NASA enters venture capital partnership

NASA says it has joined with Red Planet Capital Inc. of San Mateo, Calif., to gain access to new and innovative scientific technologies.

National Aeronautics and Space Administration officials said Red Planet, a non-profit organization, will establish a strategic venture capital fund to provide the agency earlier and broader exposure to emerging technologies.

The program is designed to promote the future availability of technologies with both government and commercial applications that can meet NASA's future mission requirements, officials said.

Red Planet Capital will use venture capital and a NASA investment of approximately $75 million during a 5-year period to attract private sector innovators and investors who typically have not done business with the agency.

Copyright 2006 by United Press International