Shield AI, a startup building drones and AI-powered software for the military, is in talks to raise a Series H round at a valuation of at least $20 billion, according to a person with knowledge of the fundraise. The lead investors couldn’t be learned. The planned round follows a string of contract wins for Hivemind, the company’s AI software that coordinates drones and aircraft. In June, the US Air Force awarded Shield a contract to use Hivemind in its Collaborative Combat Aircraft program for uncrewed fighter jets; in May, the Pentagon tapped it for a drone-swarm pilot program. A close would mark a roughly 60% jump from the $12.7 billion valuation Shield reached in March, when it raised $2 billion in a round co-led by Advent International and JP Morgan’s Security and Resiliency Initiative, with Blackstone participating. The 11-year-old San Diego company has raised over $3 billion total from backers including Andreessen Horowitz, Disruptive, and the US Innovative Technology Fund.

Full report : Defense tech startup Shield AI is in talks to raise new funds at a $20 billion valuation; Shield AI raised $2 billion at a $12.7 billion post-money valuation in March.

For more see the OODA Company Profile on Shield AI.