Israeli Drone Manufacturer XTEND Secures $40 Million in Series B Funding
This latest capital infusion comes after the proven performance of its drones during the Gaza war, where they were extensively utilized by IDF units in dense urban environments.
XTEND, an Israeli company specializing in assault and surveillance drones, has successfully raised $40 million in a Series B financing round. This latest capital infusion comes after the proven performance of its drones during the Gaza war, where they were extensively utilized by IDF units in dense urban environments.
The company, which has not disclosed its valuation in this round, is estimated by industry sources to have reached a valuation of $110 million. XTEND’s innovative drones are noted for their user-friendly control interfaces, which include a joystick and reality glasses that provide a first-person view similar to that of video games, making them particularly easy for soldiers to operate.
One of the distinguishing features of XTEND's technology is its intuitive targeting system. Instead of traditional navigation, the drones use a simple targeting dot on the control screen, allowing operators to mark targets effortlessly. The drones then autonomously navigate complex environments—be it weaving through buildings or tunnels—while carrying various payloads.
Moreover, XTEND's drones boast significant versatility and robustness, characterized by their modular design and ability to operate without GPS reception, and even connect to optical fibers. This versatility has made them a critical asset in military operations, particularly in challenging and GPS-denied environments.
The funding round attracted several new investors, including Len Blavatnik’s Claltech, part of Clal Industries, which has a history of successful investments in major Israeli tech companies. An unnamed large Japanese financing corporation and previous investors like the Chartered Group, a Japanese-Singapore investment firm, also participated in this round.
XTEND’s drones have been instrumental in various military applications, from dropping grenades to surveying tunnels and executing direct attacks on hostile targets. Their smaller drones have also been used innovatively for breaching operations, such as opening doors to buildings suspected of harboring threats, thereby protecting infantry soldiers and military canines.
With a workforce of 100 employees, including teams in Singapore and the U.S., XTEND plans to significantly expand its team using the funds from this latest round. This expansion aims to further develop its drone technology and enhance its operational capabilities, reinforcing its position as a leader in the military drone market.
