HARMATTAN AI acquired by DASSAULT AVIATION & BPIFRANCE
Context
Harmattan AI has successfully raised $200 million (€171.2 million) in a Series B funding round led by the strategic industrial giant Dassault Aviation and Bpifrance. This capital increase follows previous rounds from FirstMark Capital, W Ventures, and Atlantic Labs, marking a definitive shift toward French and European strategic ownership. The strategic rationale for the partnership centers on the development of embedded AI for the future Rafale F5 and accompanying UCAS (Unmanned Combat Air Systems). Harmattan AI’s technology will provide the autonomous decision-making required for unit control without on-board pilots. The funds are earmarked for a massive industrial scale-up, including a move to a new production facility near Orly to meet a combined backlog of over 4,000 units for French and British forces. This rare alliance between a major aeronautics group and a disruptive startup structures the future of sovereign French combat cloud and autonomous warfare.
HARMATTAN AI, which reported an EBITDA margin of in 2026, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Industry & Manufacturing sector (11.5x).
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Target
Harmattan AI is a high-growth defense technology company specializing in AI-driven autonomous aerial systems and command-and-control platforms. Founded in April 2024, the organization designs a specialized range of drones—including the Sonora (reconnaissance), Sahara (camouflage detection), and Gobi (interceptor)—capable of full autonomy even in communication-denied environments. Its business model integrates advanced onboard artificial intelligence with rapid industrial manufacturing, evidenced by a production capacity aimed at 10,000 units per month by 2026. The entity serves sovereign military clients, holding significant contracts with the French General Directorate for Armament (DGA) and the British Army. By developing "loyal wingman" technologies and autonomous swarm capabilities, the firm positions itself as a critical pillar for next-generation aerial combat and electronic warfare.
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|---|---|---|---|---|
| 02/2026 | NEXTEAM | UCELIA | FRANCE | Aerostructures |
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| 01/2026 | CAPZA | UUDS | FRANCE | MRO (Maintenance, Repair & Overhaul) |
| 01/2026 | SLX GROUP | CLEMENTS ENGINEERING | UNITED KINGDOM | Naval |
| 01/2026 | SIPAREX / SOCADIF / BNP PARIBAS DEVELOPPEMENT | NOVAKAMP | FRANCE | Aerospace, Naval & Defense |
| 12/2025 | FAE TECHNOLOGY | KAYSER ITALIA | ITALY | Electronics |
| 12/2025 | ANDERA PARTNERS | SPHEREA | FRANCE | Engines & Systems |
| 12/2025 | LOAR GROUP | LMB AEROSPACE | FRANCE | Engines & Systems |
| 12/2025 | TRANSDIGM | STELLANT SYSTEMS | UNITED STATES | Electronics |
| 12/2025 | INDRA GROUP | WAKE ENGINEERING | SPAIN | Electronics |
REFERENCES
Valuation range: EV 1b - 4b EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: harmattan ai
Acquirer: dassault aviation / bpifrance