{"id":136699,"date":"2026-01-14T11:43:09","date_gmt":"2026-01-14T10:43:09","guid":{"rendered":"https:\/\/www.we-wealth.com\/news\/la-difesa-come-il-dual-usage-muove-i-capitali-privati"},"modified":"2026-01-14T15:19:49","modified_gmt":"2026-01-14T14:19:49","slug":"defense-how-dual-use-moves-private-capital-2","status":"publish","type":"news","link":"https:\/\/www.we-wealth.com\/en\/news\/defense-how-dual-use-moves-private-capital-2","title":{"rendered":"Defense: how dual use moves private capital"},"content":{"rendered":"\n<p>Growing global tensions and the need for strategic autonomy are driving innovation in defense, transforming the sector from a government stronghold to fertile ground for high-tech startups with dual-use solutions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Defense in Europe<\/h2>\n\n\n\n<p>In 2024, member states&#8217; defense spending reached <strong>\u20ac343 billion<\/strong> and is expected to reach an estimated \u20ac381 billion in 2025. This represents an increase of <strong>62.8% between 2020 and 2025<\/strong>. In 2024, <strong>investment in the defense sector<\/strong> grew at an exceptional rate, reaching a record \u20ac106 billion, while the <strong>2025 closing estimate stands at \u20ac130 billion<\/strong>, a 150% increase in Member States&#8217; defense investment between 2020 and 2025. (<a href=\"https:\/\/www.consilium.europa.eu\/it\/policies\/defence-numbers\/\">Council of the European Union, Jan. 2026<\/a>).<\/p>\n\n\n\n<p>Focusing on the world of startups, funding for European defense startups has reached \u20ac2.4 billion since 2022, with \u20ac1.4 billion in the first seven months of 2025 alone (PitchBook, Sept. 2025). This surge is fueled by the demand for dual-use technologies, applicable in both civilian and military contexts, and by the push towards artificial intelligence, cybersecurity, robotics, and space technologies (Economy Magazine, Sept. 2025).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Italian excellence<\/h2>\n\n\n\n<p>Although Italy is not a historical giant in defense venture capital, it is showing significant growth, supported by a growing innovation ecosystem. Here are five Italian startups to watch, with strong dual-use potential:<\/p>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-ad2f72ca wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1468\" height=\"321\" src=\"https:\/\/wewealth.fra1.digitaloceanspaces.com\/2026\/01\/EXEIN.png\" alt=\"Logo &quot;exein&quot; nero in lettere minuscole, con la &quot;i&quot; stilizzata come un &quot;1&quot; rovesciato. A sinistra, due rombi intrecciati formano un disegno unico. Lo sfondo \u00e8 bianco.\" class=\"wp-image-136657\" style=\"width:476px;height:auto\"\/><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/www.exein.io\/\"><strong>Exein<\/strong><\/a>: this embedded cybersecurity scaleup raised \u20ac100 million in a round in December 2025, bringing its 2025 total to \u20ac170 million (Reuters, Dec. 2025). Its specialization in <strong>on-device artificial intelligence security<\/strong> makes it crucial for protecting sensitive infrastructure and systems.<\/p>\n<\/div>\n\n\n\n<br>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-ad2f72ca wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"224\" src=\"https:\/\/wewealth.fra1.digitaloceanspaces.com\/2026\/01\/Screenshot-2026-01-14-at-101929.png\" alt=\"Il testo bianco su sfondo nero recita &quot;DEEPGEO.AI&quot; in caratteri geometrici e in grassetto, con la lettera &quot;O&quot; stilizzata come una spilla di posizione con una croce all'interno.\" class=\"wp-image-136658\" style=\"width:568px;height:auto\"\/><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/www.deepgeo.ai\/login\/?next=\/\">Deepgeo ai<\/a>: the only Italian startup selected for the NATO Diana 2024 program, develops solutions based on AI and sensor fusion for mine clearance operations, with projects in Ukraine, Israel, and the United States.<\/p>\n<\/div>\n\n\n\n<br>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-ad2f72ca wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"978\" src=\"https:\/\/wewealth.fra1.digitaloceanspaces.com\/2026\/01\/Kurs-orbital-scaled.png\" alt=\"Logo di &quot;KURS Orbital&quot; con testo stilizzato. La &quot;K&quot; assomiglia a un percorso orbitale con un arco circolare e due piccoli quadrati, che suggeriscono un movimento spaziale o orbitale.\" class=\"wp-image-136659\" style=\"width:491px;height:auto\" srcset=\"https:\/\/www.we-wealth.com\/wp-content\/uploads\/2026\/01\/Kurs-orbital-scaled.png 2560w, https:\/\/www.we-wealth.com\/wp-content\/uploads\/2026\/01\/Kurs-orbital-300x115.png 300w, https:\/\/www.we-wealth.com\/wp-content\/uploads\/2026\/01\/Kurs-orbital-1024x391.png 1024w, https:\/\/www.we-wealth.com\/wp-content\/uploads\/2026\/01\/Kurs-orbital-768x294.png 768w, https:\/\/www.we-wealth.com\/wp-content\/uploads\/2026\/01\/Kurs-orbital-1536x587.png 1536w, https:\/\/www.we-wealth.com\/wp-content\/uploads\/2026\/01\/Kurs-orbital-2048x783.png 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/kursorbital.com\/\">Kurs Orbital<\/a>: specializing in space technology, it offers standardized modules for docking maneuvers and space debris management, in partnership with the ESA. Space applications are inherently dual-use.<\/p>\n<\/div>\n\n\n\n<br><br<br>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-ad2f72ca wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"195\" src=\"https:\/\/wewealth.fra1.digitaloceanspaces.com\/2026\/01\/aiko.webp\" alt=\"L'immagine mostra un logo geometrico nero che ricorda il simbolo dell'infinito accanto alla parola maiuscola &quot;AIKO&quot; su sfondo bianco.\" class=\"wp-image-136661\" style=\"width:470px;height:auto\"\/><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/aikospace.com\/\">Aiko<\/a>: develops artificial intelligence-based software solutions for the automation of space applications, in particular <strong>satellite propulsion systems<\/strong>.<\/p>\n<\/div>\n\n\n\n<br><br<br>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-ad2f72ca wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"550\" height=\"76\" src=\"https:\/\/wewealth.fra1.digitaloceanspaces.com\/2026\/01\/WSENSE.png\" alt=\"Logo con un'icona di segnale wireless blu a sinistra, seguita dal testo &quot;W - SENSE&quot; in lettere maiuscole grigie, con un punto blu che separa &quot;W&quot; e &quot;SENSE&quot; su uno sfondo grigio chiaro.\" class=\"wp-image-136662\" style=\"width:517px;height:auto\"\/><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/wsense.it\/\" target=\"_blank\" rel=\"noreferrer noopener\">WSense<\/a>: specializes in underwater wireless communications and monitoring systems. It raised \u20ac9 million in a round in 2024, with clear applications for maritime surveillance and naval operations.<\/p>\n<\/div>\n\n\n\n\n\n<h2 class=\"wp-block-heading\">International startups to watch<\/h2>\n\n\n\n<p>Internationally, the excitement is even more palpable, with several companies already achieving significant valuations:<\/p>\n\n\n\n<div class=\"wp-block-group is-content-justification-space-between is-nowrap is-layout-flex wp-container-core-group-is-layout-ee120a7c wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1459\" height=\"388\" src=\"https:\/\/wewealth.fra1.digitaloceanspaces.com\/2026\/01\/HELSING.png\" alt=\"Logo di testo nero che recita &quot;Helsing&quot;, con la prima lettera stilizzata in tre barre verticali, la barra centrale contenente una piccola linea verticale.\" class=\"wp-image-136663\" style=\"width:540px;height:auto\"\/><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/helsing.ai\/\" target=\"_blank\" rel=\"noreferrer noopener\">Helsing<\/a>\u00a0(Germany): Founded in 2021, it focuses on the\u00a0<strong>application of advanced algorithms to defense systems<\/strong>, with a software-first approach. It has already raised around \u20ac1.36 billion and exceeded \u20ac1 billion in valuation.<\/p>\n<\/div>\n\n\n\n<br>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-9123dee2 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1341\" src=\"https:\/\/wewealth.fra1.digitaloceanspaces.com\/2026\/01\/QS-Logo-scaled.jpg\" alt=\"Il testo nero in grassetto su sfondo bianco recita &quot;QUANTUM SYSTEMS&quot; in un font moderno e futuristico con un design unico e angolare delle lettere.\" class=\"wp-image-136664\" style=\"width:425px;height:auto\" srcset=\"https:\/\/www.we-wealth.com\/wp-content\/uploads\/2026\/01\/QS-Logo-scaled.jpg 2560w, https:\/\/www.we-wealth.com\/wp-content\/uploads\/2026\/01\/QS-Logo-300x157.jpg 300w, https:\/\/www.we-wealth.com\/wp-content\/uploads\/2026\/01\/QS-Logo-1024x536.jpg 1024w, https:\/\/www.we-wealth.com\/wp-content\/uploads\/2026\/01\/QS-Logo-768x402.jpg 768w, https:\/\/www.we-wealth.com\/wp-content\/uploads\/2026\/01\/QS-Logo-1536x804.jpg 1536w, https:\/\/www.we-wealth.com\/wp-content\/uploads\/2026\/01\/QS-Logo-2048x1073.jpg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/quantum-systems.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Quantum Systems<\/a>\u00a0(Germany): specializing in\u00a0<strong>reconnaissance\u00a0<\/strong>and combat drones, it too has surpassed the billion-euro valuation threshold.<\/p>\n<\/div>\n\n\n\n<br>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-64989fb1 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"176\" src=\"https:\/\/wewealth.fra1.digitaloceanspaces.com\/2026\/01\/ANDURIL.png\" alt=\"Una persona in abito da lavoro con in mano una valigetta sale una scala fatta di grandi libri, simbolo di istruzione e avanzamento di carriera, verso una porta illuminata dalla luce. Lo sfondo \u00e8 scuro, a sottolineare il viaggio.\" class=\"wp-image-136665\" style=\"width:386px;height:auto\"\/><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/www.anduril.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Anduril<\/a>\u00a0(US): a leader in AI-based defense systems, raised $2.5 billion in a Series G round in June 2025, reaching a valuation of $30.5 billion.<\/p>\n<\/div>\n\n\n\n<br>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-9123dee2 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1149\" height=\"162\" src=\"https:\/\/wewealth.fra1.digitaloceanspaces.com\/2026\/01\/Tekever.png\" alt=\"L'immagine mostra la parola &quot;Tekever&quot; in un carattere rosso moderno e audace con un effetto sfumato lucido su uno sfondo grigio chiaro.\" class=\"wp-image-136666\" style=\"width:569px;height:auto\"\/><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/www.tekever.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Tekever<\/a>\u00a0(Portugal): develops solutions for\u00a0<strong>maritime and land surveillance<\/strong>\u00a0using drones and has exceeded \u20ac1 billion in valuation.<\/p>\n<\/div>\n\n\n\n<br>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-9123dee2 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"784\" height=\"392\" src=\"https:\/\/wewealth.fra1.digitaloceanspaces.com\/2026\/01\/Screenshot-2026-01-14-at-103112.png\" alt=\"Logo geometrico esagonale nero con linee angolari a sinistra, accanto a un testo in grassetto che recita &quot;ARX ROBOTICS&quot; in lettere maiuscole su sfondo bianco.\" class=\"wp-image-136667\" style=\"width:480px;height:auto\"\/><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/www.arx-robotics.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Arx robotics<\/a>\u00a0(Germany): manufactures\u00a0<strong>autonomous vehicles<\/strong>\u00a0for defense, used for transporting loads, surveillance, and training, already employed by European armies and in Ukraine.<\/p>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Opportunities for private markets<\/strong><\/h2>\n\n\n\n<p>Private equity is gradually overcoming its traditional caution towards the defense sector. Factors such as growing global instability and NATO\u2019s goal of allocating at least 2% of GDP to defense, with an ambitious target of 5% by 2035 (source: Bain &amp; Company, July 2025), are making the sector more attractive. Bain &amp; Company Italia\u2019s analysis estimates that&nbsp;<strong>the European defense market is set to grow from \u20ac375 billion to \u20ac635 billion<\/strong>, offering significant opportunities for SMEs through M&amp;A and LBO transactions. The rationalization of spending and the push for innovation on a supranational scale could favor consolidation and the entry of new players, supported by private capital, especially in a context of seeking efficiency and industrial autonomy.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The current geopolitical landscape has triggered an epoch-making transformation, redefining sectors traditionally perceived as far removed from the dynamism of private markets. Defense, in particular, is emerging from a long period of dormancy, attracting unprecedented attention from venture capital and private equity.<\/p>\n","protected":false},"author":71973,"featured_media":132589,"template":"","categories":[3779,3780],"tags":[4000,4001,3782,4002,3768],"collana-video":[],"class_list":["post-136699","news","type-news","status-publish","has-post-thumbnail","hentry","category-private-market-istituzionali","category-venture-capital","tag-defence","tag-europe","tag-private-markets","tag-startups","tag-venture-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Defense: how dual use moves private capital | WeWealth<\/title>\n<meta name=\"description\" content=\"The current geopolitical landscape has triggered an epoch-making transformation, redefining sectors traditionally perceived as far removed from the dynamism of private markets. 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