Mach Industries, a three-year-old defense tech startup, has raised $300 million in its Series C funding round at a valuation of $1.8 billion. The company's growth has been rapid, with its valuation nearly quadrupling in just over a year. Founded by 22-year-old CEO Ethan Thornton, Mach Industries has developed five autonomous vehicles, including Viper, Glide, Stratos, Dart, and Pike.
The funding round was led by Infinite Capital and Ribbit Capital, and included other investors such as Bedrock Capital, Sequoia Capital, and Khosla Ventures. Mach's growth is being driven by the increasing demand for autonomous weapons and drone defense systems in the wake of Ukraine's conflict. The company has also won a Department of Defense contract to develop a new aircraft for the Navy.
Mach Industries has grown from just over a dozen employees in its first year to around 350 employees today, with manufacturing facilities in Huntington Beach, California, and other locations. The company plans to begin production on at least three of its systems next year. In addition to its defense work, Mach is also launching a commercial business to sell solid rocket motors.
Thornton, who dropped out of MIT at 19 to start the company, says he's most proud of the speed of product development at Mach Industries. The company has achieved this by leveraging technology and manufacturing expertise from the tech industry, rather than traditional defense contractors. This approach allows for faster and more affordable products to be developed, which is a key goal for startups in the defense tech sector.
