"America’s Frontier Fund isn’t your ordinary venture capital fund. In a leaked announcement draft obtained by TPP, AFF described itself as the first “public-private, deep-tech fund” in the US, meaning it would receive government funding alongside private money. After Recode followed up, the fund said the draft “was not approved and was never meant to be released. We do not describe ourselves that way. We only describe ourselves as a ‘non-profit deep tech fund.’”
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“The question is, where does the money come from?” said Jack Poulson, executive director at Tech Inquiry, a tech accountability nonprofit that tracks ties between Silicon Valley and the US government, particularly in the military and intelligence sectors."
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"What we do know is that on top of any potential government funding, AFF would use private and philanthropic funding to “help the United States and other democratic nations to develop critical technologies for collective prosperity and economic competitiveness,” an AFF spokesperson told Recode. That’s a priority that the US government shares — last year Congress passed the United States Innovation and Competition Act of 2021 in an effort to bolster the nation’s ability to compete against China. Schmidt has been vocal about tech competition with China being a national security concern." (CLICK ON VOX or RECODE TO READ ARTICLE.)