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(Bloomberg) — With more global conflicts brewing and artificial intelligence reshaping modern warfare, defense tech investing is ascendant. That’s presented an opportunity for Overmatch Ventures, which is raising a $250 million fund to bet on startups working on products like drones, spacecraft and portable renewable energy.
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With the new funding, Texas-based Overmatch is also adding a third general partner: Morgan Hitzig, a Navy officer who was previously an investor at Venrock.
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Overmatch focuses on early-stage investments in defense and so-called frontier research, including space startups, quantum technology and robotics. General Partner Evan Loomis describes its focus as the “intersection of deep tech and the geopolitical competition.”
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The firm is led by Loomis, co-founder of construction firm ICON Technology Inc. and holding company Saturn Five; Jordan Blashek, a Marine combat veteran and former investor at Roadrunner Venture Studios; and now Hitzig, who also previously worked with the New York Police Department on counterterrorism.
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Overmatch’s portfolio companies include autonomous vehicle startups like Saronic Technologies and Overland AI Inc., space companies like Impulse Space Inc., and energy upstarts including Base Power Inc. and Exowatt Inc. It’s also an investor in Elon Musk’s xAI.
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Startups that work with hardware and the physical world, as well as those pushing forward what’s possible with software, will help the US maintain an edge in the global race for technological advantage, Blashek said.
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“These technologies are at the center of this growing competition between superpowers, because ultimately these technologies are what keep us secure, free and prosperous,” he said.
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The latest cash influx will constitute the firm’s second fund, which will focus on very early startups up to Series A companies. A portion of the fund will also be used to incubate new startups — identifying promising ideas and recruiting founders to lead the businesses.
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