ASI raises $325M Series C at $3B valuation for physical-asset AI software

ASI said it raised $325 million in a Series C round that values the Boston-based company at $3 billion. Spark Capital led the round, with participation from affiliates of Citadel Securities, Meritech Capital and Craft Ventures, among others. The company builds simulation and monitoring software that forecasts disruptions in systems such as air traffic, power grids and military operations. ASI said it will use the proceeds to expand deployments in energy, logistics and military settings and to grow its research and engineering teams in Boston. Its founder and chief executive, Phillip Buckendorf, has framed the company's focus as AI systems that manage physical assets rather than generate text. The company's government work includes a 12-year Federal Aviation Administration contract signed in June and a five-year Army contract secured in October. For builders, the round shows investors paying for software that runs in regulated, high-stakes physical environments. Long government contracts can give an AI company revenue visibility that consumer-facing tools rarely offer.