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Dead Drop: August 1

AT THE TOP OF THE GOSSIP LIST: A closer look at what the CIA’s venture capital arm is doing with its money, the Secretary of the Navy is shuffling some seats on deck and not everybody loves the Blue Angels.

FORTUNE FAVORS THE BOLD (IDEA): A recent story in Fortune drills down on the CIA-backed venture capital firm In-Q-Tel. The article starts by mentioning the “Molar Mic,” a device that fits over a user’s back tooth and transmits audio signals to those wearing it by vibrating the nerve of their inner ear. The device is manufactured by a company called Integrated Tactical Technologies, known as “iT2.” Company CEO, Peter Hadrovic, sheepishly won’t say who he is selling the device to – but does say it wouldn’t exist without In-Q-Tel. The CIA’s innovative investment outfit has been around for more than a quarter century and counts among its most successful financial investments Palantir, Anduril and Google Earth. Fortune figures In-Q-Tel sits on about $1 billion in assets. Former senior intelligence officer Sue Gordon, one of those involved in launching the pioneering venture capital fund, still has a napkin from the Off The Record bar located at the Hay Adams hotel near the White House, where she and others present at the creation of the venture firm noodled possible names for the organization. She says she insisted that the title contain “Q” – to leverage the coolest part of the James Bond franchise. (Insider tip: In-Q-Tel’s former CEO Chris Darby was honored at this year’s Cipher Brief HONORS Dinner.)

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