The Estonian government is launching a defense industry fund valued at €50 million to invigorate the sector. However, uncertainty looms among industry leaders regarding the fund’s operational details, as reported by the ETV (Estonian public broadcaster) news show ‘Aktuaalne kaamera’ (AK).
According to proponents, the fund will directly invest in companies specializing in defense technologies, alongside contributions from private investors.
Tiit Riisalo, the IT and Foreign Trade Minister, explained to AK that the fund’s primary objective is to support high-tech defense industries, although it won’t encompass every sector within the defense industry.
He estimated the number of companies within the Defense and Aerospace Technology association to be nearly 300.
Tiit Riisalo, the IT and Foreign Trade Minister, explained to AK that the fund’s primary objective is to support high-tech defense industries, although it won’t encompass every sector within the defense industry.
He estimated the number of companies within the Defense and Aerospace Technology association to be nearly 300.
Marko Kaseleht, CEO of SensusQ, a company focusing on intelligence management systems, raised questions about the fund’s relationship with NATO’s innovation fund.
He noted the challenges in securing support for lethal technologies and expressed relief upon learning that such technologies are eligible for funding under the new initiative.
SensusQ, founded four years ago and operating in Ukraine and other countries, represents a segment of technology companies associated with the Estonian Founders Society.
Allan Martinson, the society’s president, emphasized the burgeoning community of Estonian-led defense technology companies and stressed the need for resources to facilitate development.
Karin Punning, CEO of Englo, a company with three decades of experience in manufacturing sensors and demolition devices for construction and defense, echoed the plea for increased resources to support development endeavors, citing the lengthy nature of such processes.
By July 4, the government plans to establish the initiative’s criteria, with venture capital fund manager SmartCap providing oversight.
He noted the challenges in securing support for lethal technologies and expressed relief upon learning that such technologies are eligible for funding under the new initiative.
SensusQ, founded four years ago and operating in Ukraine and other countries, represents a segment of technology companies associated with the Estonian Founders Society.
Allan Martinson, the society’s president, emphasized the burgeoning community of Estonian-led defense technology companies and stressed the need for resources to facilitate development.
Karin Punning, CEO of Englo, a company with three decades of experience in manufacturing sensors and demolition devices for construction and defense, echoed the plea for increased resources to support development endeavors, citing the lengthy nature of such processes.
By July 4, the government plans to establish the initiative’s criteria, with venture capital fund manager SmartCap providing oversight.
Source: ERR
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