Unmasking Defense Tech Funding: $5.61B Raised in 2024

Launched in March 2025, Defense Metrics exists to fill a critical gap in defense tech fundraising data.

Public platforms like Crunchbase – as useful as they are – reported only around $3 billion raised in 2024 for military and national security ventures. That figure raised some questions. We scoured other sources, only to find fragmented data, inconsistent definitions, and unverifiable numbers.

So we decided to gather and analyze the data ourselves.

Within a few weeks of hand-collecting funding rounds, our suspicions were confirmed: the true 2024 figure ($5.61 billion and counting) is closer to twice the commonly cited “record” number – an indication that this sector is bigger and growing faster than many realize.

Note: all of the raw data can be found here and sign up below for our monthly roundup of funding rounds.

A Closer Look at 2024: $5.61B+ Raised Across 63 Rounds

Using our preliminary data, here’s what we’ve uncovered so far:

Anduril’s $1.5B Series F stands out as 2024’s largest round, followed by Scale AI’s $1B Series F in Q2 and Helsing’s $487M Series C in Q3.

Seed Rounds Dominate

Seed rounds led with 16 instances, signaling a surge in early-stage innovation and new entrants to the defense tech space. Series B followed with 11 rounds, reflecting strong growth-stage momentum. Breaking it down by general stage:

• Seed (including Pre-Seed): 20 rounds

• Early Stage (Series A & B): 20 rounds

• Late Stage (Series C+): 8 rounds

• Other (Strategic, Undisclosed, Extension): 15 rounds

Deal Size Insights

The average deal size was ~$95.09 million, but this figure is skewed by massive rounds from Anduril and Scale AI. A closer look at the distribution (with a median  of $25 million) tells a better story:

• $1M to $5M: 8 rounds

• $6M to $15: 18 rounds

• $16M to $50M: 12 rounds

• $51M to $100: 10 rounds

• Above $100M: 11 rounds

Most Active Investors

The most engaged VCs in defense tech funding last year:

1. Andreessen Horowitz (a16z): 9 participations

2. Founders Fund: 6 participations

3. 8VC: 5 participations

4. Lux Capital: 5 participations

5. XYZ Ventures: 5 participations

Funding by Category

The $5.61B raised across 63 rounds in 2024 spans six core categories (see classification system), each shaping the defense tech ecosystem in unique ways. Here’s how the funds and activity broke down:

• Electronic Systems: 7 rounds, $299.4M raised, $42.7M average

• Platform Systems: 12 rounds, $560.4M raised, $46.7M average

• Weapon Systems: 5 rounds, $99.1M raised, $24.8M average

• Software & IT: 20 rounds, $3.65B raised, $182.6M average ($2.15B raised without Anduril’s $1.5B round)

• Space Systems: 11 rounds, $616.5M raised, $68.5M average

• Support & Services: 8 rounds, $382.6M raised, $47.8M average

Software & IT stands out as the heavyweight, fueled by blockbuster deals from Anduril, Scale AI, and Applied Intuition. Meanwhile Platform Systems and Space Systems also drew significant attention with double-digit round counts.

Most Active Sectors

Zooming into specific sectors, a few areas are driving the momentum:

• Defense Software: Leading with 11 rounds, this sector reflects the military’s growing reliance on software-driven solutions.

• Data Analytics & AI: 6 rounds signal the rise of intelligent systems in defense decision-making.

• Military Satellites: 5 rounds highlight ongoing investment in space-based infrastructure.

• Unmanned Aerial Vehicles (UAVs): 5 rounds underscore the strategic role of drones in modern warfare.

Much more to share but, again, these are just preliminary findings. We look forward to sharing more insights, particularly around the different sectors and the amounts raised, in the near future.

Introducing Defense Metrics

Defense Metrics was created to deliver clean, trustworthy fundraising data on the defense tech sector.

We aim to serve investors, analysts, entrepreneurs, and policymakers who need an accurate pulse on the companies shaping U.S. national security and our technological future.

Why It Matters:

• Investors: Gain insights into this fast-emerging market, discover who’s raising capital, and spot trends in valuations and fundraising momentum.
  

• Founders: Benchmark your own fundraising efforts, see where opportunities exist, and better understand the competitive landscape
  

• Analysts & Policymakers: Access up-to-date data on funding trends to inform policy, strategy, and innovation efforts within national security technology.

The Tip of the Iceberg

We’re committed to continually updating* and refining our database as new rounds and stealth deals come to light. We’re also working on quarterly and annual reports to give you deeper analysis on trends, major players, and emerging technologies.

*We believe we’ve covered most of 2024’s activity, but we’re aware that some deals may have slipped through the cracks. Any further additions to 2024’s backlog will slightly impact figures reported above.

What’s Next?

• Ongoing Database Updates: Explore our data to see the latest round-by-round details. 

• Subscribe to Our Newsletter: Stay informed about fresh funding updates, new company additions, and upcoming reports.

• Contribute Data: If you notice a missed round or want to highlight your own funding event, please let us know.

By shining a brighter light on defense tech funding, we hope to foster innovation, collaboration, and transparency in a space that’s too important to be overlooked.

Ultimately, this data is just the tip of the iceberg. But if you’re as fascinated by this sector as we are – or simply curious to learn more – welcome to Defense Metrics.