The company said Thursday about $200 million of that savings will go to research-and-development programs and capital expenditures this year in addition to $100 million in funds that will be invested into Lockheed’s venture capital fund.
Chris Moran, vice president and general manager of Lockheed Martin Ventures, said Wednesday during a roundtable with reporters the additional investment will boost its venture arm’s funding to $200 million to support startups that develop technologies in cyber, artificial intelligence, autonomy and sensor technologies, among other areas.
The venture fund has made an investment in nTopology, which developed a software platform – Element – designed to support additive manufacturing operations.
Lockheed will infuse $100 million of the savings into employee training and educational programs in the next five years and $50 million into science, technology, engineering and math efforts that include the creation of the Lockheed Martin STEM Scholar Fund.
The company will also unveil the Lockheed Martin Innovation Prize competition through a $10 million investment.