Founded by Lital Leshem and Lee Moser, the fund focuses on AI, autonomous systems, and advanced sensors as wars in Ukraine and the Middle East accelerate demand for sophisticated defense technologies.
The wars in Ukraine and the Middle East have reshaped how militaries around the world think about technology. From autonomous drones and AI-driven intelligence systems to advanced sensors and battlefield software, modern conflicts are increasingly shaped by innovation coming from startups rather than traditional defense contractors.
Against this backdrop, Israeli venture capital fund Protego Ventures is positioning itself as a dedicated investor for defense technology startups, a sector that is seeing rapidly growing global interest as governments seek faster and more flexible innovation.
Founded by entrepreneurs and investors Lital Leshem and Lee Moser, the Israel-based fund focuses on early and growth-stage companies developing technologies for defense and national security. The fund targets areas such as artificial intelligence, unmanned systems, robotics, and advanced sensing technologies—fields that are becoming central to modern military capabilities.
War reshapes the defense technology landscape
Recent conflicts have highlighted the growing importance of advanced technologies on the battlefield. In Ukraine, drones, satellite imagery, and AI-driven analytics have become central tools for both intelligence and operations. Similarly, the war in the Middle East has underscored the need for faster decision-making systems, autonomous platforms, and resilient infrastructure protection.
These developments have helped accelerate investment in the defense tech sector globally. Governments and militaries are increasingly turning to startups to complement traditional defense contractors, seeking technologies that can be developed and deployed more quickly.
Israel has emerged as one of the leading hubs of this new wave of defense innovation. The country’s combination of military expertise, deep engineering talent, and strong startup ecosystem has produced a growing number of companies developing technologies for modern warfare.
Protego Ventures was established to support this emerging generation of defense startups and help connect them with international markets and strategic partners.
Founders with experience in technology and security
The fund was co-founded by Lital Leshem, an entrepreneur and former defense professional, and Lee Moser, an experienced venture capital investor.
Leshem previously co-founded emergency communications technology company Carbyne, which develops platforms designed to modernize emergency response systems. The company works with emergency services organizations around the world and was acquired by Axon for $625 million in 2025.
Before entering the startup ecosystem, Leshem served for more than a decade in Israeli security and military roles and continues to serve in the reserves. Her background provides close familiarity with operational defense needs and the emerging technologies developed by Israeli engineers and former military personnel.
Her co-founder, Lee Moser, brings extensive experience in venture capital and international business. She is also the founder and managing partner at venture capital firm AnD Ventures and held diplomatic and policy roles connected to Israel-US relations earlier in her career as the chief of staff to the Israeli Ambassador to the US
Together, the two founders launched Protego Ventures to bridge the gap between innovative startups and the complex defense procurement ecosystem.
Backing emerging defense technologies
Protego’s investment strategy focuses on startups developing technologies that can be deployed both in defense and civilian infrastructure environments.
Among the companies in its portfolio is XTEND, which develops drone-based robotic systems designed to allow operators to perform complex missions remotely using immersive control technologies. The company announced its intention to IPO on the Nasdaq earlier this year at a $1.5B valuation.
Another portfolio company is Prisma Photonics, whose technology uses existing fiber-optic cables as highly sensitive sensors capable of monitoring critical infrastructure such as pipelines, railways, and energy networks.
The fund has also invested in startups developing advanced sensing technologies and AI-driven systems designed to improve situational awareness and operational efficiency in complex environments.
In parallel, Protego is advancing strategic partnerships with defense and industry stakeholders in India and the Gulf, regions that are rapidly increasing investment in next-generation security and infrastructure technologies.
A growing global sector
Historically, venture capital investors avoided the defense sector due to long procurement cycles and regulatory challenges. But that dynamic has been changing in recent years.
As geopolitical tensions rise and conflicts demonstrate the value of advanced technologies, governments are increasingly partnering with startups to accelerate innovation.
This shift has led to the emergence of a new generation of venture capital funds focused specifically on defense technology.
For Israel’s startup ecosystem, the trend represents a new frontier. While the country has long been known for cybersecurity and enterprise software companies, defense tech startups are increasingly attracting international investors and strategic partners.
Protego Ventures’ founders believe the sector will continue to grow as global demand rises for technologies capable of addressing the complex security challenges of modern warfare.
Credit: Chen Schimmel
