The National Security Innovation Capital within the Defense Innovation Unit met has met an incremental investment goal by allocating all of its available funds early in 2023, Federal News Network reported Friday.
NSIC Director Tex Schenkkan attributed the progress to the venture fund’s maturity and the increasing awareness among companies about the opportunity to secure investments from NSIC.
In 2021, the Department of Defense launched NSIC as a program that seeks to provide government funding to startups working on hardware technologies that could have national security and commercial applications.
NSIC has a portfolio of 17 companies and explores investments in the areas of communications, space, autonomy, sensors and power.
Schenkkan said future expansion areas might include biotech hardware or microelectronics.
“There are other areas that we would go more directly at where there’s need, and where we think we could have an impact,” he told FNN in an interview.
Schenkkan also commented that NSIC intends to fund startups from the country’s closest allies to support mutual interests when it comes to national security.
