Flush with opportunities, Lockheed Martin [LMT] on Tuesday said it has doubled its venture capital fund to $400 million as it screens more start-up technology companies to invest in.
“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,” Jay Malave, the company’s chief financial officer, said in a statement. “Doubling our ventures fund will allow us to increase the number of start-up companies we can work with to advance 21st Century security technologies for the benefit of our customers.”
The ventures fund was stood up in 2007 with $50 million and since then has invested in more than 70 companies, including 11 so far in 2022 that are working in areas such as sensor technology, quantum computing, advanced manufacturing and space services. The fund was eventually increased to $100 million and then in 2018 to $200 million.
In 2021, Lockheed Martin Ventures screened more than 1,000 start-up companies.
Chris Moran, who runs Lockheed Martin Ventures, said the fund’s growth also means his team will grow as will its work across the company.
“This commitment allows Lockheed Martin Ventures to identify, evolve and integrate emerging technology into our national security industrial base on a larger scale and better serve the future needs of our customers,” he said in a statement.
Negotiations are underway for several more investments and the ventures fund has already exceeded the previous $200 million cap, a company spokesman said.