By Anshuman Tripathy (Reuters) -Air-taxi maker Archer Aviation said on Thursday it has raised $430 million in fresh capital, part of which will be used to develop a hybrid aircraft with defense tech company Anduril Industries.

Archer has raised 430 million US dollars from various investors in a financing round on the back of entering into a partnership with Anduril Industries to

Archer Aviation and Anduril Industries announced that they're partnering on the development of a next-generation VTOL aircraft that could be used by the U.S. military.

Electric aviation startup Archer Aviation signed an exclusive deal with Palmer Luckey’s defense contractor, Anduril Industries, to jointly develop next-generation aircraft for the military. Archer also announced a new funding round of $450 million to help propel its defense ambitions.

Funding to defense tech companies has boomed in 2024 as geopolitical tensions rise, advancements in AI abound, and investors seek out a new growth area

Anduril, the company with which Archer is collaborating on the project, received a $14 billion valuation in its most recent funding round. It makes a range of defense systems including drones and trucks. In August, Anduril detailed plans to build a new factory that will expand its manufacturing capacity by more than five million square feet.

Emerging American defense contractor Anduril and U.S.-based eVTOL startup Archer Aviation this morning announced an exclusive new partnership to jointly develop a hybrid VTOL aircraft for critical defense applications,

Defense contractor Anduril Industries and Archer Aviation are together developing a hybrid-power vertical takeoff and landing aircraft they hope can win the Pentagon's favor. Why it matters: Climate change concerns,

Archer Aviation announced a partnership with Anduril to develop hybrid VTOL aircraft for defense applications.