Defense, AI, Robotics — Business Rundown: 26 April 2024
Dear readers,
Today it’s time for another dose of cutting-edge content.
I’ve curated the most intriguing insights for you from this week: updates from Anduril, AI trends from Stanford University, the most promising sectors to invest in, the future of electric military vehicles, and even more startup news (Nominal, Dropzone AI, Nagomi Security, True Anomaly).
Enjoy your reading and have a great weekend!
Top Stories
Anduril Selected for U.S. Air Force Drone Program
Anduril has just been selected as one of two vendors for a major US Air Force contract, beating out defense giants Lockheed Martin, Northrop Grumman, and Boeing.
In simpler terms, Anduril will develop drones that will escort fighter pilots into combat or otherwise assist them with their missions. The program plans to spend almost $9 billion on the effort through fiscal 2029. The Air Force is expected to eventually purchase at least 1,000 systems for around $30 million per drone.
AI beats humans on some tasks, but not on all
A new Stanford report tracks, collates, distills, and visualizes data related to AI for you. In short, investment in Generative AI is skyrocketing (along with model training costs), the US leads the technological developments in the AI field, and people across the globe recognize the potential impact of AI and are becoming more nervous.
A notable challenge also arises from the potential for AI systems to amplify cyberattacks, resulting in threats that are increasingly sophisticated, adaptable, and difficult to detect. 2024 AI Index Report
Interview to Listen
The Future of Hybrid and Electric Military Vehicles (Apple Podcasts and Spotify)
Rick Kewley, Vice President of Product Development and Advanced Engineering for GM Defense LLC, explains the company’s latest research and development of new concepts, applications, and prototypes for hybrid and electric-powered military ground vehicles, both present and future.
Money Flow
Seraphim Space, the world’s leading SpaceTech-focused investment group, has announced close of its new venture fund
The fund will focus on investing at Seed and Series A stages of space technology ventures, including AI application to satellite data, space-based networks for on-orbit edge compute, the merging of terrestrial and space-based communications networks.
Strategy Reading
Expert Comment: What Startup Sectors Are Investors Most Interested In This Financial Year?
Investment professionals from the UK share their views on which sectors investors see as the most economically resilient. AI is leading the pack, but defense technology is not far behind.
Startups, VC, and Investments
Defense-tech startup Nominal has raised $27 million from Lux Capital, General Catalyst and Founders Fund. The company is developing software for tech startups building drones, satellites, nuclear reactors and other advanced hardware.
Nagomi Security from Israel raises $23 million Series A for proactive defense platform, enabling customers to maximize the effectiveness of their security stacks to defend against emerging, relevant threats.
Space and defense startup True Anomaly has laid off around 25% of its workforce and canceled its summer internship program.
Intelex Vision — global video surveillance market is anticipated to reach $147 billion by 2030.
AI security developer Dropzone AI has received $16.85 million in Series A funding to make pre-trained autonomous AI security agents designed to aid humans in detecting cybersecurity threats.
HowToRobot.com ApS, a provider of a global automation market platform, and Gain & Co., a robotics and automation advisor, announced a merger last week. The company will support businesses with every aspect of their automation journeys.
Türkiye-based AI defense firm RobotEye AI secured an investment from ARZ Portfoy, a firm known to invest in Turkish tech startups, at a valuation of $12.5 million, according to Anadolu Agency.
Startup Control One AI, specializing in AI for robotics, has secured a fresh funding of $350,000 from a diverse group of backers from the United States and India.
Sublime Security, a cybersecurity startup based in D.C., has raised $20 million in a Series A round to scale up its fight against email scams generated by artificial intelligence
Contec, first publicly listed South Korean space startup, aims to become ‘Korea’s SpaceX’