Investment in defence tech start-ups has reached a record high this year as the world’s biggest arms companies step up spending on new military technology. “The world’s largest defence companies are seeking to strengthen their technology portfolios through acquisitions and large funding rounds.” Lockheed Martin last week pledged at least $100m for UK and European defence technology start-ups and expanded its venture investment fund from $400m to $1bn. Britain steps up defence spendingLast week ministers awarded £708m to BAE Systems and its Team Tempest partners to continue developing the Future Combat Air System. The prime minister said on Sunday he was “very aware” of Healey’s calls for higher defence spending and that fully funding the Defence Investment Plan would be one of the new Chancellor’s first tasks.