Lockheed Martin doubles ventures capital fund
Savings from new tax reforms in the US has led to increase capital expenditures and R&D to US$200 million in 2018
Lockheed Martin has announced the doubling of its venture capital fund to US$200 million. Enabled by tax reform legislation, the military and aerospace company said the additional $100 million will be focused on early-stage companies in the areas of sensor technologies, autonomy, artificial intelligence and cyber.
"Our focus is on finding and investing in companies developing cutting-edge technologies that will grow our business and disrupt our industry," said Chris Moran, vice president and general manager of Lockheed Martin Ventures. "We're developing long-term strategic partnerships with companies and helping them navigate through the early stages of product development while leveraging our decades of experience working with government customers."
With the fund's latest investment, Lockheed Martin expanded its relationship with nTopology, the creator of emerging software technology in the high-growth additive and advanced manufacturing sectors. The software is called ELEMENT.
"Our investment in nTopology will bring strategic advantages in Lockheed Martin's computational design processes and help shorten the periods between the design and manufacturing phase," said Moran.
The increase in the venture fund is part of $460 million that Lockheed Martin is investing as a direct result of tax reform savings.
The tax reform legislation enables Lockheed Martin to make investments that improve its global competitiveness, including investing in transformative technologies that will bring lasting benefits to customers, employees and communities.
The investments enabled by tax reform savings, include:
- $200 million additional investments in capital expenditures and research and development in 2018
- $100 million in employee training and educational opportunities over the next five years
- $50 million investment in science, technology, engineering and math (STEM) education enrichment, including the establishment of a new Lockheed Martin STEM Scholarship Fund
- $10 million for the launch of the Lockheed Martin Innovation Prize competition