Booz Allen Hamilton, the multifaceted consulting firm, announced Wednesday the launch of its corporate venture capital branch Booz Allen Ventures. Armed with $100 million, the venture fund intends to invest in early-stage companies and technologies in defense, artificial intelligence (AI) and machine learning (ML), cybersecurity and deep technology industries, according to the firm.
“We are proud and excited to continue our work with the best startups to support our U.S. government clients. The ability to navigate bigger, faster technology waves and identify the right emerging technologies for their mission needs, as well as our own, is vital to enabling growth and mission speed,” Booz Allen Hamilton CTO Susan Penfield said in a statement.
Booz Allen Hamilton has already made a number of investments as part of its tech scouting initiatives, which it plans to grow with its venture capital arm. Most recently, the company invested an undisclosed amount into Latent AI, an up-and-coming adaptive AI software developer focused on aiding defense organizations. Other recent investments include Synthetaic and Reveal Technology.
“Our tech scouting program gives us unique insight about where opportunities for hyper-growth exist. But anticipating opportunity isn’t sufficient — we need to deploy capital to move at digital speed,” Brian MacCarthy, vice president of tech scouting and ventures at Booz Allen Hamilton, said in a statement. “Booz Allen Ventures allows us to actively bridge the gap between opportunity and capability and accelerate the services-to-solutions transformation. As a strategic investor at the intersection of technology and mission, we are uniquely positioned to lead, connect and convene advanced tech solutions to drive change in government, faster than ever before.”
Its tech scouting and venture capital capabilities aren’t the only areas Booz Allen is growing. The company is currently on a huge hiring spree with over 1,000 open positions across departments.