The University of South Australia (UniSA) with two Adelaide-based SMEs, VPG Innovation and SMR Australia,…
US venture capital investor DYNE Maritime has launched a US$100 million ($157 million) fund to invest in maritime technologies related to the tripartite AUKUS agreement, reports the Australian Financial Review.
The fund will focus on investments in dual-use technologies – those with military and civilian applications – including innovations in ocean exploration and monitoring, says the newspaper.
The fund has won cornerstone financial backing from Irongate Capital Advisors, a top US-based national security fund. DYNE Maritime was started by Australian and former JPMorgan investment banker Matthew Kibble and former US Navy surface warfare and intelligence officer Tom Hennessey.
DYNE Maritime is expected to deploy funds within three months, with several investments lined up. Mr Hennessey said the war in Ukraine and now the conflict in Israel were driving greater interest in defence-related technology start-ups.
The fund’s launch comes as AUKUS members Australia, the US and Britain move closer to implementing the pact, including removing export controls to transfer sensitive technology between countries, to provide Australia with nuclear-powered submarines.