The Boeing Company has launched a new venture arm called HorizonX, an innovation cell focused on accelerating potentially transformative aerospace technologies, manufacturing innovations, and emerging business models.
Boeing also announced its first two investments through HorizonX. One is Upskill, a provider of enterprise software for augmented reality wearables focused on enhancing productivity and safety in manufacturing, field service, and logistics. The other is Zunum Aero, which is pursuing the development of alternative propulsion aircraft, with potential for performance and efficiency improvements across aerospace applications.
“Our ability to identify, shape and harness game-changing innovations wherever they are developed is key to sustaining and growing our leadership in aerospace,” said Dennis Muilenburg, Boeing CEO. “Boeing HorizonX is tasked with ensuring we are fully engaged with opportunities from early-stage companies, market trends and emerging technologies while also fostering more rapid and effective internal innovation.”
HorizonX is led by Steve Nordlund, who takes this role after serving as vice president of strategy for Boeing Defense, Space & Security. He will report to Greg Smith, chief financial officer and executive vice president of Corporate Development & Strategy at Boeing, and Boeing’s chief technology officer and senior vice president of Boeing Engineering, Test & Technology, Greg Hyslop.
“The Boeing HorizonX team will build on Boeing’s advanced technology and depth of aerospace expertise in design, development and manufacturing while bringing in outside perspectives and leveraging the speed and agility of a wide range of companies and research organizations,” Smith said. “As part of our company strategy to accelerate growth and productivity, we intend to be flexible and move quickly to identify technologies, business models and market opportunities that hold the promise of creating and delivering more value for our customers and other stakeholders.”