Boeing has launched a new venture capital arm and made an undisclosed investment in two US-based technology start-ups via the new division.
The new Boeing HorizonX group will mainly focus on seeking business opportunities for the company's aerospace technology, investing in new ventures and start-ups, as well as assessing innovations and business strategies.
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Led by former Boeing defence, space and security vice-president Steve Nordlund, Boeing HorizonX will operate as part of Boeing’s corporate development and strategy group.
Following its formation, HorizonX has invested in Upskill, which is involved in the development of enterprise software for augmented reality wearables that are used to obtain improved quality and safety in the manufacturing, field service and logistics sectors.
Boeing has already been working with Upskill for more than two years to evaluate the use of its technology across multiple locations in the US.
Boeing HorizonX has also collaborated with JetBlue Technology Ventures, a unit of JetBlue Airways, to invest in Zunum Aero.
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By GlobalDataZunum Aero is currently developing a hybrid-electric aircraft, which is planned to debut by early 2020s.
Boeing chairman, president and CEO Dennis Muilenburg said: “Our ability to identify, shape and harness game-changing innovations wherever they are developed is key to sustaining and growing our leadership in aerospace.
“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.”
The company further noted that Boeing HorizonX would help achieve its growth strategies in future.
