As part of the group's one billion euro ($1.1 billion) innovation fund, a consortium of Nato allies has confirmed the first tranche of companies awarded funding. The alliance unraveled the fund in the summer of 2022, which was months after the Russian invasion of Ukraine. This promising initiative focused on investing in technologies that would enhance its defences. The fund is backed by 24 out of Nato's 32 member states, which also includes Finland and Sweden. These two countries joined the alliance earlier this year.
On Tuesday, the Nato Innovation Fund (NIF) confirmed it had directly invested in four European tech companies to help address challenges in defence, security, and resilience for the Nato as a whole.
The body has allocated funding to Fractile AI which is a London-based computer chipmaker. This is carried out with an aim to make large language models (LLMs) that power ChatGPT run faster, as well as Germany's ARX Robotics, which devices unmanned robots with functions ranging from surveillance to heavy-lifting.
Furthermore, the other two startups were British manufacturer iCOMAT, which makes lighter materials for vehicles, and Space Forge, a Welsh company that leverages the conditions of space such as microgravity and vacuum conditions to build semiconductors in-orbit.
"Enabling access to strategic technologies is key to securing a safe and prosperous future for the alliance's one billion citizens," said Andrea Traversone, the fund's managing partner. Nato has also partnered with venture capital firms Alpine Space Ventures, OTB Ventures, Vsquared Ventures, and Join Capital to support further investment in deep tech on the continent.
