Boeing (NYSE: BA) has teamed up with AE Industrial Partners to create AEI HorizonX, an independent venture capital group that will combine the aerospace, technology and private equity expertise of both companies to promote start-up innovation.
Boeing said Thursday AEI HorizonX will further support sustainability and will focus on investments in connectivity, space, mobility, digital and industrial technologies.
Marc Allen, chief strategy officer and senior vice president of strategy and corporate development at Boeing, said the new venture will expand Boeing’s existing HorizonX investments.
HorizonX originally launched in 2017 to support startups focusing on aerospace technologies and now has a global portfolio of 40 companies.
“The partnership with AEI and future partners broadens our investor base, enables HorizonX to invest at a rapid pace and gives Boeing access to more outside innovation than ever through this investment collaboration,” Allen said.
Brian Schettler, who leads HorizonX at Boeing, will transfer with his team and portfolio to AEI HorizonX. Boeing will remain a strategic investor for the newly established capital group, which will have its first independent fund in 2022.