Anduril Industries matched its own record for the largest defense tech round ever.
The Costa Mesa, California-based startup locked up a $1.5 billion Series F that values the company at $14 billion — a 69% jump from the $8.5 valuation it received after its massive $1.5 billion Series E in late 2022.
The round was co-led by Founders Fund and Sands Capital. New investors Fidelity Management & Research Co., Counterpoint Global and Baillie Gifford, joined the round as well as existing investors including Altimeter Capital and Franklin Venture Partners.
The company will use some of the new proceeds for the development of Arsenal-1 — a more than 5 million-square-foot production space designed to produce tens of thousands of autonomous military systems annually.
Defense tech’s roll
After a slow start to the year, funding to defense tech startups has picked up dramatically in the past few months.
Just last month, Helsing, which develops artificial intelligence software for defense, raised approximately $489 million in funding led by General Catalyst that values the company at $5.4 billion. The Germany-based startup designs software that helps boost weapons capabilities in drones and jet fighters and improves battlefield decision-making.
After Anduril’s huge round, defense tech startups now have raised $2.5 billion, per Crunchbase data. Last year, such startups collected only $2 billion total.
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Illustration: Dom Guzman
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