In May, 23 companies announced fundraising rounds:
Edgerunner AI ($12M; Series A) | Accelerating the development of domain-specific AI agents for the military – led by Madrona Ventures with participation from Four Rivers Ventures, HP Tech Ventures, and Alumni Ventures
Chaos ($275M; Series C) | Improving performance capabilities advanced detection, monitoring, and communication solutions – led by New Enterprise Associates and co-led by Accel, with participation from StepStone Group, Overmatch Ventures, Tru Arrow Partners, and Valor Equity Partners
Orca AI ($72.5M; Series B) | To fuel further development of autonomous maritime technology – led by Brighton Park Capital, with participation from OCV Partners, Mizmaa Ventures, Ankona Capital, and Hyperlink Ventures
Lovelace (Undisclosed; Seed) | To fuel product development and talent acquisition – led by RRE Ventures
TEKEVER (Undisclosed; Undisclosed) | Transforming the UK’s defense industry and ensuring the UK remains at the forefront of AI-driven technology – with participation from Ventura Capital, Baillie Gifford, NATO Innovations Fund, Iberis Capital, Crescent Cove Advisors
Quantum Systems ($181.9M; Series C) | To accelerate global expansion, scale production, and advance the company’s autonomous drone systems, software and AI – led by Balderton Capital, with participation from Hensoldt, Airbus Defense and Space, Bullhound Capital, LP&E AG, HV Capital, Project A, Peter Thiel, DTCP, Omnes Capital, Airbus Ventures, Porsche SE, and Notion
Foundation Alloy ($7.5M; Undisclosed) | Helping restore U.S. manufacturing competitiveness despite rising tariffs and global supply chain pressures – with participation from Alumni Ventures, America’s Frontier Fund, Engine Ventures, El Cap, Material Impact, and Yamaha Motor Ventures
Valarian ($20M; Seed) | To launch Valarian Defense, an offering built specifically for governments and institutions operating in high-risk, mission-critical environments – co-led by Scout Ventures and Artis Ventures, with Gokul Rajaram, Molten Ventures, IQ Capital, and MD One
SEMPRE ($14.3M; Series A) | Redefining mission-critical connectivity for defense, disaster response and critical infrastructure – led by Pendrell, with participation from 90 Degree North
Usul ($3.3M; Seed) | Building a “one-stop shop” for companies to win defense contracts – led by Scout Ventures with participation from Bravo Victor Venture Capital, Y-Combinator, Steve Blank, Peter Newell, Jack Shanahan, and Jacqueline Tame
X-Bow ($105M; Series B) | Disrupting the aerospace industry with innovative and cost-effective advanced manufactured energetics for the solid rocket motor and launch vehicle market – led by Lockeed Martin Ventures, with participation from Razor’s Edge, Crosslink, Balerion Space Ventures, Boeing Ventures, Bravo Victor Venture Capital, Upsher Management Company, Capital Factory, Arkenstone Capital, Event Horizon Capital
Saildrone ($60M; Undisclosed) | To bring Saildrone technology to Europe – led by Export and Investment Fund of Denmark, with participation from Lux Capital, Washington Harbour Partners, Crowley Maritime Corporation, Academy Securities, Pinegrove
Schemata ($5M; Seed) | Building AI-enabled assets and environments for virtual training and simulation – led by Owl Ventures, with participation from a16z, Anorak Ventures, Alumni Ventures, Time Zero Capital, and Plug and Play Tech Center
Zeno Power ($50M; Series B) | To develop nuclear batteries for maritime and space applications – led by Hanaco Ventures, with participation from Seraphim, Balerion Space Ventures, JAWS, Vanderbilt University, RiverPark Ventures, Stage 1 Ventures, 7i Capital, Beyond Earth Ventures
TurbineOne ($36M; Series B) | Using AI to help warfighters detect, identify, and act on threats in real time, without technical training or cloud access – led by The General Partnership, with participation from Bessemer Venture Partners, XYZ Ventures, Stepstone Group, PROOF VC, and Artisanal Ventures
Orasio ($17.9M; Seed) | Detecting critical situations in video streams in real-time & facilitating post-event investigations using AI models – with participation from Frst, Global Founders Capital, Expeditions Fund
Adyton ($11M; Undisclosed) | Building AI-powered force management & logistics platforms – led by Venrock, with participation from Khosla Ventures, Liquid 2 Ventures, Alumni Ventures, Initialized Capital, Kindred Ventures, and Leblon Capital
PiLogic ($4M; Seed) | To develop satellite diagnostics and other artificial intelligence tools tailored for space applications – led by Scout Ventures and Seraphim Space, joined by Sovereign’s Capital, Flex Capital, FN Fund and angel investor Gokul Rajaram
CX2 ($31M; Series A) | To hire more people and accelerate development of its electronic warfare tools – led by Point72 Ventures, with participation from a16z, 8VC, and Pax Ventures
Radiant ($165M; Series C) | Mass-producing portable nuclear microreactors – led by DCVC, with participation from StepStone, Giant Ventures, Hanwha Asset Management Venture Fund, SGA, Crossbeam Venture Partners, Align Ventures, ARK Venture Fund, Gigascale Capital, HartBeat Ventures, and Pax Ventures
Trypillian ($5M; Undisclosed) | Developing deep-strike systems, battlefield communication tools, and autonomous solutions – with participation from Brooks Newmark, former UK Minister for Civil Society and Member of Parliament
Gastops (Undisclosed; Undisclosed) | To support R&D and to advance the next generation of oil debris monitoring (ODM) system technology – with participation from RTX Ventures
Firefly ($50M; Undisclosed) | To further advance production of their co-developed medium launch vehicle, Eclipse – led by Northrop Grumman Corporation
Q2 report drops next month. See a signal we’re missing or want to share insights? Hit reply and let us know.
See all past rounds and stay up to date on future rounds here.
