Defence technology company Cambridge Aerospace has raised $300 million at a valuation of $3.4 billion, two years after it was founded, in a series C funding round led by the San Francisco-based investor DFJ Growth. The Ministry of Defence announced in April that it was purchasing Skyhammer air defence systems, with deliveries starting from May. Cambridge Aerospace employs about 250 people, mostly in the UK. Shapps, who lost his seat at the 2024 general election, was defence secretary from August 2023 to July 2024. Randy Glein, managing partner at DFJ Growth, said Cambridge Aerospace had developed “an affordable and accurate counter-UAS [unmanned aircraft system] for eliminating the inbound threats and battlefield chaos caused by low-cost aerial attack drones”.