This Week in Dual-Use
NEWS
In space news, the US has unveiled plans for its ‘Golden Dome’ missile defence system. The American version of Israel’s Iron Dome is designed to counter next-generation aerial threats to the US, including ballistic and cruise missiles.
The total cost was announced to be $175bn, but some estimates put it north of $1.7tn. If true, that would make it roughly five times the cost of the entire Apollo programme. That is big business for companies supplying the tech. In particular, the space-based parts of the system will need significant investment and will include satellites, sensors and space-based interceptors.
The technology has the potential to upend the status quo of big-power nuclear strategy. If, as intended, it can knock out a nuclear missile launched against the US, then it will effectively neutralise the retaliatory capabilities of nuclear peers. That could induce China and Russia to develop their own golden domes, or create space-based weapons to neutralise the capability. It is likely they are already working on that.
In eVTOL (electric vertical take-off and landing) news, Anduril, a new American defence prime, has announced that it will lead a consortium to support future flight programs in the UK, including efforts to field dual-use eVTOLs aircraft for both civil and defence applications.
This surprising but also not surprising. Anduril is ostensibly a defence prime and its focus is on owning autonomy across air, sea and land. To date, it hasn’t shown much interest in the dual-use applications of its technology. But it has the valuation of a defence prime (around $28bn), without the revenues to match. And it has found the British market hard to penetrate. This could be a way to solve both problems.
In more space news, China has developed a bullet-shape satellite designed for very low earth orbit (VLEO). This marks an initial step towards building a 300-satellite constellation for high-resolution remote sensing and communications.
The very low orbit nature of these satellites could enable real-time target detection and monitoring, much like a helicopter or a drone might provide at the moment. That is something of a game changer for defence. This type of satellite could replace the surveillance drones which currently fill the skies above Ukraine. If close enough to Earth they could also be used as a command and control node for UAVs/USVs. Or for a civil surveillance programme.
This is the latest evidence demonstrating that China takes space very seriously. It has recently developed a capability to launch hypersonic weapons from space and in 2023 conducted 67 space launches, surpassing the US for the first time. It will be interesting to see if Western companies follow suit in developing VLEO capability.
FUNDRAISING
PsiQuantum, a US-based developer of large-scale quantum computers, is apparently in the market to raise $750m at a $6bn valuation. The deal lead is BlackRock, with Nvidia also participating.
Orca AI, a US-based developer of an autonomous shipping platform, which can reduce naval collisions, raised a $72.5m Series B led by Brighton Park Capital.
Saildrone, a US-based developer of maritime autonomous drones, raised $60m in a round led by EIFO (the Export and Investment Fund of Denmark).
TurbineOne, a US-based developer of software for the defence industry, raised a $36m Series B led by The General Partnership.
Space Forge, a UK-based developer of reusable satellites designed to manufacture high-performance materials in the microgravity of space, raised a £22.6m Series A round led by NATO Innovation Fund.
mPower Technology, a US-based developer of solar power solutions for space, raised a $21m Series B led by Razor's Edge Ventures.
Reflect Orbital, a US-based developer of satellite technology to reflect sunlight to Earth for nighttime illumination purposes, raised a $20m Series A round led by Lux Capital.
Solestial, a US-based manufacturer of lightweight solar panels engineered for use in space environments such as satellites and orbital platforms, raised a $17m Series A round led by AE Ventures.
Adyton, a US-based developer of mobile-first software that tracks personnel, gear, and mission schedules for military teams, raised an $11m seed round led by Venrock.
InspeCity, an India-based developer of sustainable space operations, raised a $5.6m seed round led by Ashish Kacholia.