- Hidden Level won a 10-year contract with the US Army last year
- Startup part of growing number of defense firms raising cash
Investors including Lockheed Martin Ventures and DFJ Growth have backed a drone defense company called Hidden Level Inc., the latest national security startup to snag substantial checks from venture capitalists.
In recent months Hidden Level raised about $100 million over the course of two funding rounds, which haven’t been previously reported. Its valuation is nearly $500 million, according to people familiar with the matter who asked not to be identified discussing private information.
Hidden Level aims to detect and track drones and other aerial objects — an increasingly critical element of modern warfare — using passive radar systems, meaning it can identify approaching aircraft without being detected.
In locations like Ukraine, and even New Jersey, drones have grown in importance. “The reality of what these small things can do is disheartening,” said Hidden Level Chief Executive Officer Jeff Cole, citing a failed attempt by a Tennessee man to blow up an energy substation in November using a drone