British drone interceptor firm Cambridge Aerospace is in advanced talks to raise fresh capital at a valuation exceeding $1 billion, a significant jump from its $400 million valuation just last year. This potential funding round, reported by the Financial Times, comes amid heightened global focus on air defense following the Iran conflict. The company, led by founder Steven Barrett, is developing cheaper alternatives to expensive missile systems like the US Patriot, aiming to counter threats like Iran's Shahed drones. Cambridge Aerospace is seeking approximately $200 million in new funding, with a final valuation that could still shift. Barrett previously emphasized the company's focus on European supply chains, in-housing critical components like propulsion and radar to reduce costs and enhance security.