Luminova Ventures at the 13th National Security Conference: Private Capital as the New Backbone of Czech Defense
The era of structural change in European defense has begun – and private capital can no longer sit on the sidelines.
On March 5, 2026, Luminova Ventures had the honor of participating in the 13th National Conference "Our Security Cannot Be Taken for Granted" (Naše bezpečnost není samozřejmost), held at the iconic Ball Games Hall of Prague Castle. Organized by Jagello 2000, the conference has been the Czech Republic's most prestigious security policy forum since 2014, regularly convening the country's top political leaders, senior military commanders, and defense industry experts.
This year's edition reflected a markedly more urgent tone. With European defense budgets rising, the war in Ukraine shaping doctrine, and NATO allies recalibrating their industrial strategies, the question is no longer whether to invest in defense — but how fast and with whom.
Europe's Defense Moment and the Capital Gap That Threatens It
European defense is undergoing a structural transformation unseen since the Cold War. NATO allies agreed at The Hague Summit on a new benchmark of at least 3.5% of GDP for core defense spending – a target that could push European defense budgets toward €800 billion by the end of the decade. European NATO members already averaged 2.16% of GDP on defense in 2025, crossing the historic 2% threshold for the first time.
Yet increased government spending alone doesn't solve the innovation challenge. Venture capital investment into European defense tech startups has surged over 500% between 2021 and 2024 compared to the preceding three years, and defense tech now accounts for 6.2% of total European VC funding, up from less than 1% before 2020. The signal is clear: private capital isn't a complement to public defense budgets – it is a strategic necessity.
This is precisely the thesis that brought Luminova Ventures to the stage at Prague Castle.
Inside the Conference: Czech Defense Tech Under the Spotlight
Organized by Jagello 2000, the "Our Security Cannot Be Taken for Granted" conference has been the Czech Republic's premier security forum since 2014, convening senior political leaders, military commanders, and defense industry executives. The 13th edition maintained this tradition, held under the auspices of President Petr Pavel, and featuring keynote addresses from top government officials alongside expert panel discussions.
The discussion made one thing abundantly clear: the Czech Republic has a thriving defense technology ecosystem, with over 180 active firms connected to defense contracts, roughly a third of which were founded in the last five years, but the path from prototype to full-scale deployment remains the most dangerous valley for deep tech startups.
As Olga has previously noted: "Europe faces a fundamental question: how quickly can it translate security policy decisions into concrete technological capabilities. But without capital, it simply cannot."
A High-Level Gathering at Prague Castle
The 13th edition was attended by the highest levels of Czech political and military leadership. Among those present were President Petr Pavel, Gen. Karel Řehka, Chief of the General Staff, and Minister of Defence Jaromír Zůna, who addressed the conference on the modernization of Czech armed forces and the urgency of aligning defense doctrine with current threat realities.
The gathering also included parliamentary representatives from across the political spectrum, senior military figures, and, for the first time in a more prominent role, venture capital and innovation finance voices as recognized participants in the national security conversation.
This is significant. It reflects a broader shift in how Czech and European security policy circles understand the innovation pipeline: deep tech startups and their investors are now considered strategic stakeholders, not peripheral suppliers.
The Luminova Ventures Defense Tech Thesis
At Luminova Ventures, we don't just observe the European defense transformation, we invest in it. Our fund was created to address a fundamental market failure: the chronic underfunding of dual-use and deep tech companies that are routinely rejected by traditional banks and financial institutions.
Our investment thesis is built on three pillars:
1. Technology Transition – From Pilot to Deployment
The biggest bottleneck in defense and dual-use innovation is not invention – it's deployment. Promising technologies often stall between the pilot phase and full operational scale due to lack of patient, risk-tolerant capital. Luminova Ventures acts as a specialist bridge investor, enabling this critical transition.
2. Private Capital as a Catalyst for Technological Sovereignty
Across Europe, private investment in defense-adjacent technology has historically lagged. That is changing – but not fast enough. As governments increase defense spending and NATO members activate new procurement frameworks, the role of venture capital in building the innovation layer beneath state capability has become structurally essential, not optional.
3. Dual-Use Focus – The Fastest Path to Scale
Startups that solve both civilian and defense challenges simultaneously benefit from wider market access, faster revenue paths, and stronger resilience. For deep tech founders working at the frontier of AI, autonomy, cybersecurity, and sensor systems, dual-use positioning is not a compromise – it is a competitive advantage. It is also the fastest way to achieve the scale that national security demands.
Why This Matters for Defense Tech Investors
For the venture capital community, events like this offer more than visibility. They signal policy direction, procurement intent, and the regulatory environment shaping investment theses in the defense and dual-use sector.
Several macro trends were reinforced at this year's conference:
- Czech defense spending continues to rise, aligned with NATO targets and accelerated by the ongoing conflict in Ukraine.
- Domestic industrial capacity is being prioritized, creating opportunities for startups with Czech R&D roots and NATO-compatible technology stacks.
- Public-private partnerships in defense technology are moving from policy rhetoric to concrete institutional frameworks.
- EU defense investments are projected to reach €381 billion in 2025, with an additional €254 billion needed annually to meet the 3.5% GDP target by 2035.
For funds focused on early-stage dual-use innovation, this is precisely the structural environment that de-risks early bets and creates durable exit paths.
The Era of Structural Change Has Begun
The 13th "Our Security Cannot Be Taken for Granted" conference confirmed what we at Luminova Ventures have believed from day one: the European defense industry is entering a new era, one where private capital, startup agility, and dual-use innovation are not optional extras but strategic imperatives.
We were honored to share the stage with President Petr Pavel, Gen. Karel Řehka, and the many leaders who are shaping the future of Czech and European collective security. The conversations at Prague Castle reinforced a clear message: the time for structural investment in defense technology is now.
Are you a founder building at the frontier of defense tech or dual-use innovation? Or an investor looking to gain exposure to this emerging asset class?
.jpg)