Defense startup Shield AI is acquiring radar maker Echodyne for $5.3 billion, Bloomberg reports. To secure the deal, the company is raising $2.5 billion in new funding, including $1 billion in a Series H investment round. As a result, Shield AI's valuation has reached $28.8 billion, more than doubling from March's $12.7 billion.

Defense startup Shield AI is acquiring radar maker Echodyne for $5.3 billion, Bloomberg reports. To secure the deal, the company is raising $2.5 billion in new funding, including $1 billion in a Series H investment round. As a result, Shield AI's valuation has reached $28.8 billion, more than doubling from March's $12.7 billion.