Australia to Unveil $700 Million Venture-Backed Defense Fund

Australia’s Labor government will set up a A$1 billion ($707 million) fund to back advanced defense technologies, seeking venture capital proposals as it undertakes the biggest military spending build-up since World War II.

Defence Industry Minister Pat Conroy is set to unveil the Advanced Capability Investment Fund in Canberra on Wednesday. The vehicle will operate on a co-investment model, designed to crowd-in private capital for projects spanning cyber, artificial intelligence and autonomous systems, electronic warfare, quantum technologies and undersea capabilities.

Conroy is also expected to provide further details on the government’s recently announced plan to establish a Defence Delivery Agency. ...