A Boeing logo is seen at the company's facility in Everett, Washington, U.S., Jan. 21, 2020. REUTERS/Lindsey Wassonsaid on Thursday it plans to spin off its venture capital arm, HorizonX, to forge a broader external investment fund, in a deal said by sources to value the unit at several hundred million dollars.
The move accelerates efforts by Boeing to deepen the pipeline of technology available to the U.S. aerospace giant, and will ease the burden of supporting future growth of HorizonX, which has invested in more than a dozen companies. It will continue to hold smaller stakes in any follow-on funds bringing in more entrepreneurial capital.
But analysts have questioned the ability of traditional aerospace firms to provide the increasing amounts of time and capital needed to generate meaningful advances in technologies like robotics and mobility.Boeing additionally faces pressure on its balance sheet from some $60 billion in debt accumulated as the company grappled with a nearly two-year safety ban of its 737 MAX, compounded by the coronavirus pandemic.
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