News Summary

Shield AI, a San Diego-based defense tech startup, has successfully raised $240 million in funding, achieving a valuation of $5.3 billion. This significant investment round was led by major players in the defense sector, including L3Harris and Hanwha Aerospace, with continued support from existing investors like Andreessen Horowitz. Shield AI is known for its Hivemind software, which enables autonomous operations in fighter jets and drones. The company aims to broaden its market reach by offering Hivemind to robotics companies and other sectors, marking a pivotal expansion in its business strategy. Currently, Shield AI is the second-largest defense tech startup in the U.S. by valuation, following Anduril. The funding will be used to scale its AI-powered autonomy developer platform, Hivemind Enterprise.