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Dual-Use Tech Roundup - Cybersecurity, Artificial Intelligence, Aerial Imaging & Electric Aircrafts
18 April 2022 - Featuring Hacware, Overwatch Imaging, AstronetX, Rovco & Launchpoint Electric Propulsion Systems
Hacware has developed an AI-powered cybersecurity awareness platform. This platform is designed to address their customer’s risky cybersecurity habits and provide them with secure solutions. The company raised $2.3 M of Seed Funding on April 11th, 2022. The round was led by Elevate Capital and saw participation from 2.0 Ventures, Aura Innovation Fund, Chai Angels, and other undisclosed investors.
Overwatch Imaging: 📷
Overwatch Imaging produces precision aerial imaging systems that run on custom AI software. Their products can be used for land and maritime monitoring as well as for linear infrastructure inspections. The company raised $11.15 M of Series B funding on April 5th, 2022. The deal was co-lead by Squadra Ventures and Shield Capital. The funds will be used to expand the company’s growth globally to meet the increasing demand for their products as well as hiring more engineers for their product development team.
AstronetX provides space-based observational and data services for the global space communities. Their platform has applications for astrophysics, planetary defense, earth science, planetary science, and national security. The company raised $352 K from three undisclosed investors on April 7, 2022. The company had previously raised $302 K of convertible debt financing also from undisclosed investors on April 9th, 2021.
Rovco is utilizing AI and computer vision to develop hydrographic subsea services for the marine renewable energy sector as well as the other energy sectors. These services include using autonomous robots to gather insights to make better informed engineering decisions and to de-risk renewable energy projects. The company raised $19.9 M of Series B on March 28, 2022 in a round led by Legal & General Capital and Equinor Ventures. The company also received funding from In-Q-tel which was one of the providers of non-dilutive government funding that was featured in our previous newsletter. The funds will be used to further develop solutions to aid in lowering the cost of renewable energy projects.
Launchpoint Electric Propulsion Solutions: ✈️
The electrification of vehicles is not unique to the automobile industry. Launchpoint Electric Propulsion Solutions has developed a hybrid electric propulsion system for UAVs and other unmanned aircraft. The company raised $5.5 M of Seed 2 funding on April 7, 2022 from two undisclosed investors which put the company’s pre-money valuation at $15 M
What We’re Reading:
Government is learning how to work with private sector on cyber threats - The Washington Post
DoD seeks $100M for ‘valley of death’ bridge fund - DefenseNews
Reboot The Defense Innovation Ecosystem - War On The Rocks