Author: Naomi Cooper|| Date Published: December 14, 2022
Shield AI, an artificial intelligence-focused aerospace and defense technology company, closed its Series E round after raising an additional $60 million in funding from the U.S. Innovative Technology Fund to support the development of its AI pilot for military and commercial aircraft.
The new capital brings the total value of the company’s financing round, initially reported in June, to $225 million, consisting of $150 million in equity and $75 million in debt, Shield AI said Tuesday.
Brandon Tseng, co-founder and president of Shield AI, said the funding accelerates the company’s efforts to develop “swarms of highly intelligent aircraft to deter the next conflict.”
Shield AI’s Hivemind software employs algorithms for planning and mapping, uses reinforcement learning to execute tactics and strategies and enables full autonomy.
The initial Series E funding round was led by Doug Philippone, co-founder of Snowpoint Ventures and global defense lead at Palantir Technologies (NYSE: PLTR), and included participation from venture funds including Riot Ventures, Disruptive and Homebrew.
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