Boeing has officially announced the creation of a new “innovation cell” called HorizonX, focused on “accelerating potentially transformative aerospace technologies, manufacturing innovations and emerging business models”.

The ventures arm of the new group has recently made investments in two early-stage technology companies: Upskill and Zunum Aero.

Upskill is a provider of enterprise software for augmented reality wearables focused on enhancing productivity, quality and safety in manufacturing, field service and logistics. Boeing indicates that it has been working with Upskill for more than two years to evaluate the use of its technology across multiple locations nationally.

HorizonX is also partnering with JetBlue Technology Ventures to invest in Zunum Aero, a company that is pursuing the development of alternative propulsion aircraft, with potential for performance and efficiency improvements in a range of aerospace applications.

Boeing HorizonX is led by Steve Nordlund, the former vice president of strategy for Boeing Defense, Space & Security. Prior to that, Nordlund led Boeing's Autonomous Systems division. He has led strategy and business development organizations in both defense and commercial airplane business units at Boeing and helped launch venture-backed Insitu, Inc., which developed the ScanEagle and Integrator unmanned aerial systems.

Boeing HorizonX will operate as part of the Corporate Development & Strategy group, which reports to Greg Smith, chief financial officer and executive vice president of Corporate Development & Strategy at Boeing, with alignment also to Boeing's chief technology officer and senior vice president of Boeing Engineering, Test & Technology, Greg Hyslop.

Boeing says HorizonX will have three focus areas: making targeted investments in new ventures and startups; seeking unique business opportunities for the company's aerospace technology; and assessing disruptive innovations and business strategies.