Airbus Group Establishes Venture Capital Fund and Innovation Center in Silicon Valley
Toulouse, 29 May 2015 – Airbus Group (stock exchange symbol: AIR) is establishing a Corporate venture capital fund, dubbed Airbus Group Ventures, as well as a technology and business innovation center in Silicon Valley. The strategic location of both Airbus Group Ventures and the business innovation center will expand the company’s international presence and enhance its ability to identify and capitalize on innovative and transformational technologies and business models.
Effective immediately, Tim Dombrowski, 54, is appointed Chief Executive Officer (CEO) of Airbus Group Ventures, equipped with a $150 million initial commitment to invest in promising, disruptive and innovative business opportunities generated around the globe and related to the Group’s fields of interest. Prior to leading Airbus Group Ventures, Dombrowski was a Partner at the venture capital firm Andreessen Horowitz, where he focused on enterprise portfolio company development. He also served as Director of Global Business Development at HP and Director of Worldwide Business Consulting for Opsware Inc. In addition to his substantial venture capital and business development experience, Tim Dombrowski also gained experience in the aerospace field during his tenure at PTC, contributing to defense, satellite and UAV programs, as well as with previous positions at Goodrich for commercial aircraft and military helicopters with UTC Sikorsky.
Also with immediate effect, Paul Eremenko, 35, has been appointed CEO of the Airbus Group Silicon Valley technology and business innovation center. He joins the company from Google Inc., where he has served as Director of Engineering in the Advanced Technology and Projects (ATAP) organisation. There, he led the development of Google's modular smartphone, Project Ara. Before joining Google, Eremenko held various senior positions at Motorola and at the Defense Advanced Research Projects Agency (DARPA), the U.S. Defense Department’s principal engine for disruptive innovation, where he headed the office responsible for all aircraft, spacecraft, and other large system development efforts. Eremenko also brings aircraft design experience to Airbus Group, having previously led the development of the GoldenEye-100 unmanned aerial vehicle (UAV) at Aurora Flight Sciences and various UAV platforms at the Charles Stark Draper Laboratory. Paul Eremenko graduated with undergraduate and graduate degrees in aeronautics from the Massachusetts Institute of Technology and the California Institute of Technology. Eremenko also holds a degree in law and is an avid pilot.
“We are thrilled to welcome Tim and Paul to Airbus Group. Both bring tremendous experience in their relative fields and an entrepreneurial spirit that aligns with our vision for the Airbus Group Ventures fund and the business innovation center. Our investment and engagement through these new initiatives are key elements in the global transformation of our company,” said Tom Enders, CEO of Airbus Group. “Silicon Valley serves as a unique hub for technology breakthroughs and we see huge opportunities to learn from and partner with the many players based there. While we have strategically located in the Valley, we intend to engage with innovative players worldwide, including our own backyard in Europe. With this approach, we will accelerate our transformation into an international leader in aerospace technology innovation, while offering tremendous benefits to our customers and partners as we bring innovative products and services.”
In their new roles, Eremenko and Dombrowski will report to Airbus Group CEO Tom Enders.