July 24, 2024
NATO Invests $1.1 Billion in AI, Robotics, and Space Technology
AI

NATO Invests $1.1 Billion in AI, Robotics, and Space Technology

A consortium of NATO allies has announced the initial group of companies to receive funding from its €1 billion ($1.1 billion) innovation fund. The alliance introduced this fund in the summer of 2022, a few months after Russia invaded Ukraine, to invest in technologies to strengthen its defenses. This fund is supported by 24 of NATO’s 32 member states, including Finland and Sweden, which joined the alliance earlier this year.

Source: Wikipedia

Initial Investments in European Tech Companies

On Tuesday, the NATO Innovation Fund (NIF) confirmed its direct investments in four European tech companies, selected for their potential to address challenges in defense, security, and resilience. The funding recipients include Fractile, a London-based computer chipmaker working on accelerating large language models (LLMs) like those powering ChatGPT. Additionally, Germany’s ARX Robotics, which designs unmanned robots capable of heavy lifting and surveillance tasks, received investment.

The other two startups funded are British manufacturer iCOMAT, known for producing lighter materials for vehicles, and Space Forge, a Welsh company that leverages space conditions such as microgravity and vacuum to manufacture semiconductors in orbit.

Strategic Partnerships and Future Investments

“Enabling access to strategic technologies is key to securing a safe and prosperous future for the alliance’s one billion citizens,” stated Andrea Traversone, the fund’s managing partner.

In addition to these direct investments, the fund has partnered with venture capital firms Alpine Space Ventures, OTB Ventures, Join Capital, and Vsquared Ventures to support further deep tech investment across the continent. These collaborations are aimed at enhancing the technological capabilities and resilience of NATO member states, ensuring a robust defense infrastructure for the future.

Image by Kris from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

Related posts

Historic U.S.-Vietnam Agreements Forge Multi-Billion-Dollar AI Partnerships

Harper Hall

Government Action Urged to Combat AI Deepfakes: Andrew Yang Leads Global Call

Christian Green

Google Assistant Evolves with Bard AI Integration: Unlocking Advanced Capabilities

Anna Garcia

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.