Shield AI Inc., a startup developing autonomous flight software for military aircraft, today disclosed that it has raised $300 million in fresh financing.

The capital infusion extends a $200 million Series F round the company closed earlier this year. The bulk of the new financing, $200 million, was provided by Hercules Capital in the form of venture debt. The Series F extension also included $100 million in equity funding.

Shield AI is now reportedly worth $2.8 billion, or $100 million more than when the round first closed. The company previously received a $2.3 billion valuation following a Series E raise last December.

San Diego-based Shield AI offers an autonomous flight platform called Hivemind that can be installed in both drones and traditional aircraft. The platform is capable of navigating the skies without human input or GPS access. According to Shield AI, the fact that Hivemind-powered aircraft don’t require external assistance to operate allows them to fly in environments where communications are jammed. 

Shield AI has tested the software in both flight simulators and on quadcopters. Moreover, Hivemind reportedly piloted a fighter jet for 17 hours as part of an experiment detailed earlier this year. 

Shield AI says the software can power not only third-party aircraft but also a drone called the V-Bat (pictured) that it has developed in-house. According to the company, the V-Bat is capable of taking off and landing vertically like a helicopter. It’s designed for surveillance and cargo delivery tasks. 

The company recently detailed that each V-Bat can carry one of Nvidia Corp.’s Xavier NX chips to speed up its autonomous flight algorithms. Measuring 70 millimeters by 45 millimeters, the Xavier NX includes more than 400 graphics card cores that can be used to run AI software. They’re supported by six Nvidia-designed central processing units that each feature eight cores.

A few months before today’s funding milestone, Shield AI debuted a new software platform called V-Bat Teams. It says the software enables a large number of drones to fly in coordination with one another.

“AI pilots are becoming a strategic conventional deterrent in class with our aircraft carriers and guided missile submarines,” said co-founder and Chief Executive Ryan Tseng. “But interestingly, it’s the first strategic deterrent that is software-defined and has only recently become possible because of advances in AI and compute power.”

After closing the first tranche of its Series F round earlier this year, Shield AI disclosed that it will work to expand the adoption of the V-Bat Teams platform in the U.S. and abroad. The company also announced plans to “accelerate tech integration” with third-party drones. 

The company divulged today that it plans to test its software on an experimental drone called the XQ-58 Valkyrie next year. Developed by San Diego-based Kratos Defense & Security Solutions, the XQ-58 Valkyrie reportedly has a wing span of 27 feet and can fly at speeds exceeding 200 miles per hour. It’s designed to operate alongside traditional aircraft.

Shield AI’s raise comes a few months after reports emerged that Anduril Industrial Inc., a fellow defense startup, is seeking to raise up to $500 million from investors. It previously closed a $1.4 billion funding round last December. More recently, Helsing GmbH raised €209 million in funding to develop AI software for the defense sector. 

Photo: Shield AI