Defense tech Mach Industries doubles valuation to $3.7B in 3 months

Defense technology company Mach Industries has significantly boosted its valuation, reaching $3.7 billion after a recent funding round that followed an earlier one just three months prior. The company announced a Series C funding round in June at a $1.8 billion valuation, raising $300 million. This latest valuation, nearly doubling the previous one, was supported by investors including Ribbit Capital, Infinite Capital, Bedrock Capital, and Sequoia. Mach Industries manufactures unmanned military vehicles and weapons, including VTOL drones and counter-drone systems, from its California facilities. They aim to produce integrated systems at a lower cost than established defense contractors. To bolster its capabilities, Mach Industries acquired solid rocket motor (SRM) startup Exquadrum for $50 million in May, addressing a bottleneck in the drone market. This acquisition led to a new business division, Mach Energetics. Founded by 22-year-old Ethan Thornton, Mach Industries is backed by prominent venture capital firms like Sequoia and Ribbit Capital, which have recently expanded their investment focus to include defense tech.