Cambridge Aerospace raises $300M Series C at $3.4B valuation for air defence

Cambridge Aerospace has raised $300 million in a Series C at a $3.4 billion valuation to expand manufacturing and deliver existing contracts, Defence Industry Europe reported. DFJ Growth led the round, with participation from Lux, Accel, Lakestar, Never Lift, Ora Global, and Elad Gil & Co. The raise comes four months after a $200 million Series B that valued the company at $1.3 billion, the outlet said. Since the April financing, the British air defence company has secured several UK Ministry of Defence contracts, including low-cost interceptors for the British Armed Forces, and is involved in the Low-Cost Effectors & Autonomous Platforms, or LEAP, programme announced in July. Cambridge Aerospace has developed and delivered Skyhammer, a low-cost modular interceptor designed for Shahed-type attack drones, and plans to bring Starhammer, a high-speed interceptor for higher-value missile threats, to market in 2027. Its portfolio also includes Looking Glass multistatic radar and Nightstar solid rocket motors, with production described as using secure NATO supply chains. Founded in 2024, the company employs more than 250 people, with two-thirds in technical and engineering roles, and maintains a presence in Germany, Poland, Norway, Ukraine, and Australia. CEO Steven Barrett said the funds will help scale manufacturing and delivery to meet threat pace and Allied needs. UK Defence Secretary Wes Streeting MP called Skyhammer an example of low-cost interceptors the Armed Forces need and linked the valuation to Britain's effort to scale defence startups.