SA国际传媒

In a year where venture funding has slowed, defense and security firm helped close it with a big bang 鈥� and raise.

The Costa Mesa, California-based startup locked up a Series E worth nearly $1.5 billion that values the company at $8.5 billion. That nearly doubles the company鈥檚 previous valuation in June 2021.

The funding round was led by , with participation from , , , 1, , ,, , , , , , , and US Innovative Technology Fund.

The funding round was late this spring.

Big round

The round is one of the largest this year by a U.S. company. In April, -backed raised $2 billion from and . Then in June, 鈥檚 space company, , raised nearly $1.7 billion in June.

Anduril was founded in 2017 by , most famous for selling virtual reality company to 鈥� then called Facebook 鈥� for $2 billion.

His newest venture promises to be even bigger.聽

Anduril builds software and hardware enhanced with artificial intelligence and machine learning for the military and defense industry. It works with the U.S. and its allies to create drones, underwater vehicles and different operating and control systems.

鈥淎nduril is a technology partner, not an equipment provider,鈥� said co-founder and CEO in a blog . 鈥淪ecurity threats are evolving faster than the DOD can keep pace. In order to really outmaneuver emerging threats we need to move past just efficiencies and create clear step changes in capability, quickly.鈥�

Doing something different

Luckey has he started Anduril because many big tech firms were turning their backs on doing business with the , hurting the U.S. military鈥檚 ability to modernize as U.S. defense needs change.

However, the military and defense sectors can be hard to navigate for startups. Just getting started in the sectors can be extremely difficult and long sales cycles can crush a startup’s cash flow.

鈥淎nduril has proven that our model 鈥� recruiting talented engineers, building quickly and efficiently using venture dollars, and selling next-generation technology off the shelf to the government 鈥� works,鈥� Schimpf said. 鈥淎nd that with the right technology and incentives the government can be a nimble customer.鈥�

The company certainly has seen significant growth. Just earlier this year, the company closed a 10-year, $967 million contract with the U.S. Special Operations Command. In the last 12 months the company has grown its employee count from 700 at the start of 2022 to more than 1,100 employees.

All of that is not to say the company has not had its critics. It has been for possibly enabling the enforcement of border security policies and government surveillance.

Anduril plans to use the new cash infusion to accelerate its research and development and bring new products to market.

The company has now raised more than $2 billion, per SA国际传媒 data.

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