XTEND Raises $40 Million in Series B
XTEND, a Tel Aviv, Israel-based company that develops an AI-driven operating system for drones and robots, has raised $40 million in Series B funding.
The round was led by Chartered Group, with further participation from existing and new strategic investors, including Clal-Tech, valuing Xtend at approximately $110 million post-money.
Chartered Group is a private equity firm based in Singapore, providing extraordinary global investment funds and opportunities for a greener and more digitalized world across Investment Banking; Private credit; Real Estate & Hospitality; and Disruptive Technology.
The company will use the funding to expand its workforce by 50% and pursue international growth, particularly in Japan, as Xtend continues to develop its platform-as-a-service and software-as-a-service sales models.
Founded by brothers Aviv and Matteo Shapira, Xtend is a drone company focusing on empowering operators while retaining human decision-making, particularly in defense and law enforcement applications. Their platform facilitates the management of drones and robots, offering direct control options or AI training capabilities for various tasks, from object identification to navigating complex environments. The company has secured contracts with major defense agencies, including the Israel Defense Forces and the U.S. Department of Defense.
Funding Details
Company: XTEND REALITY EXPANSION LTD.
Raised: $40.0M
Round: Series B
Funding Month: May 2024
Lead Investors: Chartered Group
Additional Investors: Clal-Tech
Company Website: https://www.xtend.me/
Software Category: AI Operating System