NATO DIANA announces first tranche of investors

NATO’s Defence Innovation Accelerator for the North Atlantic (DIANA) has revealed the first tranche of investors for its Capital Network platform – launched in May – to help defence startups attract more investment and survive the so-called ‘valley of death’. 

A total of 24 companies and institutions comprise the first tranche, including Lockheed Martin, the NATO Innovation Fund, SecFund Netherlands, and the UK’s National Security Strategic Investment Fund, DIANA announced on 21 September. 

What is NATO DIANA’s Capital Network? 

The investor platform – known as Capital Network – was created to connect NATO-approved investors with DIANA company alumni. 

“The network is a curated, trust-based environment designed to reduce security, reputational, and syndication risks for both innovators and investors,” a spokesperson for DIANA told DSEI Gateway in May. 

It represents a “win-win” for investors and companies, Jyoti Driver – who has served as Acting Managing Director of NATO DIANA since January 2026 – told DSEI Gateway during an interview on 18 September.  

By bringing investors together with companies, the network will help DIANA achieve its goals of getting “more cash into startups, more contracts placed, and more capabilities fielded”, she explained. 

The network itself is designed to leverage private investor’s greater appetite for risk – when compared with defence ministries – against companies that are "effectively de-risked by DIANA,” having tested and evaluated their innovations. 

For startups and SMEs, the platform aims to help these companies secure much-needed finance, as the defence sector’s traditionally long lead times can leave some companies vulnerable while they await contracts.  

Commenting on this, Driver said it can take “three years or longer” before they receive a “defence cheque”, with venture capital able to help plug the gap. 

In terms of investor de-risking, the Capital Network’s venture capital investors are all screened through a “rigorous process,” Driver explained. This is to make sure their sources of finance are legitimate and do not trace back to unfriendly sources. 

Going forward, DIANA plans to bring additional tranches of investors into the network, to continue supporting its alumni as they seek to grow their operations, and scale in defence.