McLean, Virginia-based Booz Allen Hamilton, the largest government IT contractor in the region, is establishing a $100 million venture capital fund to cultivate new information technology to exploit in the government contracting segment.
The corporate VC arm will further Booz Allen’s investments in dual-use, commercial technologies for federal clients’ critical missions. It will invest in early-stage companies in four core areas: defense, artificial intelligence and machine learnings, cybersecurity and deep technology.
“The ability to navigate bigger, faster technology waves and identify the right emerging technologies for [our clients’] mission needs, as well as our own, is vital to enabling growth and mission speed,” said Susan Penfield, Booz Allen chief technology officer.
Booz Allen Ventures will expand the company’s existing tech scouting efforts to find technology investments. Recent investments have included New Jersey-based Latent AI in 2021, Wisconsin-based artificial intelligence startup Synthetaic in March of this year, and Palo Alto, California-based artificial intelligence company Reveal Technology in April.
Booz Allen Hamilton has almost 18,000 D.C.-area employees, with $8.4 billion in annual revenue.