Capital455
2021UpskillITVR & AR technologyUSAAcquisitionBoeing | Cisco Systems | CNF Investments | Cox Enterprises | General Electric | New Enterprise Associates | Salesforce | SineWave Ventures
2021IonQITOther (IT)USAOther (reverse mergers/SPACs)Airbus SAS | Alphabet | Amazon | Breakthrough Energy Ventures | dMY Technology Group | Hewlett Packard Enterprises | Hyundai | KIA Motors | MSD Partners | Mubadala Ventures | New Enterprise Associates | Samsung | Silver Lake | Time Ventures625
2021CubergEnergyEnergy storage, management & equipmentUSAAcquisitionActivate | Boeing | California Energy Commission | Stanford University | undisclosed investors | US Department of Energy (DoE)
2021ZymergenIndustrialIndustrial chemicalsUSAIPOAME Cloud Ventures | Baillie Gifford | Baron Capital Group | Data Collective | Draper Fisher Jurvetson | GIC | Goldman Sachs | Hanwha | Iconiq Capital | Innovation Endeavors | Obvious | Perceptive Advisors | Prelude Ventures | SoftBank | Tao Venture Capital Partners | True Ventures | Two Sigma Investments500
2021Blueprint PowerEnergyRenewable energyUSAAcquisitionCongruent Ventures | Fifth Wall | Hanwha | Lennar | MetaProp NYC | Urban-X | Urban.US
2021Tempo AutomationIndustrialOther (Industrial)USAOther (reverse mergers/SPACs)Ace Convergence Acquisition Corp | ACE Equity Partners | AME Cloud Ventures | Cendana Capital | Dolby Family Ventures | Draper Associates | Firsthand Funds | Golden Seeds | Incite Ventures | Industry Ventures | Lockheed Martin Corporation | Lux Capital | OS Fund | Point72 Ventures | Uncork Capital391
2021OzCodeITOther (IT)IsraelAcquisitionElron Ventures | Rafael Advanced Defense Systems Ltd | TPY Capital
2021AirMapIndustrialRobotics & Unmanned Aerial VehiclesUSAAcquisitionAirbus SAS | Microsoft | Qualcomm | Rakuten | Sony | Yuneec
2022FogHorn SystemsITInternet of Things (software)USAAcquisitionDell | General Electric | Honeywell | Intel | Robert Bosch | Saudi Aramco | Yokogawa Electric
2022D-Wave SystemsITOther (IT)CanadaOther (reverse mergers/SPACs)Aegis Group Partners | DPCM Capital | Goldman Sachs | Lockheed Martin Corporation | NEC | PSP Investments | Yorkville Advisors340
2022UAvionixIndustrialRobotics & Unmanned Aerial VehiclesUSAAcquisitionAirbus SAS | DC Capital Partners | Playground Global LLC | Redpoint Ventures

Source: GCV Analytics

North America-based corporates from the defence and aerospace industry are the most active, followed by their Western European counterparts.

Source: GCV Analytics

Although corporate exit data from the sector is limited, last year was a record year with $2.7bn in exit volume across 14 exits.

Source: GCV Analytics