NATO’s Innovation Fund (NIF) has hit a new chapter with two new partners and the departure of a founding team member after securing $1 billion in commitments from over 20 countries. Investment in dual-use technology has surged, reaching 10% of all VC funding in Europe.
Despite management challenges, NIF is reemerging with an almost entirely new investment team, now consisting of three partners. New hires Ulrich Quay and Sander Verbrugge bring industrial and scientific backgrounds from BMW i Ventures and Innovation Industries, respectively. London-based VC Patrick Schneider-Sikorsky remains the third partner.
The fund announced the departure of founding team partner Kelly Chen, who will transition her board responsibilities once her employment wraps up. NIF has made 19 investments since its inception, including dual-use drones and investments into funds like OTB Ventures.
NIF’s broader thesis is to empower deep tech founders to address challenges in defense, security, and resilience, focusing on dual-use technology. The fund has been involved in NATO’s Rapid Adoption Action Plan to accelerate the integration of new technological products for defense.
New partners were identified by NIF’s board of directors and approved by LPs, emphasizing the fund’s commitment to building a strong team for success. The organization compares itself to a startup, constantly learning, experimenting, and improving to drive the Alliance’s technological agenda.
The new team at NIF aims to move rapidly and decisively to support the best founders across European ecosystems. Despite questions about possible conflicts of interest surrounding NIF’s chair, Klaus Hommels, no changes were made to his role during the recent LP meeting in Venice. 1. In a groundbreaking discovery, scientists have identified a new species of dinosaur in Australia. The newly named Australotitan cooperensis is estimated to have been one of the largest dinosaurs to roam the Earth, measuring up to 82 feet long and weighing about 69 tons.
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Read more at Yahoo Finance: Amid increased momentum for defense, the NATO Innovation Fund refreshes its investment team