US-based aerospace firm Boeing has launched an open innovation vehicle called Boeing HorizonX to explore and invest in innovative aerospace technologies, business models and manufacturing processes.
HorizonX will be headed by Steve Nordlund, formerly the vice-president of strategy for Boeing Defense, Space & Security. It will invest in startups, investigate new business opportunities for the corporate’s technology and analyse disruptive innovations and business strategies.
Dennis Muilenburg, president, chairman and CEO of Boeing, 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 unit has already made its first two investments, one of which involved participating in a series B round of undisclosed size for US-based Upskill, which is developing augmented reality technology for the industrial space.
Industrial conglomerate General Electric’s GE Ventures subsidiary also took part in the Upskill round, alongside New Enterprise Associates, SineWave Ventures and unnamed additional participants.
The other investment was in US-based hybrid electric aircraft developer Zunum Aero, which also closed a round of undisclosed size, this one featuring JetBlue Technology Ventures, the corporate venturing arm of aviation company JetBlue.
– Photo courtesy of Boeing