Protego Ventures closes its debut fund with $125 million in commitments to back Israeli and global defense technology startups. Led by Lital Leshem and Lee Moser, the two-year-old firm invests $5 million to $50 million per company and counts drone maker XTEND and situational-awareness startup ASIO among its portfolio. Ares Management contributes $30 million as a limited partner, and Protego plans a second fund in early 2027 that will also target early-growth U.S. defense-tech companies.
Kodiak AI raises $100 million by selling shares for $6.50 each, and its stock falls 37% in after-hours trading. The financing comes from existing backer Ares Management and unnamed institutional investors as Kodiak reports first-quarter revenue of $1.8 million and an operating loss of $37.8 million. The company begins hauling freight for Roehl Transport between Dallas and Houston with a human safety operator, while CEO Don Burnette says Kodiak is targeting driverless highway operations later this year after completing validation.
