Just as President Joe Biden asks for $20 billion for military assistance to Ukraine, news breaks that a Southern California military defense startup may be raising at least $500 million.
Costa Mesa, California-based Anduril Industries, an advanced defense technology startup, is reportedly looking to raise at least $500 million—and as much as $1 billion—at a more than $7 billion pre-investment valuation, according to The Information.
Anduril provides AI-enhanced military and surveillance technologies across land, air and sea. In January, it announced that the U.S. Special Operations Command had picked Anduril to support its counter-drone systems in a deal worth nearly $1 billion.
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In June, the company raised a $450 million Series D at a post-money valuation of $4.6 billion. The round was led by Elad Gil, with participation from Andreessen Horowitz, 8VC1 , Founders Fund, General Catalyst, Lux Capital, Valor Equity Partners and D1 Capital Partners.
Aside from its investors, the company has other notable names behind it. Anduril was co-founded by Palmer Luckey—who co-founded Oculus, the VR startup sold to Facebook for $2 billion in 2014. Luckey also serves as Anduril’s CTO.
However, more than a year and a half after its IPO, Palantir’s stock is still hovering around its $10 per share IPO price.
Investors surely are hoping for more from Anduril.
Illustration: Li-Anne Dias.
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