NASA has formed a partnership with San Mateo, Calif.-based Red Planet Capital Inc. to establish a strategic venture capital fund for NASA intended to help the agency gain access to new and innovative technologies through the venture capital community, NASA announced.

Red Planet Capital, a nonprofit organization, will use venture capital and a NASA investment of about $75 million over five years to attract private sector innovators and investors who typically have not done business with the agency.

Peter Banks, co-founder and partner of XR Ventures, and Graham Burnette, general partner of EA-Capital Fund, and Jacques Vallee, co-founder of EA-Capital Fund, will provide investment fund management, while NASA will provide strategic direction and technical input.