Indra Targets €1 Billion for Dual-Use Tech Fund Expansion Through Strategic Partnerships
Spanish defense and technology leader Indra plans to quintuple its specialized venture capital arm, Indra Ventures, from €200 million to €1 billion, according to statements by Manuel Ausaverri, General Director of Strategy and Mergers & Acquisitions. The expansion aims to accelerate development of dual-use technologies with both defense and civilian applications.
Building a Defense Tech Ecosystem from the Ground Up
During his keynote at The Spanish newspaper’s Defense Observatory event, Ausaverri emphasized Indra Ventures’ founding mission: “To promote small, advanced, and disruptive technology companies so they can scale and deploy their full potential, especially in productive capacity.” The fund currently combines capital from Indra, Spain’s CDTI (Center for Technological Development and Innovation), and undisclosed private partners.
“It is part of our mission to strengthen the national defense ecosystem,” Ausaverri stated, noting Indra’s participation in most Spanish military modernization programs. The strategy focuses on creating a sustainable network of financially sound suppliers beneath Indra that can “generate profits” and evolve into “a stable and powerful defense industry” capable of exporting post-Ukraine conflict demand cycles.
Strategic Partners Sought for Scaling Impact
Company sources confirmed to Europa Press that while the €1 billion target is set, the operational structure remains undefined. Ausaverri indicated achieving this ambition requires incorporating new “financial and industrial partners” to amplify Spain’s technological capabilities. The expansion aligns with Elcano Royal Institute findings highlighting Spain’s defense industry growth potential through SME innovation.
Indra’s approach mirrors NATO’s 2022 DITB (Defence Innovation Accelerator) initiative, which prioritizes dual-use startup acceleration. Spain allocated €12.3 billion to defense spending in 2023 – a 25% YoY increase – creating fertile ground for such investments according to Defensa.com industry reports.
From Local Incubation to Global Export Ambitions
While focusing on Spanish startups, Ausaverri confirmed the fund won’t exclude international opportunities. The strategy combines three pillars:
- Financial scaling for dual-use prototypes
- Industrial capacity building for production-grade solutions
- Export pathway development through Indra’s global contracts
CDTI’s participation provides government validation, with the agency having co-funded over 160 deep-tech ventures since 2020 through its Innvierte program. Indra Ventures’ first investments are expected Q4 2024 following partner negotiations.
Source: Here (Original reporting by Europa Press)
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