Startup whose A.I. will help track drug runners’ boats gets $5 million in funding
Today, Modern Intelligence, which had been operating in “stealth mode” since its founding in late 2020, announced the completion of a $5 million seed funding round. The investment is being led by Geoff Lewis, the founder and managing partner of Bedrock Capital. Also participating in the funding round are Vine Ventures, a venture capital firm in New York; Air Street Capital, a London-based investment firm that backs startups using A.I.; and Contrary Capital, a venture firm that manages funds from co-founders and early employees of several well-known Silicon Valley successes, such as Airbnb, Facebook-parent Meta, Tesla, and SpaceX.
Modern Intelligence also said that it has been selected to test its maritime surveillance technology this summer at the U.S. Navy’s Naval Special Warfare’s Trident Specter exercises—which are designed to pilot emerging technologies that might be able to help U.S. Navy’s special operations forces. Modern has been developing its software partly with input from the U.S. military’s Southern Command and its Joint Interagency Task Force South, based in Key West, Fla., which is responsible for combating drug and people trafficking in Central and South America and the Caribbean.