# Incubators and accelerators backing Defence Tech (2026 list) > 16 incubators and accelerators backing Defence Tech, 100% active in the last 12 months. Led by Y Combinator, Plug and Play, MassChallenge. Source: https://millionrounds.com/lists/incubators-accelerators-defensetech (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Incubators and accelerators backing Defence Tech Updated 7 November 2026 Incubators and accelerators we have observed in a defence Tech round in the last two years. [See all 16 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fincubators-accelerators-defensetech)The top 16 **16** investors on the list No change this week **1,407** cheques in 12 months *-17%* against the market **$3.3M** median round they joined *-59%* against the market median **100%** wrote a cheque in 12 months **63%** have led a round ## The Top 16 Ordered by cheques observed, never by anything anyone paid for Deploying now (16) - 1 [Y Combinator](https://millionrounds.com/fund/y-combinator) *Deploying now* Accelerator · United States **6,412** **$3M** median round **Oct 2026** last seen - 2 [Plug and Play](https://millionrounds.com/fund/plug-and-play) *Deploying now* Accelerator · United States **1,561** **$5M** median round **Nov 2026** last seen - 3 [MassChallenge](https://millionrounds.com/fund/masschallenge) *Deploying now* Accelerator · United States **984** **$1.8M** median round **Sept 2026** last seen - 4 [Entrepreneur First](https://millionrounds.com/fund/entrepreneurs-first) *Deploying now* Accelerator · United Kingdom **332** **$3.6M** median round **Oct 2026** last seen - 5 [In-Q-Tel](https://millionrounds.com/fund/iqt) *Deploying now* Accelerator · United States **273** **$20M** median round **Nov 2026** last seen - 6 [VentureOut](https://millionrounds.com/fund/ventureout) *Deploying now* Accelerator · United States **202** **$1.6M** median round **Jun 2026** last seen - 7 [Google](https://millionrounds.com/fund/google-assistant-investments) *Deploying now* Accelerator · United States **154** **$40M** median round **Nov 2026** last seen - 8 [Business Finland](https://millionrounds.com/fund/business-finland) *Deploying now* Accelerator · Finland **153** **$2.3M** median round **Sept 2026** last seen - 9 [Thrive Capital](https://millionrounds.com/fund/thrive-capital) *Deploying now* Accelerator · United States **101** **$123M** median round **Sept 2026** last seen - 10 [DG VENTURES](https://millionrounds.com/fund/dg-ventures) *Deploying now* Accelerator · United States **70** **$2.9M** median round **Sept 2026** last seen - 11 [Propel Capital](https://millionrounds.com/fund/propel-capital) *Deploying now* Accelerator · Sweden **52** **$996K** median round **Sept 2026** last seen - 12 [Indico Capital Partners](https://millionrounds.com/fund/indico-capital-partners) *Deploying now* Accelerator · Portugal **51** **$5.1M** median round **Nov 2026** last seen - 13 [RSE Ventures](https://millionrounds.com/fund/rse-ventures) *Deploying now* Accelerator · United States **14** **$17M** median round **Jul 2026** last seen - 14 [Airbus](https://millionrounds.com/fund/airbus) *Deploying now* Accelerator · France **13** **$19M** median round **Jul 2026** last seen - 15 [AdvantEdge Founders](https://millionrounds.com/fund/advantedge-founders) *Deploying now* Accelerator · India **1** **$1.1M** median round **Oct 2026** last seen - 16 [Defence Builder](https://millionrounds.com/fund/defence-builder) *Deploying now* Accelerator **1** **$2.1M** median round **Sept 2026** last seen ## The Newest Cheques Rounds this list's investors joined most recently - **6** Nov **[Ocient](https://millionrounds.com/company/ocient)** Series C · $100M *With* [In-Q-Tel](https://millionrounds.com/fund/iqt) - **5** Nov **[Bizay](https://millionrounds.com/company/bizay)** Series D+ *Led by* [Indico Capital Partners](https://millionrounds.com/fund/indico-capital-partners) - **4** Nov **[Lazarus AI](https://millionrounds.com/company/lazarus-ai)** $43M *With* [Plug and Play](https://millionrounds.com/fund/plug-and-play) - **3** Nov **[Agrani Labs](https://millionrounds.com/company/agrani-labs)** $108M *With* [Google](https://millionrounds.com/fund/google-assistant-investments) - **3** Nov **[Carryt](https://millionrounds.com/company/carryt)** Round *With* [Plug and Play](https://millionrounds.com/fund/plug-and-play) - **2** Nov **[Northwood Space](https://millionrounds.com/company/northwood-space)** Series C · $375M *With* [In-Q-Tel](https://millionrounds.com/fund/iqt) ## Stages This Year 1,386 rounds - Venture **25%** - Pre-seed **20%** - Seed **19%** - Series A **13%** - Series B **5%** - Other **17%** ## What They Backed Sectors, last 12 months - AI **718** - Big Data & Analytics **87** - Fintech **82** - Healthcare **65** - Biotech **54** - Financial Services **51** ## Cheques by Quarter Led Joined 458 Q1 25 425 Q2 25 485 Q3 25 470 Q4 25 432 Q1 26 425 Q2 26 281 Q3 26 54 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms backing AI 4,329](https://millionrounds.com/lists/vc-firms-ai) - [VC firms backing Fintech 1,856](https://millionrounds.com/lists/vc-firms-fintech) - [VC firms backing Big Data & Analytics 1,248](https://millionrounds.com/lists/vc-firms-big-data) - [VC firms backing Biotech 1,207](https://millionrounds.com/lists/vc-firms-biotech) - [VC firms backing Robotics 1,098](https://millionrounds.com/lists/vc-firms-robotics) - [VC firms backing Construction 1,025](https://millionrounds.com/lists/vc-firms-construction) - [VC firms backing Energy 998](https://millionrounds.com/lists/vc-firms-energy) - [PE firms backing AI 956](https://millionrounds.com/lists/pe-firms-ai) - [VC firms backing Cybersecurity 950](https://millionrounds.com/lists/vc-firms-cybersecurity) [All investor lists *→*](https://millionrounds.com/lists) ## Reading for founders in government and defence - The Hour of the Predator Giuliano da Empoli · 2025 3.94 from 5,140 ratings on Goodreads Government and defence About the book A chilling assessment of international politics in our time, from an internationally bestselling author whose work has sparked controversy and debate across the worldBlending the author’s personal insight with startling historical comparisons to the days of Machiavelli and the… On AmazonListen on Audible - Written Out of History: The Forgotten Founders Who Fought Big Government Mike Lee · 2017 4.05 from 728 ratings on Goodreads Government and defence Company building About the book Senator Mike Lee tells the story of the Founders whose warnings about the dangers of an all-powerful federal government helped shape our Constitution--but are being ignored today. Today, most Americans are familiar only with the "big names" associated with the Founding -… On AmazonListen on Audible - Unit X: How the Pentagon and Silicon Valley Are Transforming the Future of War Raj M. Shah · 2024 3.82 from 1,608 ratings on Goodreads Government and defence Company building Innovation About the book Shortlisted for the 2024 Financial Times Business Book of the Year “An exceedingly important book!”, General David Petraeus, US Army (Ret.), former Director of the CIA “Essential reading for understanding how technology will change the future of warfare.”, Chris Miller, New York… On AmazonListen on Audible - The Sirens' Call: How Attention Became the World's Most Endangered Resource Christopher L. Hayes · 2025 3.93 from 8,942 ratings on Goodreads Government and defence About the book An Instant #1 New York Times BestsellerFrom the New York Times bestselling author and MSNBC and podcast host, a powerful wide-angle reckoning with how the assault from attention capitalism on our minds and our hearts has reordered our politics and the very fabric of our… On AmazonListen on Audible More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&industry=government). As an Amazon Associate we earn from qualifying purchases. ## Quick answers about incubators and accelerators backing Defence Tech ### Who are the most active incubators and accelerators backing Defence Tech? By cheques observed, the most active are Y Combinator, Plug and Play, MassChallenge, Entrepreneur First and In-Q-Tel. ### How many incubators and accelerators backing Defence Tech are there? 16 are on record. 100% made an investment in the last 12 months and 63% have led a round. ### Which stages do incubators and accelerators backing Defence Tech back? Of the rounds with a named stage in the last 12 months, mostly Pre-seed (28%) and Seed (27%). ### How big are the rounds incubators and accelerators backing Defence Tech join? The typical (median) round among the leading investors here is $3.6M. ### Which sectors do incubators and accelerators backing Defence Tech back most? In the last 12 months, mostly AI, Big Data & Analytics and Fintech. ### Which incubators and accelerators backing Defence Tech lead the most rounds? Thrive Capital (14 led), Y Combinator (11 led) and Indico Capital Partners (4 led). ### Where are incubators and accelerators backing Defence Tech based? Among the most active, most are based in the United States (9), the United Kingdom (1) and Finland (1). ### What have incubators and accelerators backing Defence Tech invested in recently? Recent rounds include Ocient (Series C, Nov 2026, with In-Q-Tel), Bizay (Series D+, Nov 2026, with Indico Capital Partners) and Lazarus AI (Nov 2026, with Plug and Play). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)