Shield AI Raises $60 Million at $2.7 Billion Valuation

Shield AI is a start-up that designs and develops AI and self-driving technologies for small military surveillance drones. Such drones have already been used by the USA in conflict zones in the Middle East. The company’s mission is to protect service members and civilians with intelligent systems.

The money raised is the part of Series E funding round. The recent investments came from the US Innovative Technology Fund (USIT). Previous tranche of $165 million was in June, it gives the startup valuation of $2.3 billion. Among participants backers were Snowpoint Ventures, Riot Ventures, Disruptive, Homebrew, Point72 Ventures, Andreessen Horowitz, Breyer Capital, and SVB Capital.

Shield AI, San Diego, California was founded by Brandon Tseng, Ryan Tseng, and Andrew Reiter in 2015. The main aim of the company is to provide the US with a perfect drone scout who can enter buildings and identify enemy fighters. “When you talk to a consumer or enterprise business, spending goes down in a recession. But the government is a Steady Eddie. Modernizing the military requires a path and a plan and so it will continue to execute on that,” Brandon Tseng, Shield AI’s president.

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