Drone operator chaired by ex-GCHQ chief lands £15m funding boost

A drone operations and data intelligence company chaired by Sir Jeremy Fleming, the former director of GCHQ, will this week unveil a $20m (£15.1m) funding injection led by an early investor in Spotify.

Sky News has learnt that StirlingX, which helps capture data used in areas including defence and critical infrastructure, will announce on Thursday that it has secured the money in a round led by Ventura Capital.

The fundraising also includes participation from existing investor RCM Private Markets Master Fund, managed by Rokos Capital Management US, and GALLOS Technologies, a venture builder which backs technologically advanced security start-ups.

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StirlingX uses its drone surveillance and data capture capabilities to assist clients such as National Grid with pre-construction planning and construction phase operations.

Its ability to gather, secure and act on high-value data obtained in complex and sometimes hostile environments is understood to have drawn significant interest from prospective investors as part of the fundraising process.

Sir Jeremy, a former MI5 officer, ran the intelligence agency GCHQ between 2017 and 2023.

He took on the chairmanship of StirlingX, which was founded by chief executive Dean Jones, last autumn.

"In an increasingly contested world, the ability to securely capture, fuse and act upon data is becoming a critical strategic advantage," Sir Jeremy said in a statement.

"This investment in StirlingX will accelerate the development of a uniquely British capability with significant national and international potential."

The company's latest fundraising, which comes just months after an extended seed round, reflects growing appetite among investors for enhanced data applications provided by modern drone technology.

Ventura's involvement as the lead investor is significant because it was the first investor in Tekever, a leading British drone manufacturer which is set to be among the beneficiaries of the government's Defence Investment Plan, belatedly announced by Sir Keir Starmer earlier this week.

The new funding will be used to accelerate StirlingX's product development and wider growth.

"StirlingX represents a unique combination of establishment trust, technical expertise and execution excellence," said Mo El Husseiny, managing partner of Ventura Capital - which has also backed companies including the fast-growing lender Allica Bank.

"The utilisation of powerful data intelligence has become a must for governments and corporates, and increasingly so within a sovereign-secure framework.

"StirlingX is the trusted solution for Five Eyes and beyond. We are delighted to lead this Series A and we are looking forward to supporting the business as it scales against its huge opportunity set."

The valuation at which the round had been raised was unclear.

Mr Jones said StirlingX was "building a category-defining sovereign data intelligence company".

"This Series A will drive our business forward as we scale with new and existing partners across critical national infrastructure and defence ministries and agencies."

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