Shift5, a small company with a software platform that gives users visibility into the data on their operational technology such as weapon systems, tanks and aircraft, and other military and commercial assets, has raised $33 million in new funding from investors, including Booz Allen Hamilton [BAH].
Shift5’s technology collects data crossing networks aboard assets and platforms that is typically difficult to access giving users more intelligence about the performance of their fleets, such as predictive maintenance and compliance. The technology also combines machine learning and analytics to detect anomalies, enhancing the cybersecurity of these assets.
The new funding brings Shift5’s Series B funding round to $83 million and brings total venture funding for the Northern Virginia-based company to $108 million. The latest investment was led by
Moore Strategic Ventures, and also included Booz Allen Ventures, Jet Blue Ventures, the venture arm of airline JetBlue [JBLU], and Teamworthy Ventures.
In the last year Shift5 has more than doubled its sales and number of customers in the Defense Department and the commercial and rail sectors. The company also said deployments of its Shift5 Platform have increased by nearly 1,300 percent on commercial and DoD vehicles and weapon systems.
Shift5 was founded in 2019 by founding members of U.S. Army Cyber Command. At the time, the startup raised $2.5 million in seed funding. The company has 95 employees.
“The Series B extension provides us the ability to accelerate our go to market, to invest in our product roadmap, and expand the infrastructure necessary to support our rapidly growing commercial and federal businesses,” Josh Lospinoso, co-founder and CEO of Shift5, said in a statement. “It allows us to delve deeper with our current strategic and venture capital partners like Booz Allen Hamilton and JetBlue Ventures to further capture defense and commercial aviation market share.”
The investment by Booz Allen Ventures, Booz Allen’s venture capital unit, is the first aligned with the unit’s National Cyber business.
“The nation’s adversaries view the U.S. federal government, intelligence agencies, the military, and all critical infrastructure sectors as a single, target-rich environment—one cyber battlespace,” Brad Medairy, head of Booz Allen’s National Cyber business, said in a statement. “In this threat landscape, this investment enables us to outpace adversaries and protect U.S. strategic advantage by enhancing weapon systems readiness. Shift5 will be a key enabler of our continued delivery of superior tradecraft for cyber-physical resilience and mission readiness.”