Defence technology company Cambridge Aerospace has raised $300 million at a valuation of $3.4 billion, two years after it was founded, in a series C funding round led by the San Francisco-based investor DFJ Growth.

The round takes the company’s total funding to $636 million since it was set up in 2024. The money will be used to expand development of its missile and drone interceptor systems and its manufacturing capabilities.

The company is developing Skyhammer, a low-cost anti-drone interceptor that is in production, and Starhammer, a rocket-powered interceptor missile built for higher-speed targets such as cruise missiles, which is due to come to market next year.

The Ministry of Defence announced in April that it was purchasing Skyhammer air defence systems, with deliveries starting from May. Skyhammer, which began development in January 2025, has a range of more than 18 miles and a top speed of 430mph, enabling it to intercept drones and low-speed missiles.

The latest raise follows a $200 million round in April at a $1.3 billion valuation, which took the company into the ranks of the UK’s billion-dollar start-ups. That round was co-led by the entrepreneur and investor Elad Gil and the venture capital firm Spark Capital. Gil also invested in the new round, alongside Lux, Accel and Lakestar among others.

Steven Barrett, chief executive, said the company had a “singular mission to protect Allied skies” and that the funds “will allow us to continue to scale our manufacturing and our delivery to meet the pace of threats”. The company is in talks with the US government.

Barrett relocated to Cambridge in 2024 to become regius professor of engineering at the university, having previously been head of aeronautics and astronautics at the Massachusetts Institute of Technology. He decided to launch the company after assessing “where I wanted to contribute in aerospace engineering”.

“Ukraine feels very close when you move back to the UK after a period thousands of miles away,” he said. “And it seems really obvious that we had a desperate need for cost-effective air defence. You can see that every day in the news and that was obvious even a couple of years ago.”

He has said the company is able to produce its interceptors at a lower cost and greater volume using technology, such as artificial intelligence, and its “highly driven, ambitious talent”.

Cambridge Aerospace employs about 250 people, mostly in the UK. Chris Sylvan, its chief commercial officer, is a former Royal Marine.

Sir Grant Shapps stepped down as the company’s chairman in April after the former Conservative defence secretary was found to have breached the rules on ex-ministers’ business appointments. Shapps, who lost his seat at the 2024 general election, was defence secretary from August 2023 to July 2024.

In March, Cambridge Aerospace was among 13 UK-based defence firms that met Gulf ambassadors at an MoD-convened meeting to discuss equipment and technology that could support regional allies in countering Iranian drone and missile attacks. In June, it signed a deal with Kawasaki Heavy Industries to build a manufacturing facility in Japan, part of a broader technology partnership between the UK and Japan.

Randy Glein, managing partner at DFJ Growth, said Cambridge Aerospace had developed “an affordable and accurate counter-UAS [unmanned aircraft system] for eliminating the inbound threats and battlefield chaos caused by low-cost aerial attack drones”.

He added: “We surveyed the global landscape and identified Cambridge as having the best team and technology to build the most advanced and modern air defence infrastructure for Europe and its allies.”

The government is working to focus more state procurement on UK start-up and scale-up companies to accelerate their growth.

Wes Streeting, the defence secretary, said: “It is exactly what our unicorn scheme is designed to create: British start-ups scaling into billion-pound companies, creating skilled jobs, cementing the UK’s position at the forefront of defence innovation.”

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The Air Force changed the math of military-to-civilian hiring this spring. On March 31, 2026, the Department of the Air Force began capping how long airmen and guardians can spend in the Defense Department’s SkillBridge program before they leave the service, tying the maximum to rank.   

Junior enlisted members and officers through the rank of O-3 can train for up to 120 days; more senior personnel are held to 90. The earlier policy let nearly everyone use the full 180-day window. For a contractor that recruits through SkillBridge, the change shortens the runway for turning a transitioning service member into a hire.   

Margarita Howard, founder and chief executive of HX5, has spent five years running a veteran pipeline built to work inside that kind of limit.  

HX5 is a defense and aerospace services contractor that Howard started in 2004. It employs close to 1,000 people, working primarily with the Department of Defense and NASA. Veterans account for more than 30% of that workforce. Howard, an Air Force veteran, tends to describe that share as a point of pride but, also as a fix for a recruiting problem her corner of the industry has struggled to solve any other way.  

How a SkillBridge Placement Becomes a Cleared Role at HX5  

HX5 entered the SkillBridge network in 2021 through the Hiring Our Heroes Corporate Fellowship Program, a twelve-week track that places a service member with an employer four days a week and reserves the fifth for professional development.   

Through that program, the Defense Department keeps paying the fellow’s military salary and benefits until the end of active duty, so the host company carries no direct labor cost. But the fellow steps into an actual assignment rather than a shadowing arrangement, and is measured against the same standards as the permanent staff working beside them.  

Howard hires two Hiring Our Heroes Corporate Fellowship Program fellows a year rather than running a large intake. Each placement is matched to a specific contract and a specific clearance requirement, so the twelve weeks function as a working tryout in both directions. The company learns whether a fellow’s background maps onto the program they would actually staff, while the fellow learns whether the role and the site are what they want. When the fit holds, the fellowship can convert into a permanent, cleared position, and the candidate starts that job already knowing the team and the contract.  

Government Experience Shortens the Onboarding Curve  

The reason the model pays off is what a candidate brings on the first day. A fellow transitioning out of uniform usually arrives with an active security clearance and, more important, with firsthand knowledge of how a government program actually runs: how a contracting officer evaluates performance, what a compliance deadline means when an agency mission depends on it, how a secured environment differs from a commercial office. Those are the parts of the job that take a strong commercial hire months to absorb, and that a service member has already lived. At the site level, that experience compresses onboarding from a long ramp into a short one.  

It is also why Howard guards hiring so closely. She has said the hardest responsibility for her to delegate as the company grew was personnel, because “much of our success has been because of the people that we’ve hired.” What she eventually handed off was the volume, not the standard. The job, as she came to see it, was “less about being involved in every single hire and more about creating a culture, finding people that would share our vision, support our mission.” A veteran who has spent a career inside the mission tends to clear that bar before the interview starts.  

Once a fellow converts, HX5 leans on the same internal machinery it uses to hold knowledge in a workforce where many employees stay a decade or more.   

“We also have our mentorship programs where senior employees mentor newer hires, ensuring that knowledge transfers happen quickly and consistently from within,” Howard said.   

Margarita Howard’s Practical Case for Veteran Hiring  

The market explains the urgency. Cleared, technically credentialed talent has been the binding constraint across aerospace and defense for years, and the candidates HX5 needs sit at the narrow intersection of clearance, technical skill, and direct agency experience. SkillBridge delivers people who already hold the clearance and the experience, which is why Howard treats veteran hiring as workforce strategy rather than goodwill.   

The approach has a federal scorecard behind it. In 2025 the Department of Labor awarded HX5 its HIRE Vets Gold Medallion, the government’s only veteran-employment recognition tied to measured hiring and retention rather than intent. The 30% veteran share and a high fellowship-to-hire conversion rate are the kind of numbers that distinction rewards.  

But those results now have to be produced in a tighter environment. The Defense Department has tightened the criteria partner organizations must meet and pushed them toward structured enrollment and real hiring commitments, and the Air Force’s new rank-based caps shorten the time a fellow has to begin with. A program built around bulk intake and open-ended auditions has less room than it did a year ago. A program built the way Howard built hers, small, matched to specific roles, and aimed at conversion from the outset, is largely already operating to the standard the rules now require.   

Its commercial lending book currently stands at £864m alongside further commitments of nearly £300m.

Principality Building Society continued to ramp up commercial lending to support the building of new social homes in the first half of this year while bearing down on costs against the backdrop of inflationary pressures.

The Cardiff headquartered mutual, which is the sixth largest in the UK on total assets, has reported an underlying profit before tax of £22.2m (June 2025: £22.5m), reflecting a £5.6m impairment provisioning charge in response to the weakening economic outlook. Its net operating income increased to £86.2m, up £4.7m year on year, while net interest margin rose to 1.27%. In the first half total assets were up from £13.9bn in the second half of 2005 to £14.1bn.

The building society said it remains focused on cost management, in the face of inflationary challenges. As a result it said its operating expenses have remained broadly stable year-on- year at £60.2m (June 2026) compared to £59.0m (June 2025) while its management expense ratio has remained stable.

Its chief executive Iain Mansfield, said “The first half of the year has been dominated by continued geopolitical uncertainty, with conflict in the Middle East creating volatility across financial markets and influencing expectations for future Bank of England base rate changes. These external forces have contributed to a challenging operating environment for households and businesses across the globe.

“In the face of a challenging market, we continue to listen to and respond to our brokers and customers’ feedback, which has meant that we have been able to take a more focused and distinctive approach to our lending, helping more people access finance for their homes, responsibly.”

Its commercial lending book currently stands at £864m alongside further commitments of nearly £300m. It committed £73m of new housing association lending (June 2025: £15m) and agreed funding to property developers that will fund the development of 352 new homes (June 2025: 55) It also expanded its presence in the English housing association market, through a £30m lending agreement with Plus Dane Housing.

Mr Mansfield has said he would like to double the size of Principality’s commercial lending to £2bn-plus.

During the first half the mutual’s mortgage balances increased by £200m £11.3bn (December 2025: £11.1bn). It now support 89,867 homeowners (December 2025: 88,941).

At the end of June its savings balances were £11.5bn (December 2025: £11.6bn). Mr Mansfield said “Our members entrust us with their savings in a highly competitive market. We have remained focused on attracting and retaining funding that supports the long-term strength of the society, rather than purely pursuing balance growth.”

On the outlook he added: “The first half of 2026 has been about putting the plans in place for the future while also strengthening our foundations to enable the transformation needed to ensure we remain relevant in a rapidly changing world.

” Looking ahead across the next 18 months, the macroeconomic environment is becoming more difficult to predict, though we’ll continue to ensure we remain steadfast on delivering our purpose, creating a society of savers where everyone has a place to call home.”

Available for over a year

John Laurenson reports from La Défense in Paris on how Europe’s biggest business district is turning vacant office space into housing. As hybrid working leaves more offices underused, cities are rethinking the future of these buildings. We compare developments in Paris with efforts in London and Washington DC and ask whether converting offices into homes could help tackle housing shortages and revive struggling business districts.

Presenter/producer: John Laurenson

You can email the team: businessdaily@bbc.co.uk

(Picture: People walking in La Défense business district in Paris. Credit: John Laurenson)

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The Tourism Authority of Thailand launched a culinary map featuring five Geographical Indication products, promoting regional specialties and encouraging travelers to explore local foods and support protected culinary heritage.

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Key Points

• The Tourism Authority of Thailand (TAT) has launched a culinary map highlighting five Geographical Indication (GI) products, showcasing regional specialties tied to their unique origins and production methods.
• Featured products include Doi Chang Coffee, Phon Yang Kham Premium Beef, Sam Phran Aromatic Coconut, Chanthaburi Durian, and Trang Roast Pork, all certified as GI items linked to their locations.
• TAT encourages travelers to experience authentic local foods, supporting regional tourism and raising awareness of Thailand’s diverse culinary heritage while promoting the distinct character of local communities.

The Tourism Authority of Thailand (TAT) has unveiled a culinary map featuring five Geographical Indication (GI) products from across the country, encouraging travelers to discover regional specialties recognized for their unique origins and local production methods. 

The featured products include Doi Chang Coffee from Chiang Rai, Phon Yang Kham Premium Beef from Sakon Nakhon, Sam Phran Aromatic Coconut from Nakhon Pathom, Chanthaburi Durian from Chanthaburi, and Trang Roast Pork from Trang. Each product is certified as a GI item, identifying goods whose quality or reputation is closely linked to their place of origin.

TAT Governor Thapanee Kiatphaibool said the culinary map introduces travelers to authentic local foods while showcasing the distinct character of communities across Thailand. The featured products range from internationally recognized Arabica coffee and premium beef to aromatic coconuts, the country’s renowned durian, and a traditional roast pork recipe from the South.

The agency said the culinary map encourages visitors to explore local destinations through food while supporting regional tourism and products with protected geographical status. The campaign also promotes greater awareness of Thailand’s culinary heritage and the diversity of specialties found throughout the country.

Source : Tourism Authority of Thailand Unveils Culinary Map Featuring Thai GI Products

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PC Jeweller shares gained 5.49% to Rs 10.36 in Tuesday’s trading session after the jewellery retailer reported a strong performance for the June 2026 quarter (Q1FY27), with net profit rising 37% year-on-year (YoY) and revenue increasing 21%.

The company reported a consolidated net profit of Rs 222 crore in Q1FY27, compared with Rs 153 crore in the corresponding quarter last year, marking a 37.2% YoY increase.

Revenue from operations also remained on a strong growth trajectory, rising 21% YoY to Rs 877 crore, compared with Rs 725 crore in Q1FY26.

A key highlight of the quarter was the company’s significant improvement in operating profitability. PC Jeweller’s Consolidated Operating PAT, excluding other income, surged to Rs 213 crore in Q1FY27 from Rs 79 crore in the year-ago quarter. This translates into an impressive 168% YoY growth, highlighting a substantial improvement in the company’s core business performance.

Debt reduction remains a key trigger

PC Jeweller continued to make substantial progress on its deleveraging strategy during the quarter. The company has fully repaid and discharged its debt with 7 of the 14 consortium banks, with all repayments completed ahead of their scheduled due dates. For the remaining seven banks, the company has already discharged more than 96% of the outstanding debt.

The company said it remains firmly on track to become debt-free during the ongoing quarter, a milestone that could materially strengthen its balance sheet and financial position.
PC Jeweller also successfully completed its Rs 2,702.11 crore preferential issue of fully convertible warrants during the June 2026 quarter, with 93% of the issue proceeds realized.The company has continued to receive support from its promoters following the quarter-end, with an additional 4.16 crore warrants converted into equity shares.

According to the company, the continued promoter participation reflects confidence in its growth prospects while also strengthening its equity base and aligning promoter interests with long-term shareholder value creation.

Adding another potential growth trigger, the PC Jeweller board in July 2026 approved a proposal to raise up to Rs 1,000 crore through a Qualified Institutional Placement (QIP), subject to the necessary approvals. The proposed fundraise is expected to support future growth opportunities, improve financial flexibility and help the company scale its operations.

PC Jeweller stock performance

PC Jeweller has delivered a significant return over the longer term. The stock has surged around 257% in the past three years, while its current market capitalisation stands at approximately Rs 9,535 crore.

On the technical front, the stock’s 14-day Relative Strength Index (RSI) stands at 55.6. An RSI below 30 is generally considered to indicate oversold conditions, while a reading above 70 is viewed as overbought. The stock is also trading above all 8 key Simple Moving Averages (SMAs), indicating a positive technical setup.

FII interest rises

Foreign institutional investors (FIIs) have also increased their exposure to PC Jeweller. FII holding rose to 12.15% in the June 2026 quarter from 10.40% in the previous quarter, indicating increased institutional participation in the stock.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

More than a third of British parents (35 per cent) would rather their child start a business than go to university this autumn, according to research from Virgin StartUp published ahead of A-level results day on Thursday.

The survey of 1,000 British parents with children aged 13 to 21 found that 85 per cent would support their child starting a business, while 87 per cent would like to see entrepreneurial skills such as financial literacy and problem-solving taught in schools.

The findings come as more than 840,000 students in England, Wales and Northern Ireland prepare to receive their results, and as figures from the Office for National Statistics show more than one million young people in the UK are not in education, employment or training.

Against that backdrop, 41 per cent of parents surveyed believe a university degree is less important for building a successful career than it was 20 years ago. The reasons cited most often were the high cost of education and corresponding debt (63 per cent), the fast-evolving job market (56 per cent) and more widely understood routes to success outside of university (54 per cent).

Three in five parents (63 per cent) say they are already fostering an entrepreneurial spirit at home. The most common approaches were helping children learn about saving money (60 per cent), encouraging them to invest their savings (40 per cent), teaching them about profit, costs and pricing using a simple budget (36 per cent) and encouraging them to sell old toys or belongings (33 per cent).

Two-thirds of parents (66 per cent) said the most important thing is that their child enjoys what they do, while 52 per cent believe their child is more entrepreneurial than they were at the same age. Almost six in 10 (59 per cent) believe entrepreneurship is a more attractive career option than it was two decades ago.

More than half (54 per cent) believe today’s job market makes entrepreneurship a more attractive option, and 62 per cent say advances such as social media and AI have made it easier for young people to start a business straight out of school.

The research also points to gaps in support at home. Only 57 per cent of parents would feel confident advising their child on starting a business, and 59 per cent of children have not considered or discussed starting a business with their families.

Andy Fishburn, managing director of Virgin StartUp, which supports early-stage business founders, said: “At Virgin StartUp, we’re aiming to inspire the next generation of founders by making entrepreneurship feel like an accessible career option.

“We are seeing more young people nowadays thinking about starting a business rather than going through the traditional academic route. AI is really levelling the playing field, increasing access to advice and skills, but entrepreneurship is also just a great way to build something on your own terms, which is a powerful draw for the younger generation.”

Virgin StartUp recently hosted a ‘Dragons’ Den’-style competition with 40 London students, in collaboration with social impact lifestyle brand Leiho and the Social Enterprise Academy. The students took part in workshops with Virgin StartUp’s business advisers on how to develop their ideas into viable businesses.

Parents also see a role for schools. Of the 87 per cent who agreed entrepreneurial skills should be taught in school, the top priorities were financial literacy (52 per cent), problem-solving (48 per cent) and better communication skills (43 per cent). Two-thirds said they wish they had been encouraged to be more entrepreneurial when they were at school.

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