A consortium of NATO allies has announced the first set of companies to receive funding from its €1 billion ($1.1 billion) innovation fund.

Launched in the summer of 2022, following the Russian invasion of Ukraine, the NATO Innovation Fund (NIF) aims to invest in technologies enhancing defense capabilities.

Supported by 24 of NATO’s 32 member states, including recent members Finland and Sweden, the NIF has invested in four European tech firms: Fractile AI (UK), ARX Robotics (Germany), iCOMAT (UK), and Space Forge (Wales).

These companies work on advancements in AI, robotics, lightweight materials, and space-based semiconductors, respectively, Reuters reported.

The fund has also partnered with several venture capital firms to boost deep tech investments in Europe.

Written by B.C. Begley