Exclusive: Defense contractor Shift5 closes $83M funding round

Jan 19, 2024

Illustration: Sarah Grillo/Axios

A defense contractor aiming to protect military weapon systems and other critical infrastructure has closed an $83 million Series B funding round, the company first shared with Axios.

What's happening: Shift5, a defense tech startup based in the D.C. metro area, raised an additional $33 million in the last few months as part of its previously announced financing round.

Why it matters: Shift5 provides data and cybersecurity solutions to multiple military branches and combatant units, including those in the Army, Navy, Air Force and Space Force.

The big picture: Most physical infrastructure systems — such as planes, trains and military weapons systems —were originally designed decades ago to be isolated, disconnected entities to protect their data from attacks.

What they're saying: "The attack surface is broader than ever," David Forbes, director of cyber physical defense at Booz Allen Hamilton, told Axios.

Details: Shift5 plans to use the new funds to hire more employees, continue investing in its government business and expand into other markets, Lospinoso said.