The company has contracts with the Israel Defense Forces and the U.S. Department of Defense, and has expressed ambitions to expand into civil market opportunities like private and public security. However, it has faced criticism for its involvement in military activities and surveillance of legal demonstrations. Despite this, Xtend has won $50 million in contracts to date and plans to use the new funding to expand its workforce and shift to a platform-as-a-service and software-as-a-service sales model.
Key takeaways:
- Xtend, a startup co-founded by Aviv and Matteo Shapira, provides a platform that allows operators to manage drones and robots developed both in-house and by third-party vendors. The platform can be used with or without a VR headset and can train AI models for deployment on drones.
- The company recently announced a $40 million funding round led by Chartered Group, bringing its post-money valuation to around $110 million. The funds will be used to grow its workforce by 50% across the U.S., Israel, and Singapore by the end of the year.
- Xtend's technology is aimed at a range of industries, but it leans heavily into military, defense, and law enforcement applications. It has contracts with the Israel Defense Forces and the U.S. Department of Defense, and is looking to expand into new civil market opportunities, such as private and public security.
- The company has been criticized for its involvement in military and defense projects, and for its use of drones in surveillance and reconnaissance missions. Despite this, Xtend has won $50 million in contracts to date and has over 50 organizations in its customer base, including government defense agencies.