The money will mostly be used to pay for new hi-tech surveillance and intelligence gathering equipment such as drones.
Mr Cameron outlined the moved at the Farnborough air show in Hampshire, saying defence was no longer about “battle tanks in central Europe”.
The funding pot includes an extra £800m of investment in intelligence, surveillance, target acquisition and reconnaissance.
A further £300m will be used for existing programmes, including unmanned aircraft and next generation radars for Typhoon combat jets.
The money was said have been found as a result of austerity measures and prudent financial management.
Writing in The Daily Telegraph, Mr Cameron said: “Today’s investment demonstrates our approach to national security. There are those who believe we would be safer if we fundamentally retreated from the world.
“They see new warships and military investment and imagine a Government bent on foreign adventurism.
“But the plain fact is that in the 21st century, you cannot defend the realm from the white cliffs of Dover. Terrorist plots hatched thousands of miles away threaten to cause harm on our streets. When fragile and lawless states fracture, migration flows can affect us right here.”
At the show, Mr Cameron outlined plans to set up a UK Defence Solutions Centre in Farnborough to develop new defence technology.
This article has been extracted from http://news.sky.com, please click on this link to read the article in full http://news.sky.com/story/1300412/1-1bn-pledged-to-fight-modern-threats
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