One of the Defense Department’s newest shops to promote technological advancements in the private sector just finished investing $15 million in hopes of funding the next generation of military hardware.
The National Security Innovation Capital (NSIC) was created by Congress in 2019 to stimulate hardware technology research in the private sector, but the organization didn’t get its funding until the beginning of 2021. NSIC is a part of the Defense Innovation Unit, which funds companies’ products for military use.
Now that it’s off and running, the Mountain View, California-based office, has nine months of work and millions of spending to show legislators for the upcoming budget cycle.
“We approach the work that we do with hardware startups very much like a venture firm would,” Tex Schenkkan, NSIC’s director, told Federal News Network. “We try to identify technologies that we think show promise that fit the criteria we’re looking for. We work with them to fund the development concept that they have in mind. We’re not redirecting them to do something specific at that time for the Defense Department. Then, we set up an ongoing relationship where we fund them as they are developing those particular products or technologies.”
Some of the companies NSIC invested its $15 million in over...
Read Full Story: https://federalnewsnetwork.com/defense-main/2021/09/dius-newest-office-is-off-and-running-investing-in-hardware-innovations/
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