Defense Tech Company Mach Industries Announces $100 Million in New Funding
Defense technology company, Mach Industries, has announced a new $100 million round of funding at a $470 million valuation. Khosla Ventures joined existing investor Bedrock Capital to lead the round with existing investor Sequoia also participating. This latest funding brings the startup’s total funding to date to approximately $185 million.
The round represents a modest increase from the company's previous valuation. Mach’s Series A funding in 2023 valued the company at a $335 million post-money valuation. The latest round's $470 million post-money valuation is essentially flat, reflecting an additional $35 million in value over the past year and a half.
Mach Industries’ ascent in the defense technology sector has been remarkable, despite the cautious investor enthusiasm suggested by its latest financing. Founded in 2023 by then 19-year-old CEO Ethan Thornton, who left MIT to focus on the company full time, Mach Industries has rapidly grown. In 2023, Thornton secured Sequoia as investors to lead Mach’s $5.7 million seed round. Bedrock Capital led Mach’s $79 million Series A funding a few months later. Over the past year, Mach has expanded from approximately 20 employees to 140. The startup has developed three weapons systems: Viper, a super light jet-powered vertical takeoff and landing unmanned aerial vehicle that requires no runway; Glide, a high-altitude glider plane that can strike targets from miles away at the edge of the atmosphere; and Stratos, an in-air satellite with sensors and communication capabilities capable of operating at extreme altitudes. Thornton stated that the company aims to create weapons capable of executing strikes at very long ranges.
The company has also secured significant contracts and infrastructure investments. Earlier this year, Mach was selected by the Army Applications Laboratory to develop a vertical takeoff precision cruise missile and announced plans for its first factory, “Forge 1” - a 115,000-square-foot facility in Huntington Beach, California, where the company is headquartered.
Mach is focused on innovating defense hardware and its manufacturing process. Instead of using conventional centralized weapons factories, “Forge 1” represents the company’s first step towards creating a system of decentralized micro-factories in the U.S. and abroad to handle production from raw materials to assembly.
Related:
Mach Industries' Global Manufacturing Network, Forge, Partners with HevenDrones