Bismarck Brief

Bismarck Brief

Share this post

Bismarck Brief
Bismarck Brief
The CIA's Venture Capital Arm
Copy link
Facebook
Email
Notes
More

The CIA's Venture Capital Arm

In-Q-Tel funds startups with tools and projects near completion that could be useful to U.S. military or intelligence agencies. This goal has made it unusually effective at government procurement.

Samo Burja's avatar
Samo Burja
Mar 20, 2024
∙ Paid
24

Share this post

Bismarck Brief
Bismarck Brief
The CIA's Venture Capital Arm
Copy link
Facebook
Email
Notes
More
1
Share
Chris Darby, In-Q-Tel CEO from 2006 to 2023, accepts a CIA award in 2022. Photo from In-Q-Tel. Source.

In-Q-Tel, often abbreviated IQT, is a U.S. government-funded venture capital organization that finances technology for the CIA and other U.S. intelligence and military organizations. It is a decent-sized investor, with net assets of just under a billion dollars as of 2022.1 It was originally founded in 1999 to produce enterprise software and information technology for the CIA’s use, which it did successfully, especially in the field of computer security software. In-Q-Tel also played a role in incubating companies like Palantir and Keyhole, a mapping and imaging company which became Google Earth after its acquisition by Google. It has invested in major open-source and backend software companies like GitLab, MongoDB, and Databricks, the latter of which is considered to be the fifth-most valuable unicorn company in the world with a valuation of $43 billion as of February 2024.2 Over time, In-Q-Tel has also branched out into backing a wider variety of technologies ranging from batteries to biotechnology, with more limited results. In-Q-Tel is often compared to DARPA, another U.S. program responsible for technology development with military and intelligence applications. However, their missions and strategies are very different.

This post is for paid subscribers

Already a paid subscriber? Sign in
© 2025 Samo Burja
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share

Copy link
Facebook
Email
Notes
More