PiggyGPT

Private companiesCovered

Overland AI

Seattle, WA · Founded 2022

Overland AI builds off-road autonomy for military ground vehicles: the OverDrive software stack, the SPARK upfit kit, and its own ULTRA and IBEX autonomous ground vehicles, fielded with U.S. Army, Marine Corps and Special Operations Command units.

Profile

What it builds and who buys it

  • ·OverDrive is the company’s autonomy stack for off-road driving without GPS or prior maps. It has been integrated on the Polaris RZR, the Textron Ripsaw M5 and the General Dynamics S-MET.Overland AI (company release), Jan 13, 2025
  • ·OverWatch is its command interface, which lets one operator task a fleet of OverDrive vehicles.Overland AI (company release), Jan 13, 2025
  • ·SPARK, launched in March 2025, is an upfit kit of compute, lidar, stereo cameras, communications and drive-by-wire that installs OverDrive on an existing vehicle.Overland AI (company release), Mar 18, 2025
  • ·ULTRA, launched in April 2025, is the company’s own autonomous tactical vehicle, with a 1,000 pound payload, a top speed of 35 miles per hour and a range of up to 100 miles.Overland AI (company release), Apr 14, 2025
  • ·IBEX, launched in October 2026, is built on the Polaris MRZR, carries 2,000 pounds and drives over 35 miles per hour autonomously. The Marine Corps selected it for its MADIS counter-UAS system.Overland AI (company release), Oct 7, 2026
  • ·The Army and the Defense Innovation Unit awarded an $18.6 million ceiling prototype agreement to adapt OverDrive for the Robotic Combat Vehicle program, announced in May 2024.Overland AI (company release), May 20, 2024
  • ·The company completed DARPA’s RACER off-road autonomy program in November 2025.Overland AI (company release), Feb 3, 2026
  • ·RACER’s second phase narrowed to a single performer, and Overland AI was the sole remaining performer at the program’s end.Overland AI (company blog), Jan 6, 2026
  • ·In August 2025 the Army chose Overland AI, Forterra and Scout AI to put autonomy on Infantry Squad Vehicles under its UxS initiative, with $15.5 million awarded across the three.Breaking Defense, Aug 27, 2025
  • ·A $2 million Army contract in January 2026 put its vehicles with 1st Cavalry Division troopers.Tectonic Defense, Jan 29, 2026
  • ·In June 2026 it primed a $20 million APFIT production agreement with the Marine Corps’ Ground Based Air Defense program office, the company’s first production contract. A $4.5 million modification in October 2026 extended it to the Army’s 75th Ranger Regiment.Overland AI (company release), Oct 6, 2026
  • ·The Army’s Capability Program Executive Mission Autonomy awarded it a $20 million contract in September 2026 for the Engineer Autonomous Breaching Capability initiative.Overland AI (company release), Sep 8, 2026
  • ·A $14.3 million SBIR contract from the Naval Air Warfare Center Aircraft Division, announced in September 2026, puts its autonomy on commercial heavy trucks for breaching, with completion expected in October 2027.Overland AI (company release), Sep 11, 2026
  • ·Four ULTRAs deployed for a month with the 3rd Brigade, 82nd Airborne Division at the Joint Readiness Training Center in 2026, running resupply, reconnaissance and counter-UAS missions.Overland AI (company release), Apr 2, 2026
  • ·It integrated OverDrive and SPARK on the Marine Corps’ ROGUE Fires launcher platform for prototyping in April 2026.Overland AI (company release), Apr 16, 2026
  • ·Two ULTRAs ran breaching, fire support and obstacle missions at African Lion 2026 in Morocco, U.S. Africa Command’s largest annual exercise.Overland AI (company release), May 14, 2026
  • ·CAL FIRE evaluated two ULTRAs for wildfire resupply and overwatch at Camp Pendleton in January 2026.Overland AI (company release), Jan 20, 2026
  • ·The company opened a factory in South Seattle in February 2025 for building its own vehicles and upfitting commercial ones.Overland AI (company release), Feb 20, 2025
  • ·It opened a software engineering and robot operations office in Burlingame, California, in August 2026.Overland AI (company release), Aug 12, 2026
  • ·Its president said the February 2026 funding would double manufacturing capacity for ULTRA.Tectonic Defense, Feb 4, 2026

Founders and leadership

  • Byron BootsCo-founder and chief executive

    Professor of machine learning and robotics at the University of Washington, where he directs the Robot Learning Laboratory. Earlier at Nvidia and Google Brain. PhD from Carnegie Mellon.Overland AI (company page)

  • Stephanie BonkCo-founder and president

    More than twelve years in commercial software leadership, including at Apple and PROS. MBA from Wharton.Overland AI (company page)

  • Greg OkopalCo-founder and chief operating officer

    More than a decade at the University of Washington’s Applied Physics Laboratory building autonomous systems for defense. Co-principal investigator with Boots on the university’s DARPA RACER team.Overland AI (company blog), Jan 6, 2026

Prospects, after the October 2026 IBEX launch

Prepared by PiggyGPT, as of Oct 11, 2026

  • ·The contracts on file are small and recent: an $18.6 million ceiling prototype agreement, a $2 million Army order, a $20 million APFIT production award that a $4.5 million modification took to $25 million by the company’s account, a $20 million breaching award and a $14.3 million SBIR. No revenue figure is on file, and each Form D declines to disclose revenue.Overland AI (company release), Oct 6, 2026
  • ·The APFIT award is the company’s first production contract, and it ties IBEX to the Marine Corps’ MADIS counter-UAS system. Whether that becomes a program-of-record buy is not on file.Overland AI (company release), Oct 7, 2026
  • ·Ground autonomy for the Army is contested: the Infantry Squad Vehicle effort went to three companies, Overland AI among them, with Forterra and Scout AI.Breaking Defense, Aug 27, 2025
  • ·Capital raised is $10 million seed, $32.2 million Series A equity and $80 million of equity in February 2026, plus a $20 million debt facility. No valuation has been stated for any round.SEC EDGAR (Form D), Feb 3, 2026
  • ·For the acquisition read, the ties on file are partnerships: L3Harris built a prototype vehicle on Overland AI’s autonomy, and Anduril ran a joint demonstration with its sensors on ULTRA. Neither holds a disclosed stake, and no talks or approach are reported. The posture is watch.

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Funding

Last valuation

No citable valuation

Last round or tender

$80Mraised

Equity and debtSEC EDGAR (Form D), Feb 3, 2026

Announced as $100 million, led by 8VC with Point72 Ventures, Ascend Venture Capital, Shasta Ventures, Overmatch Ventures, Valor Equity Partners and StepStone Group. The company does not name the round. The $100 million includes a $20 million venture debt facility from TriplePoint Capital. The Form D records $79,999,994 of equity sold to 22 investors from November 24, 2025, the amount recorded here. Tectonic Defense put total funding at $142 million after the round.

Latest revenue figure

—

Valuation to revenue

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Post-money valuation by round

Fewer than two dated figures on file to plot; the table carries what there is.

DateRoundRaisedPost-money
Feb 3, 2026Equity and debtAnnounced as $100 million, led by 8VC with Point72 Ventures, Ascend Venture Capital, Shasta Ventures, Overmatch Ventures, Valor Equity Partners and StepStone Group. The company does not name the round. The $100 million includes a $20 million venture debt facility from TriplePoint Capital. The Form D records $79,999,994 of equity sold to 22 investors from November 24, 2025, the amount recorded here. Tectonic Defense put total funding at $142 million after the round.$80M—
Jan 13, 2025Series AAnnounced on January 13, 2025 as $32 million, led by 8VC with Point72 Ventures, Overmatch Ventures, Shasta Ventures, Ascend, Osage University Partners and Caprock. The Form D records $32,192,278 of equity sold to 10 investors from October 18, 2024, the amount recorded here.$32M—
May 20, 2024SeedAnnounced as $10 million, led by Point72 Ventures with Shasta Ventures, Ascend VC, Pioneer Square Labs, Voyager Capital and Cubit Capital. A Form D filed in July 2024 records $7,599,987 of equity sold to 11 investors from December 5, 2023; the company does not say which filings make up the $10 million.$10M—
May 5, 2023Form D offeringNo announcement from the company. The filing, made in July 2024, records $1,500,000 sold to 6 investors from May 5, 2023, as equity and securities to be acquired on exercise of an option or other right, and does not name the round.——
Jan 24, 2023Form D offeringNo announcement from the company. The filing, made in July 2024, records $1,000,000 sold to 6 investors from January 24, 2023, as equity and securities to be acquired on exercise of an option or other right, and does not name the round.——

Primary capital across the rounds on file: $122M

Revenue

No citable revenue figure on file.

Secondary venues

  • Clarity (formerly Hiive)public page seen Oct 11, 2026

    Clarity Price $1.45, as of Oct 11, 2026

    Clarity calls the figure a model-derived indicative estimate calculated daily; the page dates it no further than a "last updated" line reading August 28, 2026.

  • Nasdaq Private Marketpublic page seen Oct 11, 2026

    No price on the public page.

    The page shows no figure in its text or its title.

  • Caplightpublic page seen Oct 11, 2026

    No price on the public page.

    No public MarketPrice; the page says no recent secondary market data is available and shows only Caplight’s last-round figures.

A venue is listed when its public page named the company on the date shown. A price is the figure that page showed, under the venue’s own name for it and dated as the venue dated it; it is a level the venue publishes, not a trade. Nothing is recorded from behind a login.

Reads

Acquisition: Watch

A cited tie to a plausible buyer: a strategic partner, an investor stake, a tender offer, a stated appetite. Nothing reported.

Prepared by PiggyGPT, as of Oct 11, 2026

Signals

  • Oct 31, 2024L3Harris presented Diamondback, an autonomous reconnaissance vehicle prototype developed with Overland AI, which supplies its off-road autonomy. L3Harris said the relationship came through its strategic partnership with the venture firm Shield Capital.L3Harris (company editorial), Oct 31, 2024
  • Oct 10, 2025Anduril and Overland AI ran a joint counter-UAS field demonstration: two ULTRA vehicles carried Anduril sensors, radars and electronic warfare payloads, with Anduril’s Ghost-X drone in overwatch.Overland AI (company page), Oct 10, 2025
  • Feb 3, 2026Overland AI announced $100 million in new funding led by 8VC, including a $20 million venture debt facility from TriplePoint Capital.Overland AI (company release), Feb 3, 2026
  • Apr 21, 2026DroneShield, a counter-drone company, integrated its DroneSentry-X Mk2 on ULTRA and offers the combined system to defense and government customers.Overland AI (reposting a DroneShield release), Apr 21, 2026
  • Jun 29, 2026Overland AI won a $20 million APFIT production agreement to build autonomous ground vehicles for the Marine Air Defense Integrated System, as prime.Overland AI (company release), Jun 29, 2026

Named counterparties

  • L3HarrisDeveloped the Diamondback reconnaissance vehicle prototype with Overland AI’s autonomy. No interest in a deal has been reported.L3Harris (company editorial), Oct 31, 2024
  • AndurilRan a joint counter-UAS demonstration with Overland AI, its sensors and payloads mounted on ULTRA. No interest in a deal has been reported.Overland AI (company page), Oct 10, 2025

Counterparties are named for a cited reason: a partnership, an investment, or a stated appetite. Naming is not a forecast.

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Sources

Researched Oct 11, 2026