On Friday, Lithuanian Defence Minister Arvydas Anušauskas and his counterparts from 16 other NATO countries signed the Declaration of Intent for the NATO Innovation Fund.
They will seek to agree on the fund's activities, functions and funding model before the NATO summit in Madrid in 2022.
The 1-billion-euro venture capital fund will aim to attract investment from NATO countries as well as major private equity investment and technology companies, the Lithuanian Defence Ministry said in a press release.
The fund will invest in promising start-ups and will help develop and apply emerging technologies, including artificial intelligence, biotechnology, and quantum computing.
The other 16 countries that signed the declaration are Belgium, the Czech Republic, Estonia, Germany, Greece, Hungary, Italy, Latvia, Luxembourg, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia and the United Kingdom.