Defense technology startup Vannevar Labs raises $75M in funding

Protection expertise startup Vannevar Labs Inc. has raised a $75 million funding spherical led by Felicis Ventures.

The Collection B spherical, which was introduced late Wednesday, additionally included the participation of a half dozen different traders. The group included DFJ Development and Aloft VC, in addition to returning Vannevar Labs backers Basic Catalyst, Point72 Ventures, Costanoa Ventures and Protect Capital. Since launch, the startup has raised greater than $90 million in funding. 

“We’ve been investing in frontier AI for over a decade and there are few functions of AI as necessary as protection expertise,” mentioned Felicis founder and managing accomplice Aydin Senkut. “Vannevar Labs has already demonstrated a powerful potential to get revolutionary tech into the arms of the protection group.”

San Francisco-based Vannevar Labs develops expertise merchandise that help public servants engaged on army and international coverage selections. Its flagship providing, a software program platform known as Decrypt, launched in early 2021. Vannevar Labs says that the platform has since been deployed throughout greater than 15 authorities businesses.

In August 2021, following a $20 million Collection A funding spherical, Vannevar Labs detailed that Decrypt can arrange data collected by the intelligence group to simplify evaluation. The platform can be able to translating textual content. Along side its newest funding spherical, Vannevar Labs detailed this week that Decrypt is used at greater than 15 army bases for duties akin to processing battlefield data and countering malign exercise by adversaries.

In keeping with the startup, Decrypt generates greater than $25 million in annual income. The broadening adoption of the platform has helped Vannevar Labs develop into worthwhile lower than 5 years after launch. 

Utilizing the proceeds from its newest capital increase, the startup will work to win its first multi-year authorities expertise procurement contract with Decrypt. Moreover, Vannevar Labs will finance the event of recent merchandise. The startup beforehand stated that its product portfolio might develop to incorporate as many as 9 or ten choices in just a few years. 

“We exist to deliver one of the best engineering and product expertise to a very powerful nationwide safety issues,” mentioned Vannevar Labs Chief Government Officer Brett Granberg. “This funding will enable us to far more aggressively put money into R&D for the merchandise we’re fielding with the federal government.”

Vannevar Labs’ funding spherical comes just a few weeks after one other protection expertise startup, Anduril Industries Inc., closed a $1.48 billion funding. Anduril develops a wide range of protection techniques that vary from surveillance towers to drones. It additionally gives an working system, Lattice, that may accumulate sensor information from protection techniques and make it accessible to army personnel by way of a centralized interface. 

Picture: Unsplash