JPMorgan Chase- (JPM) and Blackstone-backed (BX) defense startup Shield AI is in discussions to raise new funds at a valuation of at least $20 billion, The Information reported Monday, citing a person with knowledge of the matter.
Shield AI builds drones and AI-powered software for the military.
Earlier this year, the startup raised $2 billion at a valuation of about $12.7 billion, including the money invested, according to the report. JP Morgan's Security and Resiliency Initiative investing arm and private equity firm Advent International reportedly co-led the funding round, with participation from Blackstone.
Shield AI didn't immediately respond to MT Newswires' request for comment.
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