Mach Industries Secures $100 Million in Financing
Mach Industries, the defense tech company founded by 21-year-old Ethan Thornton, is on the verge of closing a new $100 million financing round co-led by Khosla and Bedrock Capital, according to a source familiar with the deal.
The latest funding round is expected to value Mach Industries at approximately $470 million, although the deal is not yet finalized and terms could still change. The lead investor from Khosla is Keith Rabois.
Mach Industries has quickly gained attention as a prominent defense tech startup, thanks to its unique founding story and ties to Sequoia. Thornton made headlines when he left MIT as a teenager to launch Mach Industries, which became Sequoia’s first foray into defense tech.
The company is focused on developing vertical liftoff vehicles and advanced weaponry capable of operating from the outer reaches of space. Additionally, Mach Industries is working on creating compact, easily deployable factories for increased production capacity.
In a significant development earlier this year, Mach Industries was chosen by the Army Applications Laboratory to design a vertical takeoff precision cruise missile known as “Strategic Strike.” The company also unveiled plans for its inaugural factory, a sizable 115,000-square-foot facility in Huntington Beach, California.
With this latest funding injection, Mach Industries is set to raise its total funding to approximately $185 million. Sequoia led the company’s initial $5.7 million seed round, announced in June 2023. Geoff Lewis, the founder of Bedrock Capital, spearheaded Mach’s subsequent $79 million Series A financing round a few months later.
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