MD One Ventures: Company Profile

Background

Overview

MD One Ventures, established in 2021, is Europe's first venture capital firm dedicated to national security and dual-use technologies. Based in London, the firm focuses on early-stage investments in European technology companies that develop solutions with applications in both commercial and governmental sectors. Their mission is to support founders who deliver technical advantages to European and allied national security.

Mission and Vision

MD One Ventures aims to enhance national resilience by investing in innovative technologies that address complex security challenges. Their vision is to foster a safer future through strategic partnerships with world-class founding teams, enabling the development of dual-use technologies that serve both commercial and governmental end-users.

Industry Significance

As Europe's first National Security specialist VC, MD One Ventures plays a pivotal role in bridging the gap between defense innovation and commercial technology development. By focusing on dual-use technologies, they contribute to strengthening the technological capabilities of European and allied nations, ensuring strategic autonomy and enhanced security.

Key Strategic Focus

Core Objectives

• Dual-Use Technology Investment: Focus on early-stage companies developing technologies applicable in both commercial and defense sectors.

• European and Allied Security Enhancement: Support innovations that bolster the national security capabilities of European countries and their allies.

• Founder-Friendly Approach: Provide flexible and agile capital allocation, ensuring significant value addition to portfolio companies.

Areas of Specialization

• Cybersecurity: Investing in solutions that protect critical infrastructure and data.

• Artificial Intelligence (AI): Supporting AI applications with national security implications.

• Robotics: Funding advancements in autonomous systems for defense and commercial use.

• Space Technologies: Backing innovations in satellite and space exploration technologies.

• Life Sciences: Investing in biotech solutions with applications in health security.

Key Technologies Utilized

• Digital Metal Forming™ (DMF): A proprietary technology developed by portfolio company Forg3D, combining Wire Arc Additive Manufacturing (WAAM), robotics, AI, and materials science to create large-scale metal parts with precision and efficiency.

• Generative AI Tools: Employed by portfolio company BiFrost to build high-fidelity 3D worlds and synthetic data sets, enhancing AI, simulation, and robotics development across multiple sectors.

Primary Markets Targeted

• European Union: Focusing on member states to enhance regional security capabilities.

• United Kingdom: Investing in UK-based companies with national security applications.

• Allied Nations: Extending support to countries allied with Europe in defense and security matters.

Financials and Funding

Funding History

MD One Ventures has raised a total of $50 million for its inaugural fund, the National Security Innovation Fund 1, launched in February 2025.

Recent Funding Rounds

• Forg3D: In June 2025, MD One Ventures joined Forg3D's seed round as the first external venture capital investor, supporting their innovative approach to sovereign advanced metals manufacturing.

• Milvus Advanced: In October 2025, MD One Ventures participated in Milvus Advanced's seed round, investing alongside other notable investors to support the development of high-performing nanomaterials critical for energy applications.

Notable Investors

While specific details about individual investors are not publicly disclosed, MD One Ventures has attracted a diverse group of investors interested in enhancing national security through technological innovation.

Utilization of Capital

The capital raised is primarily allocated towards early-stage investments in dual-use technology companies, with a focus on sectors such as cybersecurity, AI, robotics, space technologies, and life sciences. The firm emphasizes a founder-friendly approach, providing not only financial support but also strategic guidance to portfolio companies.

Pipeline Development

Key Pipeline Candidates

• Forg3D: Developing Digital Metal Forming™ technology to revolutionize metal manufacturing processes.

• Milvus Advanced: Transforming inexpensive metals into high-performing nanomaterials for energy applications.

• BiFrost: Creating generative AI tools for building 3D worlds and synthetic data sets to enhance AI and robotics development.

Stages of Development

MD One Ventures primarily invests in pre-seed to Series A stages, aiming to support companies from their inception through early growth phases. The firm seeks to make follow-on investments into two subsequent rounds, ensuring continued support as portfolio companies scale.

Target Conditions

The firm focuses on technologies with applications in national security, defense, cybersecurity, AI, robotics, space, and life sciences, addressing both commercial and governmental needs.

Anticipated Milestones

While specific timelines for each portfolio company vary, MD One Ventures aims to support rapid scaling and deployment of technologies that enhance national security capabilities.

Technological Platform and Innovation

Proprietary Technologies

• Digital Metal Forming™ (DMF): Developed by Forg3D, this technology combines WAAM, robotics, AI, and materials science to create large-scale metal parts with precision and efficiency.

• Generative AI Tools: Employed by BiFrost to build high-fidelity 3D worlds and synthetic data sets, enhancing AI, simulation, and robotics development across multiple sectors.

Significant Scientific Methods

• Wire Arc Additive Manufacturing (WAAM): Utilized in DMF to produce large-scale metal parts with precision.

• Generative AI: Used by BiFrost to create 3D environments and synthetic data sets for AI and robotics applications.

AI-Driven Capabilities

MD One Ventures leverages AI-driven capabilities through its portfolio companies, such as Forg3D's integration of AI in metal manufacturing and BiFrost's use of AI in generative design.

Leadership Team

Key Executives

• Will McManners: Founder and Managing Partner. Formerly with the UK Specialist Military Unit, BlackRock, Investbridge Capital, and Palantir. Educated at the Royal Military Academy Sandhurst, with an MBA and IMC.

• Edward Ebbern: Co-Founder and Partner. Head of Innovation for a military specialist user with extensive technology SME advisory experience. Founder of the UK's Defence BattleLab tech accelerator. 19 years of military experience, with previous executive search experience in financial services.

• Kelvin Au: Founding Partner. Former Principal at Draper Esprit (now Molten Ventures), Investment Director at Founders Factory, Credit Suisse, and HSBC. MSc from Imperial College London in Computer Science.

• Victoria Lebegue: Venture Partner. Former Principal at Cell Capital, VP at PGIM, and Head of Product at Seety. BSc from University College London.

• Dr. Cecilia Fortugno, Ph.D.: Senior Technical Advisor – MD One, Randox for Builders Program. Chief Operations Officer and Vice President, Randox Biosciences. Accomplished scientific leader with more than a decade of experience in diagnostic innovation and R&D management. Provides expert guidance and technical leadership to portfolio companies to foster innovation, collaboration, and the advancement of next-generation diagnostic solutions. Joint Ph.D. in Chemistry from the Universities of Bologna and Geneva.

Leadership Changes

No significant leadership changes have been reported recently.

Competitor Profile

Market Insights and Dynamics

The European defense and dual-use technology sector is experiencing significant growth, driven by increasing investments in national security initiatives. Emerging venture capital firms and innovation hubs are competing to fund pioneering startups working on cybersecurity, AI, robotics, and advanced materials. The competitive landscape requires strategic alignment with governmental priorities and a deep understanding of both commercial and defense market needs to succeed in this evolving sector.