Hanwha Aerospace and a group of investors including Lockheed Martin have invested $17.8 million in Fortem Technologies, a US airspace security firm specialized in drone defense, Hanwha officials said Wednesday.

Fortem Technologies operates its own air defense system based on an artificial intelligence radar that can monitor and detect dangerous drones or unmanned aircrafts and catch them by sending autonomous flying drones equipped with nets. The system is being used in Ukraine’s efforts against suicide drones and was implemented to protect football stadiums during the World Cup Games in Qatar last year.

"We are extremely excited to be working with such respected companies in this funding raise," said Jon Gruen, CEO of Fortem Technologies.

"Not only does this investment help us address our rapidly growing market demand, but the level of support and industry experience these companies bring allows us to tap into unparalleled business, technical and industry knowledge,” he added.

Hanwha Aerospace, the aerospace business arm of the South Korean conglomerate Hanwha Group, said it will cooperate with the US company to secure the advanced anti-drone technology and apply it to collision prevention in the urban air mobility sector in the future.

According to a report by Markets and Markets, the global anti-drone market was estimated at $900 million in 2022 and is projected to reach $3.8 billion by 2027 with a compound annual growth rate of 27.7 percent. The report said the key factors driving the growth of this market include the rising incidence of drone breaches, the increasing use of drones to counter terrorism and illegal activities, and the growing use of counter drones for remote sensing.

“We will secure the world’s best level of drone response technology as a national defense company to protect the national security and enter relevant markets to advance Hanwha’s weapons system to a global top-tier level,” said a Hanwha Aerospace official.