Mach Industries, a defense engineer founded by 21-year-old Ethan Thornton, is about to close a new $100 million funding co-led by new investors Kosra and existing investor Bedrock Capital.
Sources say the new round will value the company at around $470 million. However, transactions have not ended and terms are still subject to change. The Khosla investor leading the contract is Keith Rabois.
Mach Industries is a buzzy defense technology startup, a status driven by its story of its founding origins and connection to Sequoia. Thornton was a teenager when he dropped out of MIT and found Mach Industry, the first defence technology investment in Sequoia.
Mach is developing vertical lift-off vehicles and weapons that function from the edge of space. They also develop small factories that can be easily built and distributed when more production is needed.
In March, Mach announced that it had been selected by the Army Application Institute to develop a vertical takeoff precision cruise missile called a “strategic strike.” It also announced plans for its 115,000 square feet of capacity, the first factory in Huntington Beach, California.
The new funding should bring total startup funds to around $185 million so far. Sequoia led Mach’s $5.7 million seed round announced in June 2023. Geoff Lewis, founder of Bedrock Capital, led Mach’s $79 million Series A round a few months later.
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