Sweden’s Saab snags Silicon Valley-based CrowdAI

Sweden’s Saab snags Silicon Valley-based CrowdAI

Time Stamp: September 7, 2023 11:52 AM
Source Node: 2872074

WASHINGTON — Swedish defense company Saab AB acquired artificial intelligence firm CrowdAI, again expanding its footprint in the fast-growing sector.

The deal’s closing was announced Sept. 7. No financial details were shared. Saab ranked No. 33 in the latest Defense News “Top 100″ analysis of the world’s largest defense companies, raking in $3.7 billion in defense revenue in 2022.

Erik Smith, president of Saab in the U.S., in a statement said the takeover provides the company “a new capability as well as deeply rooted relationships with new customers.” It also underscores “our commitment to innovation and growth in the United States,” he added.

The Department of Defense last year selected CrowdAI to help aid AI adoption, under a contract worth up to $249 million. The company was also tapped in 2019 during a “Shark Tank”-style event the Air Force hosted to quickly ink contracts.

As part of Saab, “the team we’ve built will open new doors for dual-use technological advancement that aligns with the DoD’s priorities,” Devaki Raj, the cofounder of CrowdAI, said in a statement. Its future work will mainly be carried out in San Diego, California.

Saab last month acquired BlueBear Systems, a British company that specializes in autonomy, avionics, and modeling and simulation. Terms were not disclosed at the time. BlueBear last year had a turnover of £8 million, or $10 million, Defense News reported.

Colin Demarest is a reporter at C4ISRNET, where he covers military networks, cyber and IT. Colin previously covered the Department of Energy and its National Nuclear Security Administration — namely Cold War cleanup and nuclear weapons development — for a daily newspaper in South Carolina. Colin is also an award-winning photographer.

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