In-Q-Tel
Not-for-profit strategic investor set up by the CIA in 1999 that funds start-ups and adapts their technology for the US intelligence and defence communities and allied governments.
Industry: Strategic venture investment for national security | Location: Tysons, United States | Founded: 1999
About In-Q-Tel
In-Q-Tel, known as IQT, is a not-for-profit investment organisation that identifies start-ups and adapts their technology for the intelligence and defence communities of the United States and its allies. It holds 501(c)(3) status in the United States and says it is not a government entity or part of the CIA. Its website lists offices in Tysons, Virginia, Menlo Park, London, Sydney, Singapore and Munich, among others.
The CIA set up IQT in 1999 as an independent organisation, after the idea took shape in 1998. Fortune wrote in July 2025 that it was founded to close the gap between Washington's security establishment and Silicon Valley, and named Sue Gordon, a former career CIA officer, as a driving force behind its creation. Gilman Louie was an early chief executive, serving from 1999 to 2006, according to his biography at Alsop Louie Partners. Chris Darby was chief executive for 17 years until 2023, when Steve Bowsher, who joined in 2006 and became president in 2021, succeeded him. Michael Crow, president of Arizona State University, chairs the board of trustees.
IQT says it invests through technology development agreements worth about $500,000 to $3 million and through equity-only investments of about $250,000 to $500,000. In both cases it takes a small equity stake and a board observer seat. It says it has never invested in Chinese or Russian companies.
IQT's website reports investments in more than 35 US states and more than 20 countries, and says more than 50 portfolio companies are now valued above $1 billion. Companies it highlights include GitLab, Databricks, Rocket Lab and Anduril, and Fortune also lists Palantir. Its listed mission partners include the CIA, NSA, US Space Force and the British and Australian national intelligence communities.
IQT does not disclose its investment totals. Fortune estimated them at no less than $1.8 billion and reported roughly $1 billion in assets from tax records and nearly 200 employees.
TechScoop reported in June 2026 that IQT was among the backers of Odyssey's Series B round.
Leadership
- Steve Bowsher, Chief Executive Officer
- Michael Crow, Chairman of the Board of Trustees
- A.J. Bertone, Managing Partner
- Yan Zheng, Chief of Staff