QinetiQ launches Ventures subsidiary

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QinetiQ has announced the launch of a new subsidiary: QinetiQ Ventures. QinetiQ comprises the greater part of DERA, the British governmentâ€™s Defence and Evaluation and Research Agency. Until July 2001, DERA was an agency of the UK Ministry of Defence, incorporating the bulk of the MoDâ€™s non-nuclear research, technology and test and evaluation establishments. It then split into two organisations: dstl and QinetiQ plc. dstl remains part of the MoD and continues to handle the most sensitive areas of research. QinetiQ, however, as a public-private partnership has greater freedom and access to capital, and is therefore able to exploit its technologies and capabilities into wider markets.

Hal Kruth, former senior vice president, ventures and licensing at SRI International in California, has been recruited as CEO of QinetiQ Ventures and will manage the QinetiQ Venture Fund, which has been established with Â£25m of investment from QinetiQ Group. The Fund will invest only in new technology created by QinetiQâ€™s 6000+ scientific staff; the aim being that it will be fully invested over a period of three years in seed-round investments in about ten new start-up companies. As Kruth says, it is hoped that investment in-house at this early stage will attract subsequent investment by the larger, established venture capital firms. QinetiQ is developing technologies in sectors as diverse as healthcare, transport, finance, offshore oil and gas, air security and consultancy.