NATO has announced a $1.1 billion (€1bn) innovation fund aimed at advancing artificial intelligence, robotics, and space technology. A consortium of NATO allies confirmed the first tranche of companies awarded funding as part of this initiative. The fund, also referred to as the NATO Innovation Fund, is designed to boost the defense tech capabilities of the alliance and secure the future of its 1 billion citizens. The fund aims to strengthen defense and security measures, with a particular focus on deep tech and boosting tech hubs across Europe. This initiative marks a significant step in NATO's efforts to maintain its technological edge in the face of evolving global threats. The fund is also described as a venture capital initiative.