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On July 12, 2024
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Venture capital could become NATO's ultimate weapon. Here's why - ExBulletin
The NATO summit held in Washington DC this week marked the alliance's 75th anniversary and was an important opportunity to reaffirm the role that transatlantic venture capital investment plays in fostering cooperation between member states. Staying at the forefront of technological innovation is more important than ever to strengthen our nation's readiness in these turbulent times and secure the future of NATO's one billion citizens. This is not only necessary for our security, resilience, and ultimately prosperity, it also makes good business sense. New domains of conflict are emerging that blur the lines between civilian and military technology. Instead of land, air, and sea, we are seeing strategic competition and conflict in space, the internet, border control, technology, supply chains, and even financial systems. Technologies first developed in the private sector are now increasingly being used for defense. This phenomenon has accelerated on the Ukrainian battlefield, where off-the-shelf drones, advanced communications systems, and software platforms are being used to thwart Russian aggression. Synergies between advanced technologies developed in Europe and North America could further accelerate this transformation. The European tech scene has changed dramatically over the past two decades, going from challenger to global competitor. And while the US saw a decline in deep tech venture capital funding growth last year, the European market saw a continuous increase in funding. According to Dealroom data, deep tech investments in the 24 countries currently backing the NATO Innovation Fund (an independent venture capital firm that invests in defense, security and resilience technologies) grew by 22.4% between 2018 and 2022. This creates strong advanced technology adoption opportunities for all members of the alliance and provides the fund's portfolio companies with the opportunity to expand their business in multiple markets. This dramatic change reflects the ambitious rise of European entrepreneurship, continued investment in breakthrough technologies and the presence of excellent STEM talent. The region's boom in dual-use technologies offers huge opportunities for commerce and defense, with certain sectors such as space, biotechnology, new materials and manufacturing, and artificial intelligence leading the way in terms of both deal activity and investment volume. For example, space has become integral to both civilian and military life. The liberal internationalism of past decades, which viewed space as neutral, has been replaced by geopolitical competition between NATO countries and other great powers. Instead, space has become a realm of strategic competition. We are in an era reminiscent of the days when Sputnik, the moon landing, and the Strategic Defense Initiative defined our approach to space. But the lines between commercial and military capabilities are blurring, and governments are increasingly relying on private companies to meet their space launch requirements. Commercial sensing and communications capabilities complement those of the military. Just as Operation Desert Storm in the 1990s was the first to use Earth observation capabilities significantly in military operations, Ukraine's reliance on satellite communications and new commercial sensor capabilities in its war with Russia has demonstrated that space is a critical pillar of modern warfare. Space is already essential for transportation, communications, and disaster relief. The commercial market for space services is expected to reach $1.8 trillion by 2035. This market is growing rapidly as launch costs fall and demand for data, sensors, and software increases. Thus, as economic connectivity grows and access to space becomes more affordable, the space economy will impact the value and resilience of nearly every industry around the world. While the United States will likely continue to hold the lead, China's bold space program aims to challenge U.S. power militarily, economically and diplomatically. Countering China and its allies' growing space presence requires a robust transatlantic effort. This must include dual-use technologies so NATO can leverage diplomacy, state-to-state relations and R&D advantages to maintain and improve its strategic advantage. While the United States leads space innovation, its rapid growth could be further supported by the European space industry, which has become more promising over the past decade. According to a 2022 analysis by Fondazione E. Amaldi, European space tech startups have raised $7.1 billion since 2010. And since 2019, venture capital investment in the space sector has increased 4.4-fold to $783 million. European governments are using their resources to accelerate this trend: the European Space Agency (ESA) has allocated more than €1 billion to developing new capabilities, and France has invested €2.5 billion in its space sector, including reusable micro-launches to make space cheaper and more accessible. In addition to the continent's technological potential, increased investment in European advanced technologies could counter hostile capital in highly strategic North American and European technology areas. Increasing European investment and cooperation in dual-use technologies would have the benefit of countering and inhibiting the ability of hostile powers to fund and influence promising start-ups and markets that provide a competitive technological advantage to North America and Europe. Greater transatlantic cooperation has resulted in joint support for promising, diverse, and innovative technologies as well as adoption of these technologies across the alliance. It is central to defense strategy, military interoperability, weapons systems, industrial procurement, and production policies. Adoption across the alliance also reduces the burden on governments compared to building national capabilities from scratch. Sharing the burden across the alliance allows for greater impact in a capital-efficient manner. The 2024 Washington Summit was a unique opportunity for NATO leaders to identify technology opportunities that can help secure the future of the Alliance and its member nations. By investing in and adopting emerging dual-use technologies, NATO can leverage the innovation power of the private sector and the transatlantic talent pool to counter the influence and ambitions of our strategic competitors. A transatlantic deep tech dual-use ecosystem will not only strengthen the security and resilience of NATO countries, but it will also foster economic growth and innovation across the Atlantic. We are stronger together, so the time to act is now. Further must-read commentary published by Fortune: Opinions expressed in commentary articles on Fortune.com are solely those of their authors and do not necessarily reflect the opinions or beliefs of Fortune. What Are The Main Benefits Of Comparing Car Insurance Quotes Online
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Venture capital could be NATO's ultimate weapon. Here's why
Staying at the forefront of technological innovation is more important than ever in securing the future of 1 billion citizens of NATO members by boosting the nations' readiness in these turbulent times. Not only is it necessary for our security, resilience, and ultimately, prosperity but it also makes good business sense. New domains of conflict have emerged that blur the lines between civilian and military technology. Instead of land, air, and sea, we are seeing strategic competition and conflict in space, the internet, border control, technology, supply chains, and even in our financial system. Technologies that were first developed by the commercial sector are now increasingly being used in defense -- a phenomenon that has accelerated on the battlefield in Ukraine, where we have seen the use of off-the-shelf drones, advanced communications systems, and software platforms to deter Russia's aggression. Synergies between advanced technologies developed in Europe and North America have the potential to further accelerate this transformation. Europe's tech scene has changed dramatically in the last two decades, moving from being a challenger to a global competitor. And while growth over the last year in deep tech venture capital funding decreased in the U.S., the European market noted a continued increase in funding. Investments in deep tech in the 24 nations currently supporting the NATO Innovation Fund (a standalone venture capital investing in defense, security, and resilience technologies) grew by 22,4% between 2018 and 2022, according to Dealroom data. This presents all members of the alliance with powerful advanced technology adoption opportunities, while it offers the fund's portfolio companies the opportunity to expand their business across multiple markets. This dramatic change reflects the ambitious rise of European entrepreneurship, ongoing investments in breakthrough technologies, and the availability of great STEM talent. The boom of dual-use technologies in the region presents tremendous commercial and defense opportunities, with certain areas, such as space, biotechnology, novel materials and manufacturing, and artificial intelligence leading the charge in terms of both deal activity and size of investments. For example, space has become essential in both civilian and military life. Geopolitical competition between NATO countries and other powers has replaced the liberal internationalism of the past decades that framed space as neutral. Instead, it has become a domain of strategic competition. We are in a period reminiscent of when Sputnik, the Moon landing, and the Strategic Defence Initiative defined our approach to space. However, with the line blurring between commercial and military capabilities, governments increasingly rely on private companies to meet space launch requirements. Commercial sensing and communication capabilities complement those of our militaries. Much like how Desert Storm saw the first major use of earth observation capabilities for the conduct of military affairs in the 1990s, Ukraine's reliance on satellite comms and new commercial sensor capabilities in its war with Russia has proven that space is an essential pillar of modern warfare. Space is already vital for transportation, communication, and disaster relief. The commercial market for space services is expected to reach $1.8 trillion by 2035. It's a fast-growing market as launch costs go down and demand for data, sensing, and software rises. Therefore, as economic ties increase, and space access becomes more affordable, the space economy will impact the value and resilience of almost all industries across the world. The U.S. will maintain its lead -- but China's bold space program aims to challenge American power militarily, economically, and diplomatically. To counter China and its allies' growing presence in space, there needs to be a strong transatlantic effort. This must include dual-use technologies to ensure NATO maintains and improves its strategic edge, using its advantage for diplomacy, inter-state relations, and research and development. The U.S. is driving innovation in space but its rapid growth can be further supported by Europe's space industry, which has grown more promising in the last decade. European space tech startups have raised $7.1 billion since 2010, a Fondazione E. Amaldi analysis found in 2022. And since 2019, VC investment in space increased by 4.4x to $783 million. European governments are using their resources to accelerate this trend. The European Space Agency (ESA) allocated over a billion euros for the development of new capabilities and France invested 2.5 billion euros into its space sector, including a reusable micro-launcher to make space cheaper and more accessible. Besides the technological possibilities on the continent, strengthening investments in advanced technologies in Europe could counter adversarial capital in highly strategic technology areas in North America and Europe. Investing in and cooperating more with Europe in dual-use technologies comes with the advantage of countering and curtailing adversaries' abilities to fund and gain influence over promising startups and markets that present North America and Europe with competitive technological advantages. The result of greater transatlantic cooperation is not only the combined support for promising, diverse, and revolutionary technologies but also the alliance-wide adoption of these technologies. This is central to defense strategy and military interoperability, weapon systems, industrial procurement, and production policy. Adoption across allies also reduces the burden for governments compared to building sovereign capabilities from scratch. By sharing the burden across the alliance, we can have a greater impact in a capital-efficient way. The 2024 Washington Summit has been a unique opportunity for NATO leaders to identify opportunities for technology to help secure the future of the alliance and its member states' citizens. By investing in and adopting emerging dual-use technologies, NATO can leverage the private sector's innovation power and its transatlantic talent pool, while countering our strategic competitors' influence and ambitions. A transatlantic deep-tech, dual-use ecosystem would not only enhance the security and resilience of NATO countries but also foster economic growth and innovation across the Atlantic. The time to act is now, as we are stronger together.
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NATO Summit: How funding start-ups will tackle security threats
As the global alliance met to discuss how to deal with growing security threats, Euronews Next spoke to some of the start-ups NATO is working with. Marking its 75th anniversary at a summit in Washington DC this week, the North Atlantic Treaty Organization (NATO) put Ukraine firmly in the spotlight. But new technologies and start-ups will underpin its ambitions to adapt to meet today's security threats. NATO stated in its Washington Summit Declaration that it has accelerated its transformation to meet current and future threats and maintain its technological edge, which it would do through experimentation and the rapid adoption of emerging technologies. Technologies such as artificial intelligence (AI), biotech and quantum are evolving and innovating at an extraordinarily rapid pace and NATO says it is aiming to harness these types of innovations. "What we've long recognised is that one of the foundations of our abilities is to deter and to defend our technological edge," Phil Lockwood, Head of NATO's innovation unit, told Euronews Next before the Washington summit. However, he said that while we might be in a time of technological innovation that we've never had in terms of pace before, "we are in a position where that technological edge that we've relied on is potentially eroding". "We have to do a lot of work to continue to maintain this edge because there are adversaries and competitors are actively pursuing their own technological edge," he added. One of the technologies that NATO is looking into is sea bed mapping. The Dutch start-up Lobster Robotics is one that the defence organisation has invested in. "If they had survey equipment, they could have found or seen the Nord Stream pipeline explosions. I don't know if it would be inclined to do anything about it, but at least you would have known that it was going to happen," Stephan Rutten, co-founder and CEO of Lobster Robotics, told Euronews Next. Lobster Robotics is one of the 44 companies selected out of 1,300 that applied to NATO's start-up fund programme, known as the Defence Innovation Accelerator for the North Atlantic, or DIANA. Its mission is to find dual-use innovations and provide the developers with resources, worth several hundreds of thousands of euros, and a network they need to address critical defence and security challenges. Dual use is one of the criteria for DIANA which means that a start-up can be used for commercial and societal use as well as for defence. NATO also has a bigger fund, the NATO Innovation Fund, at its disposal to boost start-ups. Lobster Robotics's optical sea bed mapping technology can zoom in to see what is on the sea floor, even spotting the tracks of a crab or starfish on the seabed. It drastically reduces the cost of using teams of divers and is much safer. But it can also be used in defence, especially for mapping critical underwater infrastructure, such as wind farms or oil rigs, where security is lacking. But access to governments or defence ministries is lucrative and it is difficult for a start-up to get a foot in the door. "It comes down to network[ing]. You need to know the people. You need to know how the organisation works," said Rutten, adding that the NATO "stamp of approval" helped the company work with governments. "I urge governments to really think on the time scale of start-ups. They say they are going very fast. And then I hear procurement will only take another 18 months... I could have started five new companies by then," he added. The Greece-based company Sortiria Technology is another underwater intelligence firm selected by NATO that has also found the procurement period especially long. It is a deep-tech start-up that is developing AI sensing technology for the defence industry. "There are long contraction cycles and the buying process is a concentrated process and it is also different in every country," said Angelos Tsereklas, the managing director of Sortiria Technology. "But we see a lot of disruption in that model, with initiatives such as DIANA or the NATO Innovation Fund. But also from the European Union and the European Investment Bank, who are supporting dual-use applications," he told Euronews Next. "We see this painting and we see an effort for a consolidated approach in the European Union and in the NATO countries," he added. This month, NATO launched a call for a second round of the DIANA project, focused on areas including energy, human health, information security, logistics, and critical infrastructure. Information security, or cybersecurity, is one of the chief concerns for NATO and many lessons can be learned from Ukraine, which saw an onslaught of sophisticated cyber attacks from Russia. In its Washington Summit Declaration, the global defence alliance warned of cyber threats from Russia and China and said that the countries could even work together in a strategic partnership. NATO also announced at the summit a new cyber alliance of its own, which will be called the Integrated Cyber Defence Centre. The centre will bring together civilian and military personnel from across the NATO Enterprise, allied countries, and industry experts. One start-up that has caught the attention of NATO is Hushmesh, which is creating a safer and more efficient Internet that it calls "the new web". While this may take a decade or two before it takes off, the CEO of the company Manu Fontaine said that "the natural, glide path is to actually start developing services on an infrastructure that is inherently secure, inherently verified". Until then, the US-based company is developing a messaging service it hopes NATO allies can use as a part of a pilot in 2025. "We cannot see what the infrastructure is doing," Fontaine told Euronews Next. "We do not have access to the messages that are flowing through it. The data is truly encrypted with keys that no humans have access to". The Washington Summit Declaration also stated that NATO wants to closely monitor the technological advancements on the battlefield in Ukraine, including through experimentation and more rapid adoption of emerging technologies. For Lobster Robotics's CEO, while government procurement is a "nightmare," things are changing slowly. "A lot of countries are changing now to be more agile and to open their arms to innovation faster, basically because they see how well it works in Ukraine," Rutten said. "They make new stuff every day and it keeps getting better. But it will take a few more years I think before we really see that into action".
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NATO launches a $1 billion innovation fund to boost defense technology. The initiative aims to bridge the gap between military needs and tech sector innovations, learning from Ukraine's creative defense strategies.
In a groundbreaking move, NATO has announced the launch of a $1 billion innovation fund, marking a significant shift in the alliance's approach to defense technology. The fund, unveiled at the recent NATO summit, aims to bridge the gap between military requirements and cutting-edge innovations from the tech sector 1.
The initiative draws inspiration from Ukraine's creative use of technology in its conflict with Russia. Ukrainian forces have demonstrated remarkable ingenuity, employing consumer-grade drones and adapting commercial technologies for military purposes. This adaptability has caught the attention of NATO leaders, prompting a reevaluation of how the alliance approaches technological innovation in defense 3.
NATO's new fund represents a novel approach, blending venture capital strategies with military objectives. The alliance aims to tap into the agility and innovation of startups and tech companies, areas where traditional defense contractors may lag. This move signifies NATO's recognition of the rapidly evolving nature of modern warfare and the need to stay ahead in technological advancements 2.
The innovation fund will prioritize several key areas:
By investing in these fields, NATO hopes to develop dual-use technologies that can serve both civilian and military purposes, maximizing the impact of its investments 1.
While the initiative presents exciting opportunities, it also faces challenges. Bridging the cultural gap between the fast-paced tech world and the more conservative military sector will require careful navigation. Additionally, ensuring that innovations can be rapidly deployed and integrated into existing military structures will be crucial for the fund's success 2.
NATO's move is likely to have far-reaching consequences beyond its member states. It may spark a new era of competition in defense technology, potentially leading to increased investment in similar initiatives by other global powers. The fund could also reshape the relationship between governments and the tech sector, creating new avenues for collaboration and innovation 3.
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