Aussie sets up $157m fund for AUKUS technology
Washington | Venture capital investor DYNE Maritime has launched a $US100 million ($157 million) fund to invest in maritime technologies related to the AUKUS military intelligence sharing pact.
The fund will focus on investments in dual use technologies – those with military and civilian applications – including innovations in ocean exploration and monitoring.
The fund has won cornerstone financial backing from Irongate Capital Advisors – a top US-based national security fund – which has invested in dozens of technologies, from unmanned systems to communications app Wickr, which uses encrypted and content-expiring messages.
Capital is pouring into the defence and maritime industries. Getty
DYNE Maritime was started by Australian and former JPMorgan investment banker Matthew Kibble and former US Navy surface warfare and intelligence officer Tom Hennessey.
“In an increasingly fractured world, the acceleration of collaboration among allies is essential for the continued exploration, safe passage, and environmental protection of our oceans,” Mr Kibble told The Australian Financial Review.
“True partnerships driven by private technology innovation and national security knowhow will deliver security and prosperity.”
DYNE Maritime is expected to deploy funds within three months, with several investments lined up. Mr Hennessey said the war in Ukraine and now the conflict in Israel were driving greater interest in defence-related technology start-ups.
“It’s suddenly very in vogue to be working in the national defence space right now,” he said.
“A series of geopolitical events have really shaken up what is now seen as acceptable in Silicon Valley. Before this, Silicon Valley was a lot more cautious about working in the defence
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