France-based aerospace group Airbus launched a corporate venturing unit called Airbus Group Ventures on Friday that will be equipped with $150m of capital.
The formation of the fund was announced alongside the imminent opening of a technology and business innovation centre located in Silicon Valley, California. Airbus is establishing both initiatives in order to expand its international presence and access innovative business models and technology.
Airbus Group Ventures will target disruptive and innovative companies related to its parent company’s fields of interest, which include aircraft and communications systems. Tim Dombrowski, previously a partner at venture capital firm Andreessen Horowitz, will act as CEO of the fund.
Paul Eremenko has meanwhile joined Airbus from internet company Google Inc, where he was director of engineering for its Advanced Technology and Projects division, and will run the Airbus Group Silicon Valley innovation centre as CEO.
Tom Enders, Airbus Group’s CEO, said: “Silicon Valley serves as a unique hub for technology breakthroughs and we see huge opportunities to learn from and partner with the many players based there. While we have strategically located in the Valley, we intend to engage with innovative players worldwide, including our own backyard in Europe.
“With this approach, we will accelerate our transformation into an international leader in aerospace technology innovation, while offering tremendous benefits to our customers and partners as we bring innovative products and services.”
– Photo courtesy of Airbus Group