The San Diego company, which uses algorithms as a autonomous pilots for drones and manned aircraft, gets a follow-on investment to its Series E venture capital round
a San Diego startup that’s building artificial intelligence “pilots” for military aircraft and drones, has pulled in an additional $60 million in venture capital funding.
The additional capital came from the U.S. Innovative Technology Fund. Founded in 2015, Shield AI has raised just under $575 million since inception. It is the fourth venture-backed, defense-tech startup to achieve a multi-billion valuation in the past 20 years, according to the company.“Given our unique position as the leader in AI pilots, which offer game-changing value, we have many attractive investment opportunities within our business,” said Chief Executive Ryan Tseng in an email.
Tseng, an MIT graduate and former head of a wireless charging company, formed Shield AI with his brother, Brandon Tseng, a former Navy SEAL. The third co-founder is Andrew Reiter, who worked on one of Draper Lab’s robotic guidance systems. The company now employs roughly 500 workers, up from 400 this past summer.
Shieid AI has been expanding Hivemind beyond small unmanned aerial vehicles. It now is powering a medium-sized vertical take-off and landing drone called V-BAT — which Shield AI acquired through the recent buyout of Martin UAV. V-BAT drones are roughly 10 feet tall with a 10-foot wingspan. Shield AI’s goal is to put swarms of V-BATs on U.S. and allied naval vessels.
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