Key Takeaways
- • Lockheed Martin increased its corporate venture fund capacity by 250% to $1 billion, the largest expansion since the fund's 2007 launch at $100 million, positioning it as one of the largest defense tech CVC funds in the sector.
- • The fund has deployed $500 million across 120+ companies since inception, with over 60 portfolio companies becoming active suppliers to Lockheed Martin, demonstrating strong portfolio-to-customer conversion rates.
- • Recent investments include a $28 million Series A for Antaris (satellite mission design and operations) and participation in funding rounds for Radiant (portable nuclear microreactors) and Hidden Level (drone defense technology), reflecting focus on emerging dual-use and AI-enabled defense capabilities.
- • Lockheed Martin CFO Evan Scott emphasized the fund's strategic role in creating a "resilient industrial base" and developing cutting-edge technologies for national security, signaling long-term commitment to venture-backed innovation in defense modernization.
- • Senior investment manager Xiaoming Yin's departure after eight years and 20 invested companies highlights the maturation of the team; Yin's notable portfolio wins included AI semiconductor provider Ayar Labs ($1 billion valuation) and IonQ (first quantum computing startup to IPO in 2021).
Summary
Lockheed Martin has increased its corporate venture capital fund to $1 billion, marking a 250% expansion and the largest capital injection since the fund's establishment in 2007. The fund originally launched with $100 million in initial capital, was expanded to $200 million in 2018, and grew to $400 million in 2022, demonstrating a consistent pattern of growth aligned with rising demand for dual-use defense technologies. The latest increase positions Lockheed Martin Ventures as one of the largest defense-focused corporate venture capital funds in the market.
According to CFO Evan Scott, the expanded fund will be deployed "over future periods to mature technologies for national security." Scott emphasized that venture investments are integral to Lockheed Martin's strategy to "develop and integrate the best technologies for national security now and in the future," while creating a pipeline of cutting-edge capabilities and a resilient industrial base that helps the United States and its allies address emerging security threats. The fund's track record demonstrates material conversion of venture investments into corporate value: since inception, it has invested $500 million across 120+ companies, with over 60 portfolio companies subsequently becoming suppliers to Lockheed Martin.
Recent investment activity reflects the fund's focus on emerging defense technologies. Notable recent commitments include a $28 million Series A for Antaris, a developer of satellite mission design and operations platforms, and continued participation in funding rounds for Radiant, a portable nuclear microreactor developer. Last month, the fund backed Hidden Level's $100 million Series C round, a drone defense technology company. In 2025, Lockheed Martin Ventures made 16 investments, sustaining a steady deal pace despite broader venture market volatility.
The fund's investment team has matured substantially since its inception. Senior investment manager Xiaoming Yin recently departed after eight years with the organization, during which she led 20 company investments. Yin, who joined the fund as its third team member in 2017, built a notably successful portfolio including AI semiconductor technology provider Ayar Labs (valued at $1 billion in its final funding round) and IonQ, which became the first quantum computing startup to achieve public market listing in 2021. Her focal investment areas—spacetech, artificial intelligence, advanced materials, and quantum computing—reflect the fund's technical depth and strategic alignment with long-cycle defense modernization priorities.
According to CFO Evan Scott, the expanded fund will be deployed "over future periods to mature technologies for national security." Scott emphasized that venture investments are integral to Lockheed Martin's strategy to "develop and integrate the best technologies for national security now and in the future," while creating a pipeline of cutting-edge capabilities and a resilient industrial base that helps the United States and its allies address emerging security threats. The fund's track record demonstrates material conversion of venture investments into corporate value: since inception, it has invested $500 million across 120+ companies, with over 60 portfolio companies subsequently becoming suppliers to Lockheed Martin.
Recent investment activity reflects the fund's focus on emerging defense technologies. Notable recent commitments include a $28 million Series A for Antaris, a developer of satellite mission design and operations platforms, and continued participation in funding rounds for Radiant, a portable nuclear microreactor developer. Last month, the fund backed Hidden Level's $100 million Series C round, a drone defense technology company. In 2025, Lockheed Martin Ventures made 16 investments, sustaining a steady deal pace despite broader venture market volatility.
The fund's investment team has matured substantially since its inception. Senior investment manager Xiaoming Yin recently departed after eight years with the organization, during which she led 20 company investments. Yin, who joined the fund as its third team member in 2017, built a notably successful portfolio including AI semiconductor technology provider Ayar Labs (valued at $1 billion in its final funding round) and IonQ, which became the first quantum computing startup to achieve public market listing in 2021. Her focal investment areas—spacetech, artificial intelligence, advanced materials, and quantum computing—reflect the fund's technical depth and strategic alignment with long-cycle defense modernization priorities.
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