US Space Force Signs Cooperative Agreement With Venture Capital Firm

Los Angeles-based Embedded Ventures on Wednesday announced that it has signed a cooperative agreement with the U.S. Space Force to “collaboratively investigate the potential benefits of leveraging venture capital investment practices to accelerate the pace of change and innovation.” This marks the Space Force’s first cooperative agreement with a VC firm.

Under the Cooperative Research and Development Agreement, the California VC firm will be working with SpaceWERX, a new Space Force organization created to build ties with commercial industry and startups. The two parties will also examine the Space Force’s existing business relationships to define future methods for investment into the VC ecosystem, the company said.

Embedded Ventures, which is noted for investing in space startups, said the CRADA enables the partners to collaborate on research and development opportunities in preparation for an expanded space economy while advancing U.S. national security interests. The firm did not specify the other terms and duration of the agreement.

Col. Walter McMillan, director of SpaceWERX, expressed enthusiasm over the agreement with the VC firm, saying that he anticipates a highly collaborative and efficient workflow between the two parties.

Embedded Ventures was founded in Nov. 2020 by tech entrepreneurs Jenna Bryant and Jordan Noone. The firm has not named the space ventures it will be funding but said they will be companies in the space infrastructure sector, specifically those developing dual-use technologies for commercial and government applications.

Mandy Vaughn, former president of Virgin Orbit’s VOX Space, is an operating partner at Embedded Ventures and helped develop the agreement. Vaughn has argued for changes in the government procurement culture so it can take advantage of emerging technologies and services from the commercial space industry, SpaceNews reported Wednesday.