British start-up wins cash for missile defence system
A British start-up building anti-missile technology similar to Israel’s Iron Dome has raised more than $130mln (£96mln).
Cambridge Aerospace will use the funds to develop its Skyhammer interceptor rockets, designed to knock out drones and missiles at low cost. The company plans large-scale production, aiming to build thousands of rockets each month, with a new parts factory in Norfolk.
The investment round includes backing from D3, a Ukrainian defence fund supported by Google’s former chief executive Eric Schmidt. Since leaving Google, Schmidt has focused on defence projects and has worked with Ukraine on drone deployment.
Cambridge Aerospace was founded only a year ago and has grown quickly as Western governments seek new ways to counter low-cost drone attacks. Its chairman is former defence secretary Grant Shapps.
Chief executive Steven Barrett said there was a «desperate and urgent need» for fresh defence technology in Britain and Europe. The start-up has already tested its lightweight Skyhammer interceptor and is also working on a faster Starhammer rocket and new motor technology called Nightstar.
The UK’s latest defence review earmarked £1bn for homeland air defence. Barrett said investment in the sector is now seen as supporting democracy rather than raising ethical concerns.
Kursiv Uzbekistan also reports that Uzbekistan’s Minister of Energy, Jurabek Mirzamakhmudov, told national broadcaster Uzbekistan 24 that the country will receive mobile substations from China.
