Defense company Anduril, which builds autonomous drones, virtual reality headsets, and other AI-powered technologies for the U.S. military and its allies, said it had closed an oversubscribed $2.5 billion funding round on Thursday.

Anduril Industries has closed a $2.5bn funding round, significantly increasing its valuation to $30.5bn. The defence technology company aims to establish itself as a key player in the American national security sector.

Anduril Industries Inc. has closed a new funding round of $2.5 billion, a deal that more than doubles the defense startup’s valuation to $30.5 billion, Executive Chairman Trae Stephens said in an interview on Bloomberg Television.