Shield AI secures another US$60M to develop its military technology

Shield AI secures another US$60M to develop its military technology

Shield AI, the Artificial intelligence company, which builds planes and platforms for autonomous flying systems, primarily targeting the U.S. military and its affiliates as customers, has reportedly raised $60 million in funding. According to sources, the firm plans to use this funding to continue to develop its technology.

This latest funding comes as an extra part of Shield AI's Series E and brings the total funding to around $225 million. In June, the previous tranche of $165 million was announced by Shield AI, after which the startup valuation was recorded at $2.3 billion. Brandon Tseng, Shield AI's President and one of the co-founders, confirmed that this extension comes at the same valuation.

Apparently, the latest investment of $60 million is made by a single investor, USIT (the US Innovative Technology Fund). The earlier investors in the company are Snowpoint Ventures, SVB Capital, Disruptive, Homebrew, Andreessen Horowitz, Riot Ventures, Point72 Ventures, and Breyer Capital. Surprisingly, this extra round of funding was closed a week after when last round was announced. As defense technology continues to gain traction from investors, this funding signifies that it is one of the leading fundings.

Not to mention, the large volume of Shield AI's round, $225 million, witnesses the rising demand and demonstrates the high costs linked with this industry's development. Meanwhile, this funding news comes after another defense tech firm working on autonomous systems, Anduril, confirmed that it had secured nearly $1.5 billion at a $7 billion valuation.

For the uninitiated, Shield AI is headquartered in San Diego and the U.S. Pacific Fleet is based there. According to statistics gathered by the city's chamber of commerce, greater San Diego receives more defense spending than any other region in the country besides Fairfax County. There are also other significant and minor defense businesses located there, including Shield.

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Meghna Singh

An English Literature graduate, Meghna Singh ventured into the profession of content development to incorporate her knack for writing articles across verticals including technology, healthcare, business, and alike for News Origins and Newsorigins. She has also completed her MBA in Tourism and worked as a content creator in the field of product development.