Cambridge Aerospace, the UK-based air defence company building low-cost interceptor missiles for European and allied militaries, has closed a €259.7 million ($300 million) Series C round at a €2.94 billion ($3.4 billion) valuation.
The fresh capital will fund the company’s continued expansion of manufacturing capacity to deliver on existing and new contracts, while supporting further development of its current products and the launch of new capabilities.
The round was led by US growth investor DFJ Growth, with support from existing backers Lux, Accel, Lakestar, Never Lift, Ora Global and Elad Gil & Co.
“This raise is testament to the incredible work of the entire Cambridge Aerospace team. By bringing together the best talent in the world with a singular mission to protect Allied skies from threats we have achieved a huge amount already. The addition of these funds will allow us to continue to scale our manufacturing and our delivery to meet the pace of threats, and the needs of Allied nations,” said Steven Barrett, co-founder and CEO of Cambridge Aerospace.
Founded less than two years ago, Cambridge Aerospace is a mix of academic, military and industry experience. Barrett is a former aeronautics professor at MIT who joined the University of Cambridge in April 2024. Sylvan, CCO of Cambridge Aerospace, served more than a decade in the Royal Marines before moving into emerging defence technology as head of UK business development at Anduril. Hussain is a founder of several technology companies including Agon, Iconic, Auctor, and others.
Cambridge Aerospace now employs more than 250 people, two-thirds of them in technical and engineering roles, drawing heavily on veterans of Allied armed forces. Alongside the UK, the company has established a presence in Germany, Poland, Norway, Ukraine and Australia. That talent base, the company says, has enabled it to bring its first product, Skyhammer, to market quickly, with a second product, Starhammer, due in 2027.
Skyhammer, an interceptor with a range of over 30 km and a top speed of 700 km/h, is designed to counter drones and low-speed missiles as part of a layered air defence system. In April, the UK Ministry of Defence announced it would purchase a significant number of Skyhammer systems, with deliveries beginning in May and continuing over six months.
The Series C follows a €173.1 million ($200 million) Series B round in April this year, co-led by Elad Gil & Co and Spark Capital, which valued the company at €1.1 billion ($1.3 billion).
Randy Glein, founder and Managing Partner of DFJ Growth, said, “Cambridge Aerospace is solving one of the most pressing challenges of modern warfare. They have developed an affordable and accurate counter UAS system for eliminating the inbound threats and battlefield chaos caused by low-cost aerial attack drones. We surveyed the global landscape and identified Cambridge as having the best team and technology to build the most advanced and modern air defence infrastructure for Europe and its allies.”
With the new Series C funding, Cambridge Aerospace is positioning itself to scale further as demand for sovereign, affordable air and missile defence grows across Europe and among allied nations.