Defence tech company Shield AI expands Series F to $500m
Shield AI, a defence technology company, has expanded its Series F funding by $300 million, reaching a total of $500 million. This latest round includes $100 million in equity and $200 million in debt from Hercules Capital, adding to the previous $200 million raised in October 2023 led by the US Innovative Technology Fund and Riot Ventures, with participation from ARK Invest, Disruptive, and Snowpoint. This round valued Shield AI at $2.7 billion. Founded in 2015 by former Navy SEAL Brandon Tseng and Ryan Tseng, Shield AI developed Hivemind, an AI pilot enabling the autonomous operation of aircraft teams in high-threat environments without remote operators or GPS. The technology, adaptable to various aircraft, will be used to fly the Kratos XQ-58 Valkyrie in 2024. Shield AI boasts the most autonomous flight hours globally in complex manoeuvres like dog fighting. Their recent V-BAT Teams software allows autonomous mission execution by aircraft teams. The Series F funds will accelerate tech integration and expand the global rollout of V-BAT Teams, focusing on AI pilots' impact on national security and global stability, addressing issues like electronic warfare and drone vulnerabilities, as noted by Brandon Tseng.