With Defense Department Connections, Shield Capital Raises $120M To Invest In National And Commercial Security

An illustration of a file cabinet and federal government buildings

Shield Capital raised $120 million for its first fund, which it plans to invest in tech related to commercial and national security, the firm announced this week. Shield is among a small but growing group of VC firms and investors dedicated to investing in technology around government and security.

While this is the firm’s inaugural fund, the people behind Shield are no strangers to the world of venture. Shield is led by Philip Bilden, a co-founding member of HarbourVest, and Raj Shah, who was previously the director of the Pentagon’s Defense Innovation Unit. 

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So far, Shield has invested in companies including Rebellion Defense, GoSecure and Elroy Air

With the new fund, Shield will focus on investing in the areas of artificial intelligence, autonomy, cybersecurity and space. 

While not many venture investors focus on government or national security tech, there are a few. Govtech Fund, for example, invests in technology to modernize government operations. And Andreessen Horowitz general partner Katherine Boyle focuses on investing in technology related to national security, aerospace and defense, and other areas.

Shield has stacked its advisory board with plenty of people with experience in government, including former Secretary of Defense Ashton Carter and Sean Stackley, the former Acting Secretary of the Navy.

Illustration: Dom Guzman

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