The additional financing brings the Series B round to $83 million and comes as the company reports growth in its revenue, platform deployments and number of customers across the Department of Defense and industry, Shift5 said Wednesday.
Shift5’s platform is designed to help DOD operators improve fleet readiness by gaining insights from data collected from operational technology assets and data buses onboard fleets and weapon systems to mitigate OT cybersecurity risks. In April, the company announced that its technology achieved an authority to operate certification from the department.
Booz Allen Hamilton’s (NYSE: BAH) venture capital arm, Teamworthy Ventures and JetBlue Ventures participated in the round, which brings Shift5’s total venture funding to $108 million.
“The work Shift5 does is foundational – the endless data we capture, add context to, analyze and provide insights around creates a wholly new paradigm for fleet operators and maintainers to make decisions. And in the context of innovations and modern threats, this level of specificity is needed,” said Josh Lospinoso, said CEO and co-founder of Shift5.
“Our expanded round not only validates the successes of the Shift5 business, but will help us support overall safer, more reliable, and resilient commercial transportation and military fleets,” added Lospinoso.