Latest news with #NATOInnovationFund
Yahoo
5 days ago
- Business
- Yahoo
Amid increased momentum for defense, the NATO Innovation Fund refreshes its investment team
Two years after securing $1 billion in commitments from over 20 countries, the NATO Innovation Fund (NIF) is entering a new chapter, marked by the arrival of two new partners and the departure of its penultimate founding team partner. In a context of increased military spending across NATO members, investment in dual-use technology has skyrocketed since the initiative was first announced in 2021. Once a no-go-zone for institutional investors, defense and resilience tech last reached an all-time high of 10% of all VC funding in Europe, where nearly all NIF's backers are located. This booming interest should have given NIF a first-mover advantage, but the fund was hampered by management challenges and a series of high-profile departures. After the 2025 NATO Summit in The Hague reaffirmed its importance last June, NIF is now emerging with an almost entirely new investment team. It is composed of three partners. While NIF originally had four partners and one managing partner, a person familiar with NIF said that this flat, three-partner model will be the structure in place for the foreseeable future, suggesting that no new hires are to be expected. These two appointments had previously been rumored, but the identities of the new partners had not been confirmed. Two of the partners are new hires: Ulrich Quay and Sander Verbrugge, who will be based in Amsterdam. Quay, a German national, was most recently in charge of corporate investments as a vice president at BMW, where he previously founded and led corporate venture fund BMW i Ventures. Verbrugge, a Dutch PhD in molecular biophysics, was previously a partner at deep tech VC fund Innovation Industries, which he joined after working at semiconductor design and manufacturing company NXP. The third partner is London-based VC Patrick Schneider-Sikorsky, now the last remaining member of the original investment team. Alongside the new hires, the fund announced the departure of founding team partner Kelly Chen, who confirmed to TechCrunch that it was her decision and that she will be stepping away to build a new venture. Chris O'Connor, another founding team partner, departed earlier this year with similar plans. Chen currently sits on the board of several startups backed by NIF, but will transition her board responsibilities once her employment at the NIF has wrapped up, TechCrunch learned from its chief communications and marketing officer, Amalia Kontesi. While some observers wish the fund had deployed capital faster, she said NIF 'is on track to meet [its] investing goals for the year.' Since its inception, NIF has made 19 investments: seven into funds such as OTB Ventures, and 12 into startups including Space Forge and Tekever, which makes dual-use drones. Still, adding new partners with industrial and scientific backgrounds, no matter how impressive, may not satisfy those who wish that the fund could invest in Ukraine or pure defense, as opposed to dual use, in response to Russia's war economy. But it is also in line with NIF's broader thesis to 'empower deep tech founders to address challenges in defence, security, and resilience.' However, NIF has also ramped up its efforts on the defense side. Its team was heavily involved in the development of NATO's Rapid Adoption Action Plan, aimed at accelerating the adoption and integration of new technological products for defense. NIF has also been building up its Mission Platform Group with strategic hires including John Ridge, who was hired as chief adoption officer in 2024 to help portfolio startups navigate military procurement. As for its new partners, they were once again hired through a process previously described by VC Michael Jackson as akin to 'building a boy band' — identified by NIF's board of directors and approved by LPs, rather than having teamed up based on shared history or chemistry. This may be inevitable for an organization that now counts 24 countries as limited partners, but was often pointed as one reason the previous team didn't gel. This time, all three partners got to meet throughout the recruitment process and spend time together since then to 'ensure a smooth transition and to position the team for long term success,' Kontesi said. In a statement shared exclusively with TechCrunch, NIF's vice chair, professor Fiona Murray, compared the organization to a startup. 'We are proud of what we accomplished but like any effective team we are learning, experimenting, improving: speeding up our processes, expanding our platform support for startups, doubling down on ecosystem building and more broadly recognizing the need to build the sector and the capital stack.' Murray expressed pride in having brought together a qualified team that can collaborate effectively, creatively and quickly. 'They will enable us to move even more rapidly and decisively to drive the Alliance's technological agenda and support the best founders across European ecosystems,' she previously wrote in a joint statement with NIF's chair, Klaus Hommels. Hommels' other activities as an investor have prompted questions about possible conflicts of interest, but no change appears to have been made to his role during NIF's recent LP meeting in Venice. Rather than dwelling further on its reorganization, NIF seems set on helping NATO become more resilient. 'In this next phase,' NIF's vice chair said, 'you'll see us refocus on DSR opportunities and emphasize building companies that can drive industrial scale and really support ecosystems across Europe.'
TechCrunch
5 days ago
- Business
- TechCrunch
Amid increased momentum for defense, the NATO Innovation Fund refreshes its investment team
Two years after securing $1 billion in commitments from over 20 countries, the NATO Innovation Fund (NIF) is entering a new chapter, marked by the arrival of two new partners and the departure of its penultimate founding team partner. In a context of increased military spending across NATO members, investment in dual-use technology has skyrocketed since the initiative was first announced in 2021. Once a no-go-zone for institutional investors, defense and resilience tech last reached an all-time high of 10% of all VC funding in Europe, where nearly all NIF's backers are located. This booming interest should have given NIF a first-mover advantage, but the fund was hampered by management challenges and a series of high-profile departures. After the 2025 NATO Summit in The Hague reaffirmed its importance last June, NIF is now emerging with an almost entirely new investment team. It is composed of three partners. While NIF originally had four partners and one managing partner, a person familiar with NIF said that this flat, three-partner model will be the structure in place for the foreseeable future, suggesting that no new hires are to be expected. These two appointments had previously been rumored, but the identities of the new partners had not been confirmed. Two of the partners are new hires: Ulrich Quay and Sander Verbrugge, who will be based in Amsterdam. Quay, a German national, was most recently in charge of corporate investments as a vice president at BMW, where he previously founded and led corporate venture fund BMW i Ventures. Verbrugge, a Dutch PhD in molecular biophysics, was previously a partner at deep tech VC fund Innovation Industries, which he joined after working at semiconductor design and manufacturing company NXP. The third partner is London-based VC Patrick Schneider-Sikorsky, now the last remaining member of the original investment team. Alongside the new hires, the fund announced the departure of founding team partner Kelly Chen, who confirmed to TechCrunch that it was her decision and that she will be stepping away to build a new venture. Chris O'Connor, another founding team partner, departed earlier this year with similar plans. Chen currently sits on the board of several startups backed by NIF, but will transition her board responsibilities once her employment at the NIF has wrapped up, TechCrunch learned from its chief communications and marketing officer, Amalia Kontesi. While some observers wish the fund had deployed capital faster, she said NIF 'is on track to meet [its] investing goals for the year.' Since its inception, NIF has made 19 investments: seven into funds such as OTB Ventures, and 12 into startups including Space Forge and Tekever, which makes dual-use drones. 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San Francisco | REGISTER NOW Still, adding new partners with industrial and scientific backgrounds, no matter how impressive, may not satisfy those who wish that the fund could invest in Ukraine or pure defense, as opposed to dual use, in response to Russia's war economy. But it is also in line with NIF's broader thesis to 'empower deep tech founders to address challenges in defence, security, and resilience.' However, NIF has also ramped up its efforts on the defense side. Its team was heavily involved in the development of NATO's Rapid Adoption Action Plan, aimed at accelerating the adoption and integration of new technological products for defense. NIF has also been building up its Mission Platform Group with strategic hires including John Ridge, who was hired as chief adoption officer in 2024 to help portfolio startups navigate military procurement. As for its new partners, they were once again hired through a process previously described by VC Michael Jackson as akin to 'building a boy band' — identified by NIF's board of directors and approved by LPs, rather than having teamed up based on shared history or chemistry. This may be inevitable for an organization that now counts 24 countries as limited partners, but was often pointed as one reason the previous team didn't gel. This time, all three partners got to meet throughout the recruitment process and spend time together since then to 'ensure a smooth transition and to position the team for long term success,' Kontesi said. In a statement shared exclusively with TechCrunch, NIF's vice chair, professor Fiona Murray, compared the organization to a startup. 'We are proud of what we accomplished but like any effective team we are learning, experimenting, improving: speeding up our processes, expanding our platform support for startups, doubling down on ecosystem building and more broadly recognizing the need to build the sector and the capital stack.' Murray expressed pride in having brought together a qualified team that can collaborate effectively, creatively and quickly. 'They will enable us to move even more rapidly and decisively to drive the Alliance's technological agenda and support the best founders across European ecosystems,' she previously wrote in a joint statement with NIF's chair, Klaus Hommels. Hommels' other activities as an investor have prompted questions about possible conflicts of interest, but no change appears to have been made to his role during NIF's recent LP meeting in Venice. Rather than dwelling further on its reorganization, NIF seems set on helping NATO become more resilient. 'In this next phase,' NIF's vice chair said, 'you'll see us refocus on DSR opportunities and emphasize building companies that can drive industrial scale and really support ecosystems across Europe.'
Associated Press
30-06-2025
- Business
- Associated Press
Portal Biotech Raises $35 Million Series A, Leveraging AI to Deliver the World's First Full-Length Single-Molecule Protein Sequencer
LONDON, June 30, 2025 (GLOBE NEWSWIRE) -- Portal Biotech, a pioneering biotechnology company headquartered in London, today announced a $35 million Series A raise, representing one of Europe's largest investments into a life sciences tools company. This significant milestone positions Portal Biotech as the leading innovator set to deliver the 'holy grail' of full-length single-molecule protein sequencing - a breakthrough never before accomplished - and promises transformative impact on drug discovery, precision medicine, and global biosecurity. The oversubscribed round was co-led by the NATO Innovation Fund and Earlybird Venture Capital, with substantial participation from existing investors SCVC, Pillar VC, 8VC, Amino Collective, and Outsized, as well as new investors We Venture Capital, British Business Bank and WS Investment Company (Wilson Sonsini's venture arm). Proteins drive virtually every biological process, so huge gaps in how we currently read proteins and measure the complexity of the proteome derail drug pipelines, cloud diagnostics, and leave biosecurity blind spots. Legacy tools like mass spectrometry shred proteins into fragments and miss critical protein modification patterns that change protein function, which costs industries billions in failed drug trials and misdiagnoses. Led by veterans of nanopore genomics, and powered by breakthroughs in nanopore biosensing from more than 10 years of academic research in the Maglia lab, Portal Biotech's nanopore-based platform technology is set to transform proteomics by delivering rapid, full-length, single-molecule protein characterisation at the point of need for a fraction of the price, empowering earlier go/no-go decisions, more reliable diagnostics, and stronger biosecurity responsiveness worldwide. 'Portal Biotech's technology offers unprecedented capabilities in protein identification and characterisation, providing unmatched detail on protein structure and modifications at the single-molecule level—on accessible desktop instruments that bring this state-of-the-art characterisation to any lab,' said Andy Heron, co-founder and CEO of Portal Biotech. 'These powerful advances are essential for accelerating drug discovery and enhancing diagnostic precision, positioning Portal Biotech as the frontrunner in the race to unlock the full potential of protein sequencing.' Portal Biotech's platform delivers the world's first technology for sequencing intact full-length proteins at the single-molecule level to completely characterise all protein mutations and modifications. Coupled with advanced AI methods, this data gives researchers a detailed view into the complexities of the proteome that traditional technologies cannot match, laying the groundwork for new foundational AI models of the dynamic proteome that will reshape our understanding of protein biology and accelerate breakthroughs throughout the life sciences. Portal Biotech's benchtop platforms are set to transform proteomics from a specialised, capital-intensive procedure into an agile, cost-efficient workflow that can be performed in any lab. Its accessible and high throughput instruments sidestep the expense and inaccessibility of traditional mass spectrometry, streaming whole-protein data directly to the bench so teams can accelerate early drug-discovery pipelines and make rapid diagnostic decisions. 'Portal Biotech's ability to characterise proteins at the molecular level onsite anywhere could help detect engineered biological threats faster and more accurately — crucial in defending against biowarfare and preparing us for the next pandemic, boosting the resilience of Allied nations for generations to come,' said Dr. Ana Bernardo-Gancedo, Senior Associate, NATO Innovation Fund. 'The scientific and commercial track record of the Portal Biotech team gives us tremendous confidence that they will play a defining role in the next era of proteomics.' With the genome decoded, Portal Biotech turns the spotlight to proteins to unlock new discoveries in medicine and biology that are still not accessible from genomics alone. 'We believe Portal Biotech is uniquely positioned to revolutionise protein analysis and sequencing in much the same way next-generation DNA sequencing revolutionised genomics,' said Dr. Rabab Nasrallah, Principal at Earlybird Venture Capital, Health Fund. Amid the global push to unlock the human proteome, this substantial funding will fast-track Portal Biotech's commercialisation roadmap, deepen collaborations with leading pharmaceutical and biotech innovators, and expand its R&D, engineering, and data-science teams. A photo accompanying this announcement is available at Contact [email protected]
Wales Online
14-05-2025
- Business
- Wales Online
Welsh in-space advanced manufacturing start-up Space Forge in huge funding boost
Welsh in-space advanced manufacturing start-up Space Forge in huge funding boost In one of the biggest funding rounds for a Welsh start-up firm Space Forge has secured £22.6m from a global consortium of investors. Space Forge. Cardiff-based Space Forge, which is pioneering advanced material in space manufacturing such as compound semiconductors via its returnable satellite technology, has a secured £22.6m investment to support its commercialisation plans. In the biggest ever Series A fundraising round in the UK space tech sector, and one of the biggest for a Welsh start-up, Space Forge has been backed by a strategic global consortium led by the NATO Innovation Fund, with significant support from the World Fund, the National Security Strategic Investment Fund (NSSIF) and £2m from British Business Bank through its regional angels programme. The round has also been supported by the Cardiff Capital Region's £50m Innovation Investment Capital fund. The latest equity investment deals in Welsh business READ MORE: Cardiff to benefit from thousands of civil service jobs relocating from London READ MORE: By harnessing the unique conditions of space-including microgravity, vacuum, and extreme temperature differentials-Space Forge, which employs 70 in Cardiff at Eastgate Business Park and also has a presence in Florida, is unlocking the ability to manufacture materials that are impossible to produce on earth. These advancements have wide-reaching applications in compound semiconductors, quantum computing, clean energy, and defence technologies. Research suggests space-made materials could cut CO₂ emissions by 75% and energy use by 60% in key infrastructure, offering a powerful tool for strengthening climate resilience. Article continues below The latest investment will accelerate the development of the firm's ForgeStar-2 next-generation returnable manufacturing satellite while also supporting its first in-orbit demonstration mission, ForgeStar-1, set to launch later this year in Florida. Together, these missions will demonstrate a scalable, reusable platform for manufacturing high-performance materials in space-delivering breakthroughs for security, clean energy and infrastructure. The technology offers a promising pathway to strengthen supply chains for semiconductor production, reducing dependence on vulnerable earth-based manufacturing systems. Joshua Western, chief executive and co-founder, Space Forge, said: 'This funding marks a significant milestone-not just for Space Forge, but for the entire space economy. With the backing of our investors, we're accelerating our mission to make space a practical and accessible platform for industrial-scale manufacturing. "Our upcoming launches will prove that the future of materials innovation lies beyond earth, helping us build a more secure, sustainable, and technologically advanced world.' The value of the equity investment by the Cardiff Capital Region in supporting the round has not been disclosed. Its investment is the fourth from the fund which is managed by Capricorn Fund Managers with PwC providing on investment research and sourcing. Leader of Cardiff Council and vice chair of the Cardiff Capital Region - a statutory body covering the 10 local authorities of south-east Wales - Huw Thomas, said: 'CCR is proud to help fund Space Forge's next steps in on-earth and in-orbit advanced manufacturing. "Their trailblazing approach in the space industry is gaining interest and investment in a highly competitive tech sector and it's very encouraging to see a local pioneering company on a global stage.' Dr Paul Bate, chief executive of the UK Space Agency, said: 'This landmark investment in Space Forge is a powerful vote of confidence in the UK's growing space economy and its global leadership in space-enabled innovation. Based in Cardiff Space Forge exemplifies how cutting-edge space technology is thriving across all corners of the UK. "By transforming the way we manufacture high-performance materials, Space Forge is not only pushing the boundaries of what's possible in orbit, but will also deliver real-world benefits on earth — from cleaner energy to more secure supply chains. We're proud to support pioneering companies like Space Forge as they grow and help secure the UK's position at the forefront of the space and semiconductor sectors.' The calibre of investors backing this round reflects Space Forge's growing importance in advancing secure, sustainable technologies - across defence, aerospace, and clean tech sectors globally. Chris O'Connor, partner, NATO Innovation Fund, said: 'We are excited to be supporting Space Forge – a company that is innovating material manufacturing, while also advancing Europe's access to space, supply chain independence and long-term resiliency. We look forward to working with the Space Forge team to leverage their technological breakthroughs in order to secure the future of NATO nations.' Daria Saharova, general partner at World Fund, said 'Demand for computing power is doubling every two months. Europe imports 80% of its chip supply, with 90% of the world's most-advanced semiconductors coming from Taiwan. A geopolitical escalation there could have catastrophic consequences for Europe. We urgently need a resilient, homegrown supply of the next-generation supermaterials required for the future of compute. We also need this homegrown chip supply to be produced sustainably. Industry Minister Sarah Jones said: 'This is great news for the UK's space industry, and a vote of confidence in the cutting-edge advanced manufacturing technology Space Forge is pioneering in Wales. "Our modern industrial strategy will drive growth in these sectors even further, giving businesses the confidence they need to commit to investing in the UK and ensuring we remain a partner of choice for space agencies around the world.' Mark Barry, senior investment director at British Business Bank, said: 'We are delighted to make this first investment under the new co-investment strategy as part of the regional angels programme. The investment into Space Forge aligns with our overall programme goal to strengthen the UK's regional economy by supporting high-growth businesses, and to leverage the commercial potential from our existing portfolio. We first backed Space Forge through a partner back in 2021 and under Josh's leadership, the company is delivering on its mission to be the in-space manufacturer of choice.' Article continues below The round has also been supported by Gaingels, SpaceVC, Unruly, with additional contributions from Helium Three, Stellar and TypeOne, and London Technology Club.
Time of India
14-05-2025
- Business
- Time of India
Britain's Space Forge raises $30 million with backing from NATO Innovation Fund
By Sudip Kar-Gupta BRUSSELS: British space technology company Space Forge announced on Wednesday a 22.6 million pound ($29.8 million) fundraising led by the NATO Innovation Fund , highlighting the appeal of the fast-growing space technology sector for investors. Space Forge, which was founded in 2018 and aims to make materials in space that could then be used in fields such as semiconductors, said the funds would help the development of its satellites. Competition among the United States, China, Russia and others in Europe to stay ahead in space exploration and technology is fuelling the sector's growth. A report this year by consultancy firm McKinsey estimated the value of the global space economy would rise to $1.8 trillion by 2035, from $630 billion in 2023. "We are excited to be supporting Space Forge - a company that is innovating material manufacturing, while also advancing Europe's access to space, supply chain independence and long-term resiliency," said NATO Innovation Fund partner Chris O'Connor. The NATO Innovation Fund is a standalone venture capital fund backed by 24 North Atlantic Treaty Organization member nations, though NATO is not involved in decision-making or investing financially. Space Forge is headquartered in Cardiff and it also has operations in Florida.
