RIYADH: American aerospace firm Lockheed Martin has doubled its venture capital fund from $200 million to $400 million, with plans to use the additional amount in startup technology companies.
In the year to date, Lockheed Martin has invested in 11 technology startups operating in various sectors, including sensor technology, quantum computing, advanced manufacturing, and space services, according to a press release.
“The success of our venture capital investments to date is a testament to our strategy and allows Lockheed Martin to continue to deliver innovative solutions across all domains,” said Jay Malave, chief financial officer of the company.
He added: “Doubling our venture fund will allow us to increase the number of startup companies we can work with to advance 21st century security technologies for the benefit of our customers.”
