BoeingÂ has unveiled a new venture capital arm that will work to invest in new aerospace technologies, manufacturing techniques and business models in efforts to facilitate innovation, expansion and disruptive market opportunities.
The company said WednesdayÂ Steve Nordlund, vice president of strategy for the defense, space and security business, will take the role of VP atÂ Boeing HorizonX.
“Boeing HorizonX is tasked with ensuring we are fully engaged with opportunities from early-stage companies, market trends and emerging technologies while also fostering more rapid and effective internal innovation,” said Dennis Muilenburg, Boeing chairman, president and CEO.
Greg Smith, chief financial officer and executive VP for corporate development and strategy at Boeing, said theÂ innovation cell will seek to build on the company’s technology and aerospace programs and collaborate with externalÂ business and research organizations to drive growth.
HorizonX will operate as part ofÂ Smith’sÂ team and workÂ in alignment with Boeing’s engineering, test and technology group under Chief Technology Officer Greg Hyslop.
The ventures armÂ will focus onÂ targeted investments in startups, unique opportunities for Boeing’s aerospace technology and disruptive innovations and business strategies, the company said.
Boeing added HorizonX has already made its first investments inÂ Upskill, an enterprise softwareÂ provider for augmented reality wearable technologies, andÂ alternative propulsion aircraft companyÂ Zunum Aero.