InfraDefenceThe capital behind defence.
06 / Financing terms · selected comparisons

Venture rounds.

How much the sector's private companies raise per round, and how that has moved.

Randeep Bubbra | Lawyer | Making defence financeable

US$68mmedian disclosed round7 findings · data to 27 Oct 2026
Benchmark

Venture rounds

US$10mUS$100mUS$1bnUS$10bn20151617181920212223242526Dedrone equity raise of US$12m: US$12mShield AI equity raise of US$10m: US$10mFortem Technologies equity raise of US$16m: US$16mDedrone equity raise of US$27m: US$27mShield AI equity raise of US$10m: US$10mUrsa Major Technologies equity raise of US$25m: US$25mShield AI equity raise of US$22m: US$22mEpirus equity raise of US$17m: US$17mEpirus equity raise of US$57m: US$57mShield AI equity raise of US$53m: US$53mHermeus equity raise of US$19m: US$19mUrsa Major Technologies equity raise of US$15m: US$15mSkydio equity raise of US$96m: US$96mHidden Level equity raise of US$17m: US$17mAnduril Series D: US$450mHadrian Automation equity raise of US$36m: US$36mDedrone equity raise of US$30m: US$30mEpirus equity raise of US$191m: US$191mHadrian Automation equity raise of US$37m: US$37mSkydio equity raise of US$227m: US$227mHermeus equity raise of US$120m: US$120mShield AI equity raise of US$73m: US$73mDedrone equity raise of US$30m: US$30mSecond Front Systems equity raise of US$19m: US$19mTrue Anomaly equity raise of US$16m: US$16mAnduril Series E: US$1.5bnMach Industries equity raise of US$84m: US$84mHelsing Series B: US$226mShield AI equity raise of US$281m: US$281mSecond Front Systems equity raise of US$33m: US$33mHadrian Automation equity raise of US$86m: US$86mPicogrid equity raise of US$12m: US$12mHadrian Automation equity raise of US$12m: US$12mHidden Level equity raise of US$43m: US$43mSaronic Technologies equity raise of US$176m: US$176mHermeus equity raise of US$40m: US$40mHelsing Series C: US$487mHidden Level equity raise of US$66m: US$66mAnduril US$1.5bn Series F: US$1.5bnFirestorm Labs equity raise of US$20m: US$20mSecond Front Systems equity raise of US$70m: US$70mOverland AI equity raise of US$32m: US$32mTekever growth round: US$76mCastelion equity raise of US$60m: US$60mIstari Digital equity raise of US$27m: US$27mCastelion Series A: US$100mSaronic Series C: US$600mShield AI F-1 strategic round: US$240mMach Industries equity raise of US$102m: US$102mQuantum Systems Series C: US$181mHadrian Automation equity raise of US$110m: US$110mHelsing €600m Series D: US$678mFirestorm Labs equity raise of US$10m: US$10mAnduril Series G: US$2.5bnHermeus equity raise of US$201m: US$201mStark Defence growth round: US$62mAuterion equity raise of US$88m: US$88mOverland AI equity raise of US$80m: US$80mHadrian Automation equity raise of US$131m: US$131mCastelion Series B: US$350mFirestorm Labs equity raise of US$35m: US$35mSaronic Technologies equity raise of US$1,024m: US$1.0bnShield AI Series G and Blackstone preferred equity: US$2.0bnPicogrid equity raise of US$45m: US$45mAnduril US$5bn Series H: US$5.0bnIstari Digital equity raise of US$23m: US$23mQuantum Systems Series D: US$1.2bnCastelion Series C: US$1.0bn

Disclosed round sizes only; many rounds do not disclose a value.

Show the figures
PeriodDealsMedianLargest
2015–2012US$18mUS$57m
20215US$36mUS$450m
2022–2314US$85mUS$1.5bn
2024 on37US$100mUS$5bn
  1. 01

    68 venture and growth rounds with a disclosed value, from US$10m–US$5bn; the median is US$68m.

  2. 02

    2015–20: 12 deals, median US$18m.

  3. 03

    2021: 5 deals, median US$36m.

  4. 04

    2022–23: 14 deals, median US$85m.

  5. 05

    2024 on: 37 deals, median US$100m.

  6. 06

    26 were US$100m or more.

  7. 07

    The largest is Anduril US$5bn Series H at US$5.0bn.

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Selected observations from the register, not a market census, investment recommendation or legal advice. Working on a deal like these? Book 20 minutes with Randeep to see how your terms compare.

Randeep Bubbra
InfraDefence Weekly

The week in defence finance, read from the filings.

Deals, terms and the clauses behind them, for the people financing primes, mid-tiers and new defence technology. By Randeep Bubbra.

Working on a financing like this? Book 20 minutes with Randeep to see how it compares.

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