Lockheed Martin Ventures Research
Investment Thesis
Lockheed Martin Ventures (LMV) is the corporate venture capital arm of Lockheed Martin Corporation, established in 2007. Its mission is to make strategic investments in companies developing disruptive, cutting-edge technologies in core business areas and new markets that are strategically important to Lockheed Martin. LMV operates as an evergreen fund — recycling proceeds from exits into new investments rather than returning capital to LPs on a fixed timeline — which gives it a long-term, patient capital perspective unique among defense-sector CVCs.
The central thesis is not purely financial return: LMV invests to build a pipeline of emerging technologies that can be integrated into Lockheed Martin's product lines, help mature technology from research to operational deployment, and strengthen the defense industrial base. Over 60 of their 120+ portfolio companies have become active Lockheed Martin suppliers, collectively receiving more than $750 million in contracts — making the supply-chain conversion ratio a key metric of success alongside financial returns.
Sector Focus
LMV invests across 14 key focus areas aligned to Lockheed Martin's business units:
- AI and Autonomy — machine learning inference, autonomous platforms, decision systems
- Cybersecurity — supply chain security, AI security monitoring, network hardening
- Space Technologies — small satellites, space situational awareness, on-orbit servicing, precision navigation
- Quantum Computing — quantum hardware (ion trap, photonic), quantum sensing, quantum control
- Directed Energy — high-power lasers, directed energy weapons
- Advanced Materials — composites for hypersonics, carbon fiber, nanomaterials
- Semiconductors and Microelectronics — optical I/O, photonics, advanced chips
- Advanced Manufacturing — additive manufacturing (3D printing), AI-driven metal fabrication
- Robotics and Autonomous Systems — cargo drones, counter-UAS, maritime autonomy
- Propulsion and Hypersonics — solid rocket motors, rotating detonation engines, electric space propulsion
- Sensing — LiDAR, radar, RF/spectrum intelligence, airspace monitoring
- Energy — portable nuclear microreactors, hybrid-electric aviation
- Augmented Reality — AR flight training and simulation
- Synthetic Biology — emerging capabilities for defense applications
LMV avoids pure software plays without hardware or defense application, consumer internet, and anything without a credible path to national security relevance.
Stage Focus
LMV is a multi-stage investor, most active at Seed through Series B:
- Seed: Lead investments in early-stage companies (Perseus Materials Feb 2026, Phoenix Semiconductor Jun 2025)
- Series A: Common entry point, often as strategic co-investor (mPower Technology, Vatn)
- Series B+: Strategic follow-ons and new entries in growth-stage defense companies (X-Bow Series B co-lead May 2025, Firestorm Labs Series A, Ayar Labs Series B and Series D)
LMV is willing to invest at any stage if strategic fit is strong. They also invest in late-stage companies when technology is sufficiently mature.
Check Size
- Typical range: $500K–$5M per initial investment
- Sweet spot: approximately $2.5M
- Follow-on reserves maintained for portfolio companies that mature into strategic suppliers
- AUM: Authorized to grow to $1 billion (April 2026, up from $400M); approximately $500M+ deployed since inception
LMV does not target financial ownership percentages the way traditional VCs do. Check size is calibrated to gain board observer rights and a strategic relationship, not to maximize ownership.
Lead Tendency
LMV is a mixed lead/follow investor depending on the deal:
- Leads primarily at Seed and early Series A for companies in focused areas (Perseus Materials Seed)
- Co-leads strategically alongside defense-focused VCs like Razor's Edge Ventures and Crosslink Capital
- Follows in larger growth rounds where other VCs take the lead
Frequent co-investors include Razor's Edge Ventures, Shield Capital, Applied Ventures (Applied Materials), Crosslink Capital, Balerion Space Ventures, and Airbus Ventures.
Recent Activity
LMV has been extremely active in 2025–2026, adding 25 companies to its portfolio over the last two years:
- February 2026: Perseus Materials — Seed, lead investor, advanced materials
- February 2026: Radiant Nuclear — strategic investment in portable nuclear microreactor developer
- December 2025: Vatn — $60M Series A, defense maritime autonomy
- October 2025: Venus Aerospace — strategic investment in rotating detonation rocket engine propulsion
- October 2025: Vertical Semiconductor — $11M Seed, advanced semiconductors
- June 2025: Phoenix Semiconductor — $6M Seed
- May 2025: X-Bow Launch Systems — $35M Series B co-lead, 3D-printed solid rocket motors
- May 2025: mPower Technology — $24M Series B, space solar cells
In April 2026, Lockheed Martin authorized expansion of LMV's fund capacity from $400M to $1B — the largest increase since the fund's founding — to accelerate technology maturation for national security.
Portfolio Highlights
Notable portfolio companies include:
- Skydio — autonomous drones, widely deployed by US military and commercial users
- AEVA — 4D LiDAR (went public via SPAC, NYSE: AEVA)
- Atom Computing — neutral-atom quantum computing
- IonQ — trapped-ion quantum computing (public, NYSE: IONQ)
- Elroy Air — autonomous cargo drones
- Firestorm Labs — defense AI autonomy, raised $47M Series A
- Regent — wing-in-ground-effect seagliders
- Ayar Labs — optical I/O for chips (raised $160M Series D)
- Machina Labs — AI-powered metal sheet forming (raised $124M Series C, Feb 2026)
- Lumafield — industrial X-ray/CT scanning (raised $75M Series C, Mar 2025)
- X-Bow Launch Systems — 3D-printed solid rocket motors, strategic Lockheed partnership
- Orbit Fab — on-orbit satellite refueling (Gas Stations in Space)
- Agile Space Industries — spacecraft propulsion thrusters
- Xona Space Systems — commercial precision navigation/GPS alternative
- Q-CTRL — quantum computing control systems
- Radiant Nuclear — portable mass-produced nuclear microreactors
- Slingshot Aerospace — space situational awareness platform
- Electra.aero — hybrid-electric eSTOL aircraft (raised $120M Series B)
- Hidden Level — airspace monitoring sensor networks
- Venus Aerospace — rotating detonation rocket engine propulsion
- Red 6 — augmented reality flight training
- DUST Identity — supply chain authentication
- RunSafe Security — cyber software immunization
- CalypsoAI — AI security and monitoring
- TileDB — universal database for sensor and geospatial data
Exits: IonQ went public (NYSE: IONQ); AEVA went public (NYSE: AEVA); Terran Orbital was acquired by Lockheed Martin in 2024.
Team
- Chris Moran, Vice President and General Manager — has led LM Ventures since 2016; based in Palo Alto, CA; reports to Lockheed Martin's CFO. LinkedIn: linkedin.com/in/jcmoran
- Jeff Cunningham, Investment Director
- Sam Stonberg, Senior Investment Manager — focus on aeronautics technologies, advanced weapons, cybersecurity, and climate technology
- Gopal Rajaraman, Senior Investment Manager — joined 2022 from Motorola Solutions (GM of Drone business); covers autonomy, advanced manufacturing, sensors. LinkedIn: linkedin.com/in/gopalrajaraman
- John Richmond, Senior Investment Manager
- Alison (Ali) Perez, Investor
- Michael Beutner, Investor
- Sana Fathima, Investor
- Xiaoming Yin, Investor
- Dennis Goege, VP and Chief Executive, Europe — leads European deal flow
Decision Process
As a corporate venture arm, LMV operates through an internal investment committee process within Lockheed Martin's corporate development function. The VP/GM reports to Lockheed Martin's CFO. Investment decisions require internal committee approval and alignment with business unit leadership. This creates a longer decision cycle than traditional VCs.
Decision timelines are typically 2–3 months minimum. A warm introduction through a Lockheed Martin business unit or through the LMV team is strongly preferred.
Geographic Focus
Primarily United States — Washington DC/Maryland corridor, Silicon Valley/Bay Area, Texas aerospace corridor. International investments include Satellite Vu (UK), Arlula (Australia), and Q-CTRL (Australia). Dennis Goege leads European deal flow. Geography is secondary to strategic fit.
Founder Preferences
LMV seeks founders who understand the defense procurement process or have domain expertise in aerospace, defense, national security, or deep tech. Dual-use technology companies — commercial applications with defense potential — are ideal. Technology readiness level (TRL) matters; they prefer companies beyond pure research with demonstrated prototypes or early products. The ability to become a Lockheed Martin supplier is a meaningful selection criterion.