US defense technology startup Shield AI plans to acquire radar sensor company Echodyne for $5.3 billion, according to Bloomberg. The deal comprises $4.8 billion in cash and equity, plus an additional $500 million contingent on Echodyne achieving specific milestones. To support the acquisition, Shield AI is raising $2.5 billion in new funding, including $1 billion in structured equity from Blackstone and $500 million in debt financing from JPMorgan. Combined with its previously completed $1 billion Series H round, this brings Shield AI's valuation to $28.8 billion, more than double its $12.7 billion valuation from March. The new funding will close after the acquisition is completed. Founded in 2015, Shield AI develops Hivemind, an AI software system for autonomous aircraft.