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Boeing launches new venture capital arm, HorizonX to help startups fly high

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CIOL Boeing launches new venture capital arm, HorizonX to help startups fly high

Boeing joins the league of big companies investing in rapidly evolving technology startups. The company on Wednesday announced a brand new venture capital arm which has already invested in two tech startups.

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Boeing's new division, known as HorizonX, invested in Upskill, a Washington, D.C.-based software company that uses Google Glass-type eyewear to help assembly workers with complex tasks such as creating wiring bundles for Boeing jetliners. It also invested in Zunum Aero, a Seattle-area company that is working on electric-hybrid aircraft aimed at bringing down the cost of flying to regional airports.

Upskill has been involved with Boeing for well over two years, and the company’s systems have already move beyond pilot tests and into production. The startup also counts General Electric as its backers and has shown massive, triple digit growth.

"..this initiative represents a multi-year commitment by Boeing to spend tens of millions of dollars a year to advance innovation and to supplement our research and development efforts. While the levels of investment generally are not material to Boeing’s financials, they generally will be to our target investments," said Boeing spokesperson Chaz Bickers.

Boeing isn't looking at profit from the ventures directly but instead to access technology used in autonomous vehicles, machine learning, additive manufacturing and wearable devices, said Steve Nordlund, Boeing vice president who heads HorizonX. Nordlund was formerly vice president of strategy for Boeing's defence, space and security business and was involved in launching drone-maker Insitu Inc, which Boeing acquired in 2008.