Shield AI Raises $90 Million in Series C Funding from Point72 Ventures and other investors
Self-driving software company to invest in deployment of new strategic AI systems for Defense industry
SAN DIEGO, Feb. 23, 2021 /PRNewswire/ -- Shield AI, a defense-technology company using self-driving software to enable unmanned systems to operate without GPS and communications, today announced it has raised $90M in a Series C round through equity and debt financing. The lead investor was Point72 Ventures.
Shield AI will use the funding to help scale and further integrate its self-driving software, Hivemind, into additional platforms across the Defense industry. Hivemind currently runs on Shield AI's Nova-class SUAS to enable indoor-outdoor reconnaissance without GPS or communication links and has been used on combat operations since 2018.
Shield AI CEO Ryan Tseng said, "The funding allows Shield AI to accelerate delivery of next generation AI capabilities to conflict zones at scale." Fellow co-founder and former Navy SEAL Brandon Tseng added, "We believe that Shield AI's ability to enable unmanned systems to operate without GPS or communications is critical for national security interests especially in this era of Great Power Competition where comms and GPS are relentlessly attacked."
Daniel Gwak, Partner at Point72 Ventures, said, "Shield AI brings a world-class AI engineering team, coupled with the experience and leadership of distinguished veterans, to the national security sector. We believe the software company's combat-proven AI self-driving systems, with their ability to function without access to GPS or comms, have the ability to be game-changers."
Shield AI partners with the Defense Department and Defense OEMs to integrate its Hivemind AI and autonomy software stack into unmanned systems, including retrofitting existed ones. By applying reinforcement learning to scalable simulations, Shield AI trains unmanned systems to learn additional tactics and behaviors to autonomously accomplish new missions, ranging from undertaking clearance operations to breaching integrated air defense systems. The company's next-generation Nova-class SUAS will be unveiled in the coming months.
About Shield AI:
Shield AI was founded by Brandon Tseng, a former Navy SEAL, Ryan Tseng, a successful tech entrepreneur, and autonomy expert Andrew Reiter. Led by CTO Nathan Michael of Carnegie Mellon University, the team of 150+ engineers is focused on developing AI systems that operate on the edge. Shield AI was honored by Forbes AI 50, Fast Company's Most Innovative Companies, WIRED 25, and recognized as the leading government services provider in the Inc. 5000.
About Point72 Ventures:
Point72 Ventures is a global venture capital firm led by a diverse set of domain experts with the capital to lead rounds through all stages of a company's growth. The firm invests primarily in Fintech, AI/ML, Enterprise and Healthcare technologies. As an independent arm of Point72, the global asset management firm led by Steven A. Cohen, Point72 Ventures offers well-informed insights into the global economy. Point72 Ventures has offices in New York City, Palo Alto, California, and Stamford, Connecticut. For more information, visit their website at www.p72.vc
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