National Security Strategic Investment Fund

The National Security Strategic Investment Fund (NSSIF) is the UK Government's deep tech venture capital fund for National Security and Defence (NS&D), founded in 2018 as a partnership between the Department for Science, Innovation and Technology (DSIT) and the British Business Bank. It invests directly in early-stage, dual-use technology companies — taking minority equity stakes through syndicated rounds, typically from Seed to early growth stages — and indirectly through a fund-of-funds programme in aligned venture capital funds. NSSIF's four core technology themes are: AI & Data (including edge AI, autonomy, and advanced analytics); Quantum, Semiconductors & Advanced Compute; Space & Comms (satellites, in-orbit services, advanced communications); and Emerging Technology (engineering biology, advanced materials, novel power and energy). It also funds targeted R&D work programmes connecting portfolio companies with government end-users, and delivers strategic market insight to NS&D policymakers. As of June 2023, NSSIF had committed £220m to British Business Bank-backed funds and reported crowding in £600m of private investment alongside its own capital. NSSIF primarily invests in UK-based companies and those in strategically allied countries.