Scout Ventures has closed its fifth fund with $125 million in commitments, according to an announcement released March 10. The Austin-based venture capital firm the fund will be used to invest in companies building technologies tied to national security and defence.
Fund V will focus on startups working in artificial intelligence, autonomous systems, space infrastructure, cyber, quantum technologies, and advanced power systems. These areas have become central to modern defence planning, particularly as governments place greater emphasis on technological superiority and industrial resilience as part of deterrence strategy.
“This oversubscribed raise reflects the growing recognition of Scout’s position at the intersection of national security and critical technologies,” Cody Huggins, partner at Scout Ventures, said in a statement. “We’re grateful for the continued support from our existing investors and pleased to welcome new institutional partners who share our focus on backing founders working on problems that matter for both commercial and defence markets.”
Scout Ventures often backs companies founded by veterans or entrepreneurs with operational experience in the military and intelligence communities. The firm argues that founders with direct exposure to defence missions are better positioned to build technologies suited for real operational environments.
Recent exits and milestones in the firm’s portfolio include the acquisition of Tomahawk Robotics by AeroVironment, the June 2025 initial public offering of Voyager Technologies, and identity verification platform ID.ME reaching unicorn status.
“Scout Ventures doesn’t just write checks,” said Paul Lwin, chief executive and co-founder of portfolio company Havoc AI. “Their network and understanding of how systems scale in contested environments make them more than a capital partner.”
The firm’s broader investment thesis centers on the idea that modern deterrence increasingly depends on technological advantage and the ability to scale new capabilities quickly. Fund V will seek companies building the underlying infrastructure needed for future defence systems, particularly in software-driven autonomy, advanced computing, and power generation.
