LMI Ventures, the new venture capital fund created by LMI, will focus on key technology areas that could benefit the company's customers and seek to make small bets in early-stage companies, according to LMI's chief executive.
Speaking to Inside Defense last week, David Zolet said the company was spurred to establish the fund because “we believe that there are technology companies out there that are developing capability . . . that our customers could benefit from.
"What we decided to do is put a little money aside out of [LMI Research Institute]," he said.
Last month, LMI announced it had hired Ian Folau to manage LMI Ventures.
Zolet declined to say exactly how much LMI Ventures plans to invest, but said the company would be seeking to make small bets and focused on early-stage companies.
LMI said it provides "seed to Series A funding up to and potentially beyond $500,000."
Zolet said the effort would embrace the "fail fast" idea. "If it's not going to work, we'll move on," he told Inside Defense.
Zolet said the company would seek exclusivity in the government marketplace from the companies in which it invests.
Its focus will be on early-stage tech product companies specializing in healthcare management, risk management, human resources management, supply chain technology, predictive analytics and data management.