A consortium of NATO allies has confirmed the first batch of companies to receive funding from its €1 billion ($1.1 billion) innovation fund.
Announced by NATO in the summer of 2022, a few months after Russia's invasion of Ukraine, the fund is committed to investing in technologies that can enhance its defense capabilities. The fund is supported by 24 of NATO's 32 member countries, including Finland and Sweden, which joined the alliance earlier this year.
On Tuesday, the NATO Innovation Fund (NIF) confirmed it has directly invested in four European tech companies, stating these investments will help address challenges in defense, security, and resilience.
The fund has provided support to Fractile AI, a London-based computer chip manufacturer aimed at accelerating the operation of large language models (LLMs) like ChatGPT; and ARX Robotics in Germany, which designs autonomous robots for tasks ranging from heavy lifting to surveillance.
The other two startups are UK-based iCOMAT, a manufacturer of lighter materials for vehicles; and Space Forge, a Welsh company that utilizes space conditions such as microgravity and vacuum to produce semiconductors in orbit.
“The opportunity to secure strategic technologies is crucial for ensuring the safety and prosperous future of the alliance's one billion citizens,” said Andrea Travolsen, the fund’s managing partner.
The fund has also partnered with venture capital firms Alpine Space Ventures, OTB Ventures, Join Capital, and Vsquared Ventures to support further deep tech investment across the continent.
