Investment in European defense and security start-ups jumped 24% in 2024 to $5.2 billion, outpacing AI venture capital growth on the continent over the past two years. A report by the NATO Innovation Fund and Dealroom highlighted growing investor confidence in companies like defense AI firm Helsing and drone maker Tekever, despite a broader downturn in European VC funding. Germany overtook the UK as the leading destination for defense tech investment, with Munich attracting nearly $1 billion in funding last year. The NATO fund, launched in 2022 with €1 billion, aims to bridge Europe’s funding gap in defense innovation, as U.S. investment in the sector remains significantly higher at $4.3 billion in 2024. While slow government procurement remains a challenge, experts emphasize the need for faster acquisition processes to attract more private capital and sustain the sector’s growth.
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- 06/11/2024
- 0
The European Union has begun developing a next-generation combat vessel, aiming for deployment in the 2040s. In two weeks, defense ministers are expected to sign a letter of intent to move forward with the project. Jürgen Scraback of the European Defence Agency noted that six EU member states, including four with major navies, have shown interest. The budget for the project is projected to exceed €20 billion ($22 billion). This advanced vessel will likely feature AI, a naval combat cloud, and directed-energy weapons, and may be included in the EU’s Permanent Structured Cooperation framework after a defense ministers’ meeting on […]
EU fund common defence procurement for the first time
- Veiko Lukmann
- 03/12/2024
- 0
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European militaries rush to catch up on space traffic mapping
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- 30/09/2024
- 0
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