National Security Strategic Investment Fund

United Kingdom · Europe · Founded 2018 · Strategic development fund · Not an IFSWF member

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Focus

National Security Strategic Investment Fund: what it invests in

TechnologyIndustrials and manufacturingTelecoms and media

Venture capital

Geography Domestic and global

Scale

National Security Strategic Investment Fund: how big it is, and on what basis

Not disclosed

Committed or authorised capital

Transparency

National Security Strategic Investment Fund: what it publishes

3.0 of 10 Band 2 of 5

Published 1 · Partly 4 · Not published 5

Our 10 item score. It measures what is public, not how well a fund is run.

Private capital crowded inS3: GBP 600M
Jobs created directlyS3: 3,000
Programmes adopted by governmentS3: 40%
FoundedS1: 2018
Stage focusS4: Seed to early growth
Transparency scoreS3: 3 of 10

At a glance. NSSIF is the UK Government's deep tech venture capital fund for national security and defence, founded in 2018. It backs dual-use start-ups directly at seed and early growth, invests through venture funds, and pairs companies with government users to trial their technology. It does not publish its size, but says it has drawn GBP 600M of private money alongside its own. S3 S4 S1

Key points

40 percent of its work programmes led to adoption by UK government customers. S3
Reports 3,000 jobs created directly and up to 70,000 supported indirectly. S3
Portfolio spans quantum computing, space, autonomy, photonics and secure data. S5
Joined the NATO DIANA Capital Network as an inaugural investor member in September 2026. S3
Backed Greenjets' USD 40M Series A with Blossom Capital and the NATO Innovation Fund in July 2026. S3
Prioritises UK SMEs but also holds US, Canadian and Finnish companies. S4 S5

Interesting facts

Its portfolio includes ICEYE, which runs a large radar satellite constellation. S5
Delta.g, a portfolio company, uses quantum gravity sensing to map underground features. S5
It publishes problem books setting out government technology needs for start-ups. S3

Mandate and goals

Invest in dual-use technology of strategic value to UK national security and defence, and speed its adoption by government. S4

Back early-stage dual-use start-ups. S4
Connect start-ups with government users for trials. S3
Provide insight on emerging technology. S4

How it invests

Industries	Technology, Industrials and manufacturing, Telecoms and media S4 S5
Asset classes	Venture capital S4
Stages	Seed, Venture, Growth S4
Geography	Domestic and global. UK SMEs first, plus allied-country companies S4 S5
Direct / through funds / co-invest	Yes / Yes / Yes S4
Ticket size	No ticket range published; joins rounds such as a USD 40M Series A S3
External managers	Invests indirectly through leading venture capital funds S4
Co-investment programme	Co-invests with private VCs and allied government investors S3

Published criteria

Dual-use technology relevant to national security and defence. S4
Seed and early growth stage. S4
Priority for UK SMEs. S4

Past investments

Year	Investment	Type	Sector	Stage	Amount
2026	Duality Technologies. Strategic investment as the privacy-enhancing data firm moved into production with defence customers. S3	Direct investment	Technology	Growth	Not published
2026	Greenjets. Joined the round for the British aerospace propulsion company. S3	Co-investment	Industrials and manufacturing	Venture	USD 40M Series A (round)
2025	TEKEVER. Took part in a round to expand the drone maker's research and UK presence. S3	Co-investment	Industrials and manufacturing	Growth	EUR 70M round
Not published	ICEYE. Radar satellite operator providing all-weather Earth observation. S5	Direct investment	Technology	Growth	Not published
Not published	PsiQuantum. Photonic quantum computing company. S5	Direct investment	Technology	Growth	Not published
Not published	Archangel Lightworks. Laser communications linking space and ground networks. S5	Direct investment	Telecoms and media	Venture	Not published
Not published	ClearSpace. In-orbit servicing, inspection and debris removal. S5	Direct investment	Industrials and manufacturing	Venture	Not published
Not published	Delta.g. Quantum gravity sensing for underground features. S5	Direct investment	Technology	Venture	Not published
Not published	Kraken Technology Group. Autonomous maritime vessels for defence and commercial use. S5	Direct investment	Industrials and manufacturing	Venture	Not published
Not published	Nu Quantum. Quantum networking infrastructure. S5	Direct investment	Technology	Venture	Not published
Not published	Orca Computing. Modular photonic quantum systems. S5	Direct investment	Technology	Venture	Not published
Not published	Quantum Motion. Silicon CMOS quantum computers. S5	Direct investment	Technology	Venture	Not published
Not published	Oxford Space Systems. Deployable satellite antennas and structures. S5	Direct investment	Industrials and manufacturing	Venture	Not published
Not published	Photonic. Networked quantum computer using silicon spin qubits. S5	Direct investment	Technology	Venture	Not published

Case studies

TEKEVER drone funding round S3

What: Took part in a EUR 70M round for the uncrewed aircraft maker.
When: November 2025
Size: EUR 70M round
Why: Speed up research and product work and grow the UK footprint.
Outcome: Highlighted by NSSIF as an impact example.

Greenjets Series A S3

What: Co-invested with Blossom Capital and the NATO Innovation Fund.
When: July 2026
Size: USD 40M round
Why: Back next-generation aviation propulsion and launch technology.
Outcome: Joined the portfolio.

A quantum technology cluster S5

What: Holdings across quantum computing, networking and sensing in the UK and abroad.
When: Since 2018
Size: Not published
Why: Quantum is a strategic national security technology.
Outcome: Stakes in PsiQuantum, Orca, Quantum Motion, Nu Quantum, Photonic and Delta.g.

Investment process

Run as a partnership of the national security and defence community and the business department, led by a CEO. S1 S6

Founder gets in touch via the website. S4
Direct equity or fund route. S4
Trials with government users. S3

How to approach: Founders can contact the team through the website; FAQs and problem books are online. S4

Size and returns

Headline size: Not disclosed (Committed or authorised capital) S3
Private investment crowded in: GBP 600M (Published estimate) S3
Returns: the fund does not publish a return figure.

Leadership

Name	Title
Paloma McGuiness	Chief Executive Officer S6 S3

Governance and transparency

Legal basis: UK Government programme founded in 2018 S1
Oversight: National security and defence community and the Department for Business Innovation Science and Trade S1
No annual report or separate financial statements published. S3

Transparency score: 3.0 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.

Published: regular reporting schedule. S3
Partly published: asset allocation, geographic or sector split, holdings or deal list, governance and mandate documents. S4 S5
Not published: total assets, annual return, long-term returns, audited financial statements, named leadership. S1 S3

History

Date	Event
2018	NSSIF founded. S1
2025-11-19	TEKEVER round. S3
2026-07	Paloma McGuiness confirmed as permanent CEO. S6
2026-07-17	Greenjets Series A. S3
2026-07-20	Duality investment. S3
2026-09-22	Joined NATO DIANA Capital Network. S3

For family offices

Co-invests with private VCs in defence and dual-use rounds, so specialist investors may meet NSSIF on the cap table. S3 S4

Joins rounds led by private venture firms. S3
Backs aligned venture funds. S4

Common questions

What is NSSIF?

The UK Government's deep tech venture fund for national security and defence, founded in 2018. S1

How big is it?

Fund size is not published; it reports GBP 600M of private money crowded in. S3

What stage does it invest at?

Seed and early growth. S4

Who leads it?

Chief Executive Officer Paloma McGuiness. S6

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All sovereign wealth funds in Europe · All strategic development funds · All funds in United Kingdom

Sources

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