McLean management and IT consulting giant Booz Allen Hamilton has launched a venture capital unit that aims to help young companies speed the development of technologies used by the federal government.
Operating as a wholly owned subsidiary of Booz Allen Hamilton (NYSE: BAH), Booz Allen Ventures LLC will invest $100 million over five years in firms developing artificial intelligence, machine learning, cybersecurity and defense technologies, the company said. Susan Penfield, Booz Allen’s chief technology officer, said that creating the venture arm was a logical next step for a company that has become “a bigger player in the technology ecosystem” over the last 10 years.
The venture fund has already begun making investments, including one in April in Silicon Valley military software developer Reveal Technology Inc. That firm’s AI-enabled software platform provides military squads in high-risk environments with intelligence, surveillance and reconnaissance information on the ground without…
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