NATO's DIANA Accelerator Enlists 20 European Investors
NATO's Defence Innovation Accelerator has named the first 24 investors to its new capital network, with 20 based in Europe, aiming to scale dual-use and
NATO's Defence Innovation Accelerator for the North Atlantic (DIANA) has announced the first 24 members of its new NATO DIANA Capital Network (NDCN). Twenty of these inaugural investors are based in Europe, including major players like Bpifrance, DTCP, and Project A.
The network is a curated community of NATO-aligned investors. Their stated aim is to help scale innovative solutions deemed critical to Allied security. The launch comes during a year of substantial capital deployment into European defence and dual-use technology.
"The NATO DIANA Capital Network is a critical enabler of the Alliance's technological and defensive edge," said NATO DIANA Acting Managing Director Jyoti Hirani-Driver. She added that it connects capital with innovators to move technologies to real-world capabilities.
2026's Defence Investment Surge
According to the source, EU-Startups, approximately €1.73 billion has been invested across ten European defence and dual-use company financings in 2026. This activity is led by several large rounds.
| Company | Location | Round Size | Round Type |
|---|---|---|---|
| Quantum Systems | Munich | €1 billion | Series D |
| ICEYE | Finland | €450 million | Series F |
| Kraken Technology Group | London | €152.9 million | Series B |
Smaller financings have backed areas like missile manufacturing, autonomous aerial intelligence, drone-defence lasers, unmanned-systems software, and strategic advanced materials.
Network Members Already Active
Several members of the new NDCN are already active in this funding landscape. DTCP led investments in Kraken and Norway's Six Robotics. The NATO Innovation Fund participated in rounds for Kraken, Greenjets, and Uplift360, and it led a €15 million Series A for Kelluu.
Kelluu itself provides a direct link to the DIANA programme, having completed two phases of the NATO accelerator before its 2026 financing. Alongside company-level deals, dedicated 2026 defence funds have been launched, including DTCP's €500 million Project Liberty and Lakestar's €262.2 million Resilience I Fund.
Structure and Benefits of the NDCN
The NDCN was launched in April 2026. It is described as a NATO-screened community of trusted investors committed to backing companies from the DIANA programme. Members include sovereign funds, venture capital firms, family offices, and institutional investors from across NATO's 32 member nations.
Membership provides structured access to DIANA's screened pipeline of companies. It also offers direct connections to fellow investors, invitations to closed events with NATO leadership, and operates on a zero-fee model from DIANA. The network forms part of the wider NATO DIANA effort to find and accelerate new technologies for defence and security.
The Inaugural Investor List
The 24 inaugural investors are divided by their European country of origin. DIANA plans to welcome more investors to the network later this year. These members will get opportunities to engage with DIANA-validated innovators whose technologies have been tested against NATO capability needs.
**France**
- Bpifrance
- Expansion Ventures
**Germany**
- Alpine Space Ventures
- DTCP
- Project A
- Sunfish Partners
- Vsquared VC
**Luxembourg**
- Tech Horizons
**Netherlands**
- NATO Innovation Fund (NIF)
- SecFund Netherlands
**Norway**
- Investinor
**Poland**
- Expeditions
- OTB Ventures
**Türkiye**
- METU70 Ventures / ODTÜ70
**United Kingdom**
- Archangel
- EDT Ventures
- MD One Ventures
- National Security Strategic Investment Fund (NSSIF)
- Twin Track VC
- WatchKeeper Ventures
The non-European members are the Business Development Bank of Canada (BDC), Inflection and NightDragon from the United States, and Lockheed Martin, also from the U.S.
