In-Q-Tel (IQT), founded in 1999, is the U.S. intelligence community’s strategic bridge to the commercial technology sector, accelerating the adoption of dual-use innovations across defense, security, and intelligence operations. Structured as a non-profit venture capital firm funded primarily by the Central Intelligence Agency, IQT identifies and invests in early-stage companies developing breakthrough technologies that advance national security and bolster America’s technological leadership.
Headquartered in Arlington, Virginia, with offices in Silicon Valley, Boston, and London, IQT focuses on frontier domains such as artificial intelligence, quantum computing, cybersecurity, biotechnology, space systems, and advanced materials. Its mission is to connect the ingenuity of the private sector with the urgent operational needs of agencies including the CIA, NSA, NGA, DIA, FBI, DHS, U.S. Cyber Command, and the U.S. Space Force.
Since its inception, IQT has backed more than 800 startups, transitioned over 500 technologies into active government use, and collaborated with more than 3,000 co-investors worldwide. Its portfolio includes early investments in companies such as Palantir Technologies and Keyhole Inc. (later acquired by Google and transformed into Google Earth), demonstrating IQT’s tremendous foresight, acumen, and ability to anticipate technological revolutions with far-reaching national impact. By pairing venture-backed innovation with mission-driven application, IQT has become the intelligence community’s most effective tool for harnessing commercial progress to bolster national resilience.
In this article, we will highlight ten of In-Q-Tel’s most active portfolio companies and examine how their technologies reflect the evolving priorities of modern defense and intelligence. We will also explore key insights for general and limited partners seeking to understand how public–private investment models like IQT’s are shaping the next generation of strategic innovation.
1. D-Wave Quantum
Overview: D-Wave Quantum is the world’s first commercial quantum computing company, pioneering the practical application of quantum mechanics to real-world computational challenges. Founded in 1999 and headquartered near Vancouver, Canada, D-Wave designs and manufactures superconducting quantum processors and cloud-based quantum systems used for complex optimization, machine learning, and material science problems. The company’s early customers included Lockheed Martin and NASA, marking the first commercial sales of a quantum computer. D-Wave went public on the New York Stock Exchange under ticker QBTS and continues to expand its hybrid quantum-classical solutions to enterprises and government agencies worldwide.
Focus: In-Q-Tel (IQT) invested in D-Wave in October 2012 to accelerate the company’s commercial growth and expand access to quantum computing within the U.S. Intelligence Community. The partnership supports IQT’s mission to harness advanced computation for national security applications, enabling agencies to explore new methods for data optimization, modeling, and secure communication. D-Wave’s hybrid quantum systems now serve as a cornerstone in the emerging quantum ecosystem, bridging cutting-edge physics research with operational defense and intelligence use cases.
2. Cerebras Systems
Overview: Cerebras Systems, founded in 2015 and headquartered in Sunnyvale, California, is a pioneering AI compute company that develops the world’s fastest AI training and inference platforms. The company is best known for its Wafer Scale Engine (WSE), the largest computer chip ever built, and its CS-series systems, purpose-designed for AI workloads. Cerebras has redefined the architecture of high-performance computing by co-designing hardware and software specifically for the scale and demands of modern deep learning. Its systems are used by leading organizations including the U.S. Department of Energy, Argonne National Laboratory, Mayo Clinic, Hugging Face, G42, and Mistral, among others.
Focus: In-Q-Tel’s strategic investment in Cerebras supports the U.S. government’s need for secure, sovereign AI compute infrastructure. Cerebras’s CS-3 systems and Inference Cloud provide unmatched performance for large-scale model training, cryptography, and intelligence analytics. The company’s recent Condor Galaxy network of AI supercomputers, developed in partnership with G42, delivers exascale-class processing capability accessible via the cloud, accelerating innovation for both defense and civilian agencies. With a roadmap that includes training and deploying large language models across government missions, Cerebras represents a cornerstone of In-Q-Tel’s efforts to scale trustworthy, U.S.-based AI infrastructure for national security applications.
3. SandboxAQ
Overview: SandboxAQ is an enterprise AI and quantum technology company spun out of Alphabet Inc. in 2022. Headquartered in Palo Alto, the company operates at the forefront of what it calls the “third quantum revolution,” combining artificial intelligence, quantum physics, and advanced algorithms to solve complex business and national security challenges. Founded under the leadership of CEO Jack Hidary, SandboxAQ’s mission is to harness quantum-driven AI solutions to address pressing global issues in cybersecurity, life sciences, navigation, and materials discovery. The company is backed by leading investors including T. Rowe Price, Eric Schmidt, Breyer Capital, Marc Benioff, Thomas Tull, Guggenheim Partners, and Paladin Capital Group, as well as In-Q-Tel, which supports its strategic alignment with U.S. national security objectives.
Focus: In May 2022, SandboxAQ secured a strategic investment from In-Q-Tel and Paladin Capital Group to advance AI and quantum software for U.S. government and intelligence missions. The collaboration focuses on applying SandboxAQ’s Large Quantitative Models (LQMs), which combine quantum-inspired algorithms with AI, to bolster digital infrastructure, modernize encryption, and counter emerging quantum threats. Working with In-Q-Tel, the company supports federal agencies in securing data networks and enhancing mission readiness, while also expanding its technologies, such as AQBioSim, AQChemSim, AQNav, and AQMed, across commercial sectors like finance, life sciences, and materials science.
4. Databricks
Overview: Databricks is a leading data and AI company founded in 2013 by the original creators of Apache Spark at the University of California, Berkeley. Headquartered in San Francisco, the company provides a unified data analytics platform that enables organizations to easily build, deploy, and manage advanced analytics and machine learning models at scale. Its open-source foundation and cloud-based architecture have made Databricks a core technology for enterprises seeking to transform massive datasets into actionable intelligence. Backed by investors including Andreessen Horowitz, NEA, and In-Q-Tel, Databricks has become a cornerstone of the modern AI infrastructure ecosystem, supporting both commercial enterprises and government agencies in accelerating innovation through data.
Focus: In June 2016, Databricks received a strategic investment from In-Q-Tel to deliver a cloud-based version of Apache Spark for the U.S. Intelligence Community. The partnership expanded Spark’s capabilities to meet mission-critical requirements, enabling real-time data integration, advanced analytics, and secure collaboration across intelligence networks. This collaboration allows agencies to extract actionable insights from large, disparate datasets, improving operational decision-making and situational awareness. Through this initiative, Databricks continues to advance In-Q-Tel’s mission of equipping U.S. national security organizations with cutting-edge tools for big data, AI, and cloud analytics.
5. Anduril Industries
Overview: Anduril Industries is a defense technology company developing advanced hardware and software systems to enhance U.S. and allied national security capabilities. Founded in 2017 by Palmer Luckey and a team of engineers and defense veterans, Anduril integrates artificial intelligence, machine learning, sensor fusion, and autonomous systems to create next-generation defense solutions. Its products, including the Lattice AI platform, autonomous drones, and border security systems, provide real-time situational awareness and decision-making support for defense, intelligence, and homeland security missions.
Focus: Since In-Q-Tel’s initial investment in August 2017, Anduril’s technologies have been widely adopted across U.S. defense and homeland security operations, including border protection and autonomous surveillance. The company has significantly expanded its domestic manufacturing capabilities, developing automated production lines and precision systems to scale AI-driven defense solutions. As of late 2024, Anduril is collaborating with former In-Q-Tel portfolio company Palantir on a consortium to ensure the U.S. maintains global leadership in AI-enabled defense and autonomous systems.
6. Groq
Overview: Founded in 2016 and headquartered in Mountain View, California, Groq is an AI compute company that designs and builds custom hardware and software to power ultra-fast inference for large-scale artificial intelligence applications. Its proprietary Language Processing Unit (LPU) architecture delivers deterministic, low-latency performance optimized for real-time inference, enabling developers to deploy large language models and generative AI systems at unprecedented speed and efficiency. Through its GroqCloud platform, the company offers access to its inference infrastructure on demand, providing enterprise and government customers with scalable, high-performance compute designed for AI-driven workloads.
Focus: Groq’s focus aligns closely with national security priorities for secure and sovereign AI compute. By building purpose-designed inference chips in the United States, Groq ensures a trusted hardware foundation for applications requiring speed, reliability, and operational independence. Its systems support use cases such as intelligence analysis, autonomous systems, and agentic AI, where latency and control are critical. For partners like In-Q-Tel, Groq represents the next generation of AI infrastructure—accelerating the ability to deploy large models and real-time reasoning systems across defense, intelligence, and mission environments.
7. Skydio
Overview: Founded in 2014 and headquartered in San Mateo, California, Skydio is the leading U.S. manufacturer of autonomous drones, combining advanced computer vision and artificial intelligence to create aircraft capable of navigating complex environments without human control. Skydio’s drone platforms, such as the Skydio X10 and Skydio R10, are designed for defense, public safety, and enterprise operations, offering unmatched autonomy, situational awareness, and data collection capabilities. The company’s Drone as First Responder (DFR) and Dock for X10 programs enable remote flight operations, allowing law enforcement, defense units, and critical infrastructure operators to deploy drones on demand for real-time intelligence, inspection, and security.
Focus: In-Q-Tel’s partnership with Skydio started in 2019 and supports the U.S. government’s push for secure, domestically developed autonomous systems that enhance operational safety and reduce human risk. Skydio’s AI-driven flight autonomy empowers agencies to conduct tactical ISR, base defense, and border security missions with precision and resilience, even in GPS-denied environments. Through its scalable drone fleets and integrated command platforms, Skydio is redefining how aerial intelligence is gathered and used, helping defense and public safety teams “out-see, out-think, and out-do” adversaries in dynamic environments.
8. Fortanix
Overview: Founded in 2016 and headquartered in Santa Clara, California, Fortanix is a leading data-first security company pioneering confidential computing and runtime encryption. Its unified data security platform, Fortanix Armor, protects sensitive and regulated information across hybrid, multicloud, and on-premises environments. The platform integrates advanced tools such as the Data Security Manager™, Confidential Computing Manager, and Armet AI to safeguard critical digital assets with a Zero Trust framework. Fortanix is trusted by government, defense, and enterprise clients worldwide for its ability to protect data at rest, in transit, and in use, ensuring privacy and compliance across distributed systems.
Focus: Fortanix’s partnership with In-Q-Tel supports the U.S. government’s modernization of data security and cyber resilience across civilian, defense, and intelligence agencies. The company’s confidential computing architecture enables agencies to mitigate risks from cyberattacks and insider threats while ensuring adherence to key mandates such as the White House Cybersecurity Executive Orders and NIST standards. Through solutions like Post-Quantum Cryptography readiness, centralized key management, and policy-driven compliance, Fortanix empowers federal missions to secure sensitive data, strengthen Zero Trust infrastructure, and prepare for the next generation of quantum-era threats.
9. ICEYE
Overview: Founded in 2014 and headquartered in Espoo, Finland, ICEYE is a global leader in synthetic aperture radar (SAR) satellite technology, providing persistent Earth observation and actionable intelligence regardless of weather or lighting conditions. ICEYE owns and operates the world’s largest SAR satellite constellation, enabling continuous monitoring of any point on Earth every few hours. With offices in Finland, the U.S., the U.K., Japan, and beyond, ICEYE delivers real-time, high-resolution geospatial data to government, defense, insurance, and commercial sectors. Its satellites, compact, agile, and software-defined, enable rapid response, high-frequency imaging, and resilient access to intelligence for time-sensitive missions.
Focus: In-Q-Tel’s partnership with ICEYE goes back to around January 2019 and expands access to advanced space-based ISR (Intelligence, Surveillance, and Reconnaissance) capabilities for U.S. defense and intelligence agencies. ICEYE’s SAR data and Mission Systems allow governments to detect and respond to threats, monitor natural disasters, and assess infrastructure in real time. Through products like Flood Rapid Impact and Wildfire Insights, ICEYE provides building-level damage assessments within hours of an event, enhancing disaster response and national security readiness. By combining rapid satellite deployment, persistent coverage, and precise analytics, ICEYE strengthens America’s geospatial intelligence ecosystem and reinforces resilience against both environmental and strategic challenges.
10. Cohesity
Overview: Founded in 2013 and headquartered in San Jose, California, Cohesity is a global leader in AI-powered data security and management, offering a unified platform to protect, manage, and extract insights from enterprise data across cloud, on-premises, and SaaS environments. The Cohesity Data Cloud helps organizations strengthen cyber resilience, recover from ransomware attacks, and streamline compliance with Zero Trust principles. Trusted by over 13,000 customers across 140+ countries, including 70% of the Global 500, Cohesity partners with industry leaders such as NVIDIA, Amazon, Google, IBM, Cisco, and HPE. The company’s 2024 merger with Veritas positioned it as the world’s leading provider of AI-driven data security, managing over 200 exabytes of protected data globally.
Focus: In June 2021, In-Q-Tel made a strategic investment in Cohesity to accelerate innovation in data protection and cybersecurity for the U.S. national security community. The partnership focuses on enabling intelligence and defense agencies to defend against, recover from, and prevent sophisticated cyberattacks using Cohesity’s next-generation AI-driven ransomware recovery and Zero Trust architecture. Through secure, scalable, and automated data management, Cohesity supports mission-critical operations for federal and allied networks, enhancing resilience, ensuring rapid recovery from cyber incidents, and providing deep visibility into sensitive datasets vital for national defense.
Strategic Takeaways for GPs and LPs
1. Dual-Use Innovation Is Redefining Strategic Investing.
In-Q-Tel demonstrates how early-stage venture investment can directly shape national security capabilities. The firm’s success underscores the growing opportunity for general and limited partners to identify “dual-use” companies, those whose technologies serve both commercial and defense markets, as critical engines of long-term value creation and resilience.
2. Deep Tech Is Moving From Research to Deployment.
Across In-Q-Tel’s portfolio, technologies once confined to laboratories, such as quantum computing, AI inference hardware, and synthetic aperture radar, are now operational within intelligence and defense agencies. For investors, this signals a maturing of frontier tech sectors where commercial adoption and mission-critical government demand are converging.
3. Public–Private Collaboration Is Accelerating Innovation Cycles.
IQT’s model bridges federal mission needs with private-sector agility, reducing the traditional gap between innovation and implementation. GPs and LPs can learn from this approach by fostering closer partnerships with public institutions, leveraging regulatory insight and government procurement pathways to de-risk investment theses in advanced technology.
4. Cyber and AI Resilience Are the New Strategic Infrastructure.
Investments in companies like Fortanix, Cohesity, and Cerebras reflect a systemic shift, data protection, secure compute, and AI infrastructure are no longer optional but foundational. Private investors should prioritize platforms that enable trustworthy AI, secure data exchange, and quantum-resistant security to future-proof both enterprise and national systems.
5. The Next Frontier Lies in Interoperability and Security-by-Design.
As defense, intelligence, and commercial ecosystems intertwine, interoperability and security-by-design will determine which technologies scale globally. For investors, this means backing companies capable of integrating across domains, from space and compute to data and autonomy, while maintaining rigorous compliance and sovereignty standards.
Conclusion
In-Q-Tel’s portfolio exemplifies how mission-driven capital can shape the trajectory of technological progress. Its blend of foresight, public partnership, and disciplined venture investing has helped define the modern national security innovation base. For general and limited partners, IQT offers a blueprint for how capital, when strategically aligned with societal and geopolitical imperatives, can unlock both financial return and enduring impact.
From quantum computing to confidential data security, In-Q-Tel’s investments reveal a future where defense-grade innovation becomes the foundation for commercial resilience and where private capital plays an indispensable role in advancing the security and competitiveness of democratic systems worldwide.
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