McLean, Virginia-based government contracting giant Booz Allen Hamilton has tripled its commitment to investing in promising startup companies, specifically in cybersecurity, defense and intelligence.
Booz Allen Ventures, launched with $100 million in 2023, has invested in 17 startups to date, most recently among backers of Syracuse, New York-based Hidden Level Inc., which develops technology to detect and monitor unmanned aerial systems such as drones.
It has increased its venture capital commitment to $300 million, and expects to invest in 20 to 25 startups in the next five years, the firm said.
The company has not disclosed the size of any individual investments it has made to date but said it has now used up almost all of that original $100 million in venture capital funding.
“Booz Allen Ventures will remain focused on bringing the most promising commercial technologies to essential missions, from increasing space domain awareness to strengthening border security and modernizing the nation’s military,” the company said in a statement. It said those expansions were in addition to its current areas of focus: artificial intelligence, cyber, defense tech and deep tech.
“Booz Allen Ventures is expanding to invest in companies driving American reindustrialization,” the company stated.
In addition to capital investments, the venture also funds development partnerships with some of the companies it chooses.
Booz Allen Hamilton is the largest government information technology contractor in the D.C. region, with more than 15,000 employees locally and 36,000 worldwide. It has $12 billion in annual revenue. But, like its fellow government contractors, it has slowed hiring this year.
Bloomberg reports the D.C. region’s 10 largest government contractors have seen management consulting job openings fall 28% in the past year. Indeed reports Booz Allen has about 1,200 fewer job openings posted than it did a year ago.
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