Protego Ventures Research
Investment Thesis
Protego Ventures is an Israel-based venture fund that invests exclusively in defense technology. Its thesis is that growing geopolitical instability, together with the introduction of new defense technology, has changed the defense landscape and created urgent demand for cutting-edge solutions. Israel, driven by necessity, has been at the forefront of building next-generation tools and proving them on the battlefield. Protego positions itself as a pioneer: TechCrunch describes it as the first and largest dedicated defense tech VC in Israel. The fund was formed in the aftermath of the October 7, 2023 attack, backed by executives from Ares who encouraged Lital Leshem and Lee Moser to start it.
The firm says its edge is access: deep relationships across Israel, the United States and allied nations that give insight into defense priorities, help portfolio companies win contracts, and guide them to exits.
Sector Focus
Protego invests in early-growth companies across key defense areas:
- Sensors, including fiber-optic and edge sensing
- Artificial intelligence and machine learning
- Drones and unmanned aerial vehicles (UAVs) and other autonomous systems
- Cybersecurity (listed on the About page)
- Dual-use technology with commercial application
Stage Focus
The fund targets early-growth companies, from seed through growth rounds. Its known deals include a $17.5M seed round (Rilian) and a $30M round (Prisma Photonics) and a $15M round (ASIO). Its first portfolio company, XTEND, went public on the NYSE in September 2026.
Check Size
TechCrunch reports Protego invests between $5 million and $15 million per company from a $125M debut fund.
Lead Tendency
Not stated on the site. The press coverage of the Rilian round and the ASIO round describes Protego as a backer, so lead status is unverified and recorded as unknown.
Recent Activity
- September 2026: final close of the $125M debut fund (below the $150M target, which the website still cites). Executives from Ares anchored the fund with a $30M LP commitment.
- September 2026: portfolio company XTEND listed on the NYSE and is seen as a potential fund-maker.
- July 2026: ASIO raised $15M for worldwide deployment of its tactical platforms.
- April 2026: Protego backed Rilian in a $17.5M seed round.
- October 2025: Prisma Photonics raised $30M with Protego backing.
- December 2024: reported $70M raised in two weeks toward a $200M target.
- A Fund II is planned for Q1 2027, with Israeli institutional investors, one large US commitment, and a broader scope that includes early-growth American defense tech.
Portfolio Highlights
- XTEND: human-guided autonomous drone and robot systems with the XOS operating system; first portfolio company, NYSE-listed September 2026.
- ASIO: Israeli tactical autonomy, situational awareness and resilient navigation; partnered with Anduril.
- Prisma Photonics: Tel Aviv deep tech that turns fiber-optic cables into AI-powered sensors for critical infrastructure.
- Rilian: agentic systems integrator and technology provider for mission-controlled environments.
Team
- Lital Leshem: Co-Founder and Managing Partner. Co-founded Carbyne (sold to Axon for $625M), former Partner at Frontier Resource Group, 11 years in IDF military and intelligence, Forbes 30 Under 30.
- Lee Moser: Co-Founder and General Partner. Managing Partner of AnD Ventures, former Chief of Staff to Ambassador Michael Oren, earlier at BlackRock Israel.
- Ziv Avtalion: CTO, Brig. Gen. (Res.) who led the IDF Digital Transformation Directorate; leads technical due diligence.
- Tal Kelman: Head of Strategy and Defense, Maj. Gen. (Res.), F-35I pilot, former head of the IDF J5 strategy directorate.
- Ben Moore: Head of Partnerships and Value Creation, formerly at Meta and Israel's Prime Minister's Office.
- Nir Gilbert: Principal Investor, formerly principal at JAL Ventures.
- Danielle Zettel: Investor Relations. Yoel Mazur: CFO. Paz Lazar: Chief of Staff.
- Advisors include Michael Oren, Steven Price, Gary Ginsberg, Stephen Kaplan and Mark Dubowitz.
Decision Process
Not publicly described. Two managing partners lead, supported by a defense-heavy CTO and strategy head who run technical diligence. Recorded as partnership.
Founder Preferences
Companies with technology already proven in active operations, strong ties to Israeli defense priorities, and the ability to win government contracts. Dual-use companies are viewed favorably for capital access.
Geographic Focus
Primarily Israel, with a network across the United States and allied nations. Fund II is expected to include early-growth American defense tech companies.