Consulting firm BMNT Inc. launched the AUKUS Defense Investor Network (DIN) this week, backed by the U.S, and U.K. Defense Innovation Units (DIU).
BMNT said the DIN seeks to aid the tripartite AUKUS agreement, particularly its Pillar 2 non-submarine technology cooperation. This includes working to develop interoperable advanced military capabilities in cyber, Artificial Intelligence, quantum, undersea capabilities, hypersonics, counter-hypersonics, electronic warfare and information sharing. The company said these are areas “where private sector investment can accelerate government investment in developing solutions to critical security challenges.”
This is in contrast to AUKUS Pillar 1, which is focused on helping Australia field nuclear-powered attack submarines in the 2030s and 2040s.
BMNT billed the DIN as a network of “leading private capital investors” from over 300 venture capital firms, corporate venture capital groups and family offices from the U.S., U.K. and Australia that combined represent more than $265 billion. The effort aims to have the private sector investors help accelerate growing new industries and capabilities related to the AUKUS Pillar 2 technologies.
“Access to private capital is vital to help scale the innovative dual-use companies who are important suppliers to Defence and the wider national security community,” John Ridge, chair of the AUKUS Innovation Working Group, said in a statement.
“As the innovation lead for AUKUS Pillar 2, I am excited to see the creation of an AUKUS Defense Investors Network, which I hope will increase awareness and understanding of our shared security challenges across the venture capital community, and help our cutting-edge companies bring their creativity to bear against some of our toughest national security challenges,” he continued.
Secretary of Defense Lloyd Austin announced the creation of the AUKUS DIN in a joint statement with the other AUKUS countries’ visiting defense ministers last week while committing to several activities on AUKUS Pillar 2 (Defense Daily, Dec. 4).
The AUKUS DIN will be co-chaired by Heather Jo Richman, BMNT Entrepreneur in Residence and founder and chair of the U.S. DIN; Adrian Jones, head of ventures of BMNT and chair of the U.K. DIN; and Jamie Watson, CEO of BMNT Australia and Chair of the Australia DIN.
Richman argued the AUKUS DIN will build on the existing DIN efforts in all three counties, “helping to advance the development of dual-use technologies with clean, trusted capital.”
She said the DIN will start to convene both in-person and online working sessions in 2024, which will be announced through the AUKUS DIN LinkedIn web page and during scheduled meetings.
Watson said the AUKUS DIN will work with stakeholders across all three countries to find where crowding private capital can help build advantages and “where relevant portfolio companies may be able to make progress against a challenge, enable networking cross-AUKUS to underpin future deal flow and deal-making.”