Protego Ventures has successfully closed its debut venture fund, securing $125 million. The firm, which identifies as the largest dedicated defense venture capital fund in Israel, intends to deploy this capital into startups specializing in artificial intelligence, autonomous systems, drones, and sensor technologies.
The fund was established by co-founders Lital Leshem and Lee Moser, who leverage their experience in Israeli military intelligence and international defense relations. Their network includes partnerships with major entities such as Lockheed Martin, Elbit Systems, Israel Aerospace Industries, NATO allies, and the U.S. Department of Defense.
The investment strategy targets early-growth companies that already possess functional technology and an existing customer base. Protego aims to provide these startups with the necessary capital, market access, and strategic defense relationships required to scale their operations globally.
A notable example of the firm's investment model is its lead role in the $70 million Series B round for XTEND, an autonomous robotics company. XTEND, which developed the XOS operating system for drones and robots, later achieved a valuation of $1.5 billion upon its public listing on the New York Stock Exchange.
The current portfolio includes companies like ASIO, which focuses on navigation for contested environments, Prisma Photonics, which utilizes fiber-optic cables for infrastructure monitoring, and Rilian, a developer of AI systems for mission-controlled operations. The firm is already planning a second fund to expand its reach into the United States.
