Anduril could raise up to $1 billion in the Series E round, according to a media report.

Costa Mesa-based defense technology startup and U.S. military contractor Anduril Industries is looking to raise as much as $500 million in a Series E round at a valuation of $7 billion, pre-money, according to an exclusive report by The Information. (dot.LA)

Anduril, an advanced defense technology startup, provides AI-enhanced military and surveillance technologies across land, air, and sea. The US Special Operations Command in January selected Anduril to support its counter-drone systems in a deal worth about $1 billion.

According to The Information, the proposed Series E round is being led by an existing investor. The startup previously raised $450 million at a post-money valuation of $4.6 billion in a Series D round led by Elad Gil, with participation from Andreessen Horowitz, 8VC, Founders Fund, General Catalyst, Lux Capital, Valor Equity Partners and D1 Capital Partners.

Palmer Luckey, who sold his virtual reality headset firm to Facebook for $3 billion in 2014, founded Anduril in 2017 with Founders Fund partner Trae Stephens and ex-Palantir executives Matt Grimm and Brian Schimpf. The last-named is now CEO, Anduril, while Luckey is CTO.

The Information also quoted two people with direct knowledge of the matter that Anduril’s new funding could be as high as $1 billion.

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