October 01, 2025
Rising geopolitical tensions, regional conflicts, and the return of great power competition are driving record-high defense spending across NATO and beyond. The NATO Innovation Fund has emerged as a critical vehicle for channeling capital into the technologies that will define the future of defense. From AI and cyber to space and quantum, venture-backed startups are building the disruptive capabilities that signal a new era where technological superiority and resilience matter as much as traditional force structure. Today, we will be discussing the fund’s nineteen portfolio companies and insights for GPs and LPs to capitalize on.
Overview: 201 Ventures is a Madrid-based early-stage venture capital fund launched in 2024 and led by Eric Slesinger, a former CIA officer. The firm manages a $22 million fund and focuses on pre-seed and seed investments in defense, intelligence, and dual-use technologies. Its mission is to advance freedom and autonomy in Europe by backing the next generation of security-focused founders.
Focus: 201 Ventures invests in technical founders working in areas such as hypersonics, biosecurity, maritime sensing, and Arctic autonomy. The fund emphasizes strategic impact and resilience for Europe.
Overview: Alpine Space Ventures, founded in 2020 in Munich, is an early-stage venture capital firm specializing in space technology. Its team combines decades of industry experience from SpaceX and European space programs. The firm supports entrepreneurs tackling some of the hardest challenges in the global space sector.
Focus: The firm invests in companies delivering satellite systems, orbital infrastructure, and space-enabled capabilities for both commercial and defense applications.
Overview: Founded in 2019 in the United Kingdom, Aquark Technologies develops compact quantum sensing systems for navigation and timing. Its proprietary cooling technology reduces the size and complexity of quantum devices. In 2024 the company raised €5 million ($5.4 million) in seed funding led by the NATO Innovation Fund.
Focus: Aquark designs quantum navigation and timing solutions that reduce reliance on GPS and strengthen secure communications and critical infrastructure.
Overview: ARX Robotics was founded in 2021 in Munich to develop modular robotic platforms for defense and commercial applications. Its proprietary operating system powers scalable unmanned ground systems for mass deployment. In 2025 the company raised €31 million ($33 million) in Series A funding to accelerate production.
Focus: ARX builds robotic systems for logistics, reconnaissance, and combat support, enhancing safety and efficiency for defense and humanitarian missions.
Overview: BSV is a Vilnius-based venture capital fund supporting deep tech founders in the Baltics and wider Europe. Founded by Sandra Golbreich, Andrius Milinavicius, and Erik Bhullar, the firm invests in research-driven teams. In 2024 it raised €15 million ($16 million) to back pre-seed and seed-stage startups.
Focus: BSV invests in biotechnology, artificial intelligence, space, genomics, and resilient communications, bridging academic innovation with global markets.
Overview: CamGraPhIC is a UK and Italy-based company developing graphene-based photonics for high-performance data transmission. It is a subsidiary of 2D Photonics and has built strong partnerships across the semiconductor ecosystem. In 2025 the company raised €25 million ($27 million) in Series A funding with participation from NATO Innovation Fund.
Focus: CamGraPhIC develops optical transceivers that improve bandwidth, reduce latency, and lower energy consumption for AI, cellular, and defense communications.
Overview: Fractile, founded in 2022 in the United Kingdom, is building compute-in-memory hardware for artificial intelligence. Its technology improves the efficiency of running frontier-scale neural networks. The company has raised more than $15 million in seed funding from investors including NATO Innovation Fund and Oxford Science Enterprises.
Focus: Fractile designs AI acceleration systems that reduce energy costs and increase performance for commercial and defense-grade applications.
Overview: Founded in 2013 in Lisbon, Faber is an early-stage venture capital firm investing in deep tech across Southern Europe. The firm focuses on applied science and AI-driven technologies. It works closely with entrepreneurs to help them scale globally.
Focus: Faber invests in AI, robotics, computational biology, chemistry, and data infrastructure, strengthening Europe’s innovation pipeline.
Overview: Isar Aerospace, founded in 2018 in Munich, develops launch systems for small and medium satellites. The company manufactures most of its rocket components in-house and operates across several European countries. In 2024 it raised €220 million ($236 million) in Series C funding, valuing the firm at approximately $1 billion.
Focus: Isar Aerospace provides Europe with independent and cost-effective access to orbit, strengthening space and defense resilience.
Overview: Founded in 2019 in the United Kingdom, iCOMAT manufactures advanced carbon fiber composites using a patented fiber-steering process. Its technology enables lighter, stronger, and more sustainable structures. The company operates a modern production facility in Gloucester.
Focus: iCOMAT supplies aerospace and automotive industries with lightweight materials that reduce costs and improve efficiency.
Overview: Kongsberg Ferrotech was founded in 2014 in Norway to develop robotic solutions for subsea inspection, maintenance, and repair. Its systems address offshore pipelines, energy assets, and communication cables. The company has pioneered in-situ robotic repair technologies that reduce downtime and improve safety.
Focus: Kongsberg Ferrotech delivers robotic systems that protect and maintain critical subsea infrastructure for energy and communication networks.
Overview: Kraken Technology Group is a UK-based maritime defense technology company. It develops modular unmanned surface vessels optimized for naval and littoral operations. The company’s leadership brings expertise from defense, marine engineering, and motorsport.
Focus: Kraken builds cost-effective naval platforms for surveillance, force protection, and multi-mission operations.
Overview: Founded in 2017 with offices in Amsterdam and Warsaw, OTB Ventures is a venture capital firm focused on deep tech startups from Central and Eastern Europe. The firm manages more than $300 million across multiple funds. It backs companies at late seed, Series A, and Series B stages.
Focus: OTB invests in spacetech, enterprise AI, cybersecurity, and fintech infrastructure, helping CEE startups scale globally.
Overview: Portal Biotech was founded in 2021 in London to develop advanced protein sequencing technologies. Its team has decades of experience in life sciences and instrumentation. The company raised $35 million in funding and works with a network of academic and industry partners.
Focus: Portal Biotech develops single-molecule protein sequencing systems for drug discovery, precision medicine, and biosecurity.
Overview: Founded in 2018 in Cardiff, Space Forge builds reusable satellites for in-orbit manufacturing. In 2025 it launched ForgeStar-1, the first UK satellite licensed for advanced space manufacturing. The company aims to produce semiconductors and alloys in microgravity environments.
Focus: Space Forge is developing in-orbit production systems with future missions targeting material recovery and scalable microgravity-as-a-service.
Overview: Simera Sense, founded in 2017 in South Africa, builds optical payloads for nanosatellites and small satellites. The company has raised significant growth funding and expanded internationally. Its team combines decades of satellite engineering experience.
Focus: Simera designs multispectral and hyperspectral imaging systems that provide turnkey payloads and Earth observation data services.
Overview: Founded in 2001 in Lisbon, TEKEVER develops unmanned aerial and satellite systems. Its drones are widely deployed for maritime surveillance, environmental monitoring, and defense intelligence. The company has scaled internationally and is recognized as a European leader in aerospace innovation.
Focus: TEKEVER delivers AI-enabled drones and real-time surveillance systems for defense, security, and civilian missions.
Overview: JOIN Capital, based in Berlin, is an early-stage venture capital firm focused on industrial and enterprise technologies. It was founded by entrepreneurs to support Europe’s deep tech transformation. The firm emphasizes hands-on collaboration with founders.
Focus: JOIN invests in startups driving automation, digitization, and resilience across space, aerospace, robotics, and enterprise infrastructure.
Overview: Vsquared Ventures was founded in 2020 in Munich and is one of Europe’s largest early-stage deep tech funds. The firm backs entrepreneurs solving complex scientific and engineering challenges. Its portfolio spans transformative technologies with global potential.
Focus: Vsquared invests in AI, computing, space, robotics, energy transition, and biotech, supporting deep technical innovation with European roots.
