Summary:
Mach Industries is raising $100 million in financing, co-led by Khosla and Bedrock Capital.
Founded by Ethan Thornton, a 21-year-old MIT dropout, the company is valued at around $470 million.
Mach is developing vertical liftoff vehicles and advanced weaponry for edge-of-space operations.
The startup's first factory will be located in Huntington Beach, California.
Total funding will reach approximately $185 million with this new round.
Mach Industries Secures Major Funding
Mach Industries, a leading defense tech startup founded by 21-year-old Ethan Thornton, is on the verge of closing a significant $100 million financing round. This funding is co-led by new investor Khosla and existing investor Bedrock Capital.
The upcoming round is expected to value the company at approximately $470 million. However, it is important to note that the deal has not yet closed, and terms could still change. The investor from Khosla leading this deal is Keith Rabois.
A Startup with a Unique Origin
Mach Industries has gained attention not just for its technological advancements but also for its founding story. Ethan Thornton, who dropped out of MIT as a teenager, started this venture, becoming Sequoia's first defense tech investment.
Innovative Developments
The company is focused on developing vertical liftoff vehicles and advanced weaponry that can operate from the edge of space. Additionally, it is creating smaller factories for scalable production. In March, Mach announced a partnership with the Army Applications Laboratory to design a vertical takeoff precision cruise missile named “Strategic Strike.” The startup is also planning to establish its first factory, a 115,000-square foot facility in Huntington Beach, California.
Funding Milestones
With this new round, Mach Industries' total funding will reach approximately $185 million. Sequoia previously led Mach's $5.7 million seed round in June 2023, followed by a $79 million Series A round led by Geoff Lewis of Bedrock Capital a few months later.
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