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Lockheed Martin Ventures
Lockheed Martin established its corporate venture arm in 2007 to place early bets on technologies that could disrupt or strengthen its core defense business.
Lockheed Martin Ventures
Lockheed Martin established its corporate venture arm in 2007 to place early bets on technologies that could disrupt or strengthen its core defense business. Chris Moran leads the fund as vice president and general manager, reporting into the corporation's enterprise strategy function rather than a financial division. That reporting line matters — Lockheed Martin Ventures exists not to generate standalone returns but to serve as an external innovation sensor for America's largest defense contractor. The fund operates across early-stage and growth-stage venture deals, typically writing checks between $1 million and $50 million. It maintains a portfolio spanning autonomous systems, advanced materials, cybersecurity, space technologies and artificial intelligence. Confirmed investments include Orbital Insight, a geospatial analytics company, and HawkEye 360, a satellite-based radio-frequency mapping startup, alongside satellite propulsion developer Phase Four. The group participates in both direct investments and co-investments alongside traditional venture firms, and its liquidity thesis relies on strategic exits or integration into Lockheed Martin business units rather than IPO timelines. Since inception, the fund has deployed over $400 million into more than 70 companies, maintaining a portfolio concentration that reflects Lockheed Martin's own program priorities. The parent company's 2025 annual report listed $24.6 billion in pension plan assets, though the venture arm draws from the corporate balance sheet rather than pension commitments. In June 2024, Lockheed Martin Ventures participated in a $40 million Series B for space logistics startup Impulse Space, signaling continued appetite for orbital infrastructure beyond launch vehicles. Lockheed Martin Ventures operates with a structural advantage no standalone VC can replicate: it offers portfolio companies a path into the Pentagon's classified supply chain through the prime contractor's existing program relationships. Startups gain not just capital but a potential buyer on day one — a dual carrot that reshapes typical venture risk calculus and gives the fund a sourcing edge in dual-use technology competitions.
General information
Firm type
Venture Capital
Year founded
2007
Location
Region
North America
Country
United States
City
Bethesda
Corporate office
6801 Rockledge Drive, Bethesda, MD, United States
Principals
Chris Moran
Vice President and General Manager
Sector focus
Frequently asked questions
Who runs investment decisions at Lockheed Martin Ventures?
Chris Moran serves as vice president and general manager, leading the fund's investment committee. He reports into Lockheed Martin's corporate strategy function, ensuring portfolio decisions align with the parent company's long-term technology roadmap. The team operates from Lockheed Martin's headquarters in Bethesda, Maryland.
How does Lockheed Martin Ventures source proprietary deal flow?
The fund leverages Lockheed Martin's engineering workforce and program offices to identify startups solving problems the corporation faces directly. Because Lockheed Martin is the prime contractor on programs like the F-35 and next-generation missile warning systems, the venture team gets early visibility into subsystem gaps that startups might fill. This technical scouting network provides deal flow that traditional financial VCs rarely access.
Does Lockheed Martin Ventures participate in fund commitments or only direct deals?
While direct equity investments form the core of the strategy, the fund also participates in co-investments alongside traditional venture firms. It has not publicly disclosed a fund-of-funds allocation or limited partner commitments into external venture funds. The vehicle is primarily a direct-investment corporate venture capital arm.
What investment stages does Lockheed Martin Ventures typically target?
The fund targets early-stage through growth-stage companies, with check sizes ranging from $1 million to $50 million. It has participated in seed rounds, Series A financings, and later-stage rounds where the technology aligns with Lockheed Martin's strategic interests. The holding period typically runs five to ten years, with exits structured through strategic acquisitions or commercial liquidity events.
How is Lockheed Martin Ventures related to Lockheed Martin's pension plan?
Lockheed Martin Ventures is funded from the corporate balance sheet, not the $24.6 billion Lockheed Martin pension plan. The pension plan operates as a separate entity with its own investment mandates and fiduciary structure. The venture arm's capital comes directly from the parent corporation's operating cash flows and is managed with a strategic rather than a pension-liability-driven return target.
What is Lockheed Martin Ventures' known posture on co-investments alongside external GPs?
The fund actively co-invests alongside traditional venture capital firms, treating its corporate balance sheet as an advantage rather than a constraint. External GPs often welcome Lockheed Martin Ventures into rounds because the corporate affiliation can accelerate a startup's path into the defense contracting ecosystem. This co-investment posture also helps the fund access deals that might exceed its individual investment appetite.
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