SAN DIEGO – A team of Pillsbury lawyers led by Corporate partner Christian Salaman advised longtime client Shield AI in raising $90 million in equity and $75 million in debt as part of a Series E fundraising round. Based in San Diego, Shield AI is a fast-growing defense technology company building AI pilots for aircraft. This round increased the company’s valuation to $2.3 billion. With this deal, Shield AI now joins Space X, Palantir and Anduril as the only multi-billion-dollar defense-tech startups of the past 20 years, according to the company’s press release.   

The round was led by Snowpoint Ventures’ Doug Philippone, with participation from multiple top-tier venture funds including Riot Ventures, Disruptive, which led Shield AI’s Series D, and Homebrew, which led Shield AI’s seed round. Previous lead investors include Point72, Andreesen Horowitz, Breyer Capital and SVB Capital.

On the equity side, the deal was led by Salaman, Corporate partner Jason Stirling and Corporate associate Kit Ryan with assistance from Executive Compensation & Benefits partner Mark Jones, Regulatory senior counsel Alvin Dunn, consulting manager Martin Bridges and senior legal analyst Rory O’Neill.

On the debt side, the deal was led by Salaman and Finance partner Alicia McKnight with assistance from Jason Stirling, Finance associate Olivia Lugar, Tax senior counsel Laura Watts, Kit Ryan and Rory O’Neill.

To learn more about this news, please visit the company’s press release.

Pillsbury previously represented Shield AI in all of its financing activities, including its Series D raising $210 million and its Series C round raising $90 million.