JPMorgan Chase reports $5 billion in startup investments in first year of security initiative
Overview
JPMorgan Chase says it has made $5 billion in startup investments in the first year of its U.S. security and resiliency initiative, ahead of the pace it expected.
The bank announced a $10 billion, decade-long target last year.
JPMorgan co-president Doug Petno told CNBC the bank may expand the program beyond the $10 billion figure. The investments cover defense, manufacturing and supply chain firms. In August, the bank helped lead a $1.4 billion funding round for Hadrian, which builds automated factories that make parts for the defense, aerospace and maritime sectors. That month it was also involved in a $1 billion round for Castelion, maker of the Blackbeard hypersonic missile.
Written by AI from the articles below · updated Oct 19, 6:53 AM ET
Check the sources:
Article timeline
The articles in this story. Times are ET.
- CNBC · TechnologyNewsJPMorgan Chase has invested $5 billion in defense and manufacturing startups in its first year
AIJPMorgan Chase says it has made $5 billion in startup investments in the first year of its U.S. security and resiliency initiative, faster than expected. The bank has taken direct stakes in defense-related startups Hadrian, which builds automated factories, and Castelion, which makes the Blackbeard hypersonic missile. JPMorgan co-president Doug Petno says the program may expand beyond its $10 billion, decade-long target.
Heat Trend
Not enough continuous observations to show a trend yet.