Mach Industries Raises $100 Million

Mach Industries Secures $100 Million in New Funding

Mach Industries, a defense technology company established by 21-year-old Ethan Thornton, is poised to finalize a $100 million funding round. This investment is being jointly led by Khosla, a new investor, and Bedrock Capital, a current investor, as confirmed by a source with knowledge of the transaction to TechCrunch.

Valuation and Deal Details

The latest funding round is expected to value the company at approximately $470 million, according to the source. It's important to note that the deal is still pending closure and the specific terms are subject to potential adjustments.

Company Origins and Early Backing

Mach Industries has quickly gained recognition within the defense tech sector. This prominence stems from its unique founding story and its initial connection with Sequoia. Ethan Thornton founded the company while still a teenager, after leaving MIT, and it represented Sequoia’s inaugural investment in defense technology.

Core Technologies and Development

Mach is focused on the creation of vertical liftoff vehicles and associated weaponry designed for operation from near-space environments. Furthermore, the company is innovating in the realm of manufacturing, developing compact, rapidly deployable factories to scale production as needed.

Recent Developments and Partnerships

In March, Mach Industries was chosen by the Army Applications Laboratory to engineer a vertical takeoff precision cruise missile, designated “Strategic Strike.” Concurrent with this announcement, plans were unveiled for the company’s first manufacturing facility, a 115,000-square-foot site located in Huntington Beach, California.

Total Funding to Date

With this new infusion of capital, the startup’s cumulative funding is projected to reach around $185 million. Sequoia spearheaded Mach’s initial $5.7 million seed round, which was publicized in June 2023. Geoff Lewis, the founder of Bedrock Capital, subsequently led the $79 million Series A round a few months later.

The company is actively pursuing advancements in both hardware and manufacturing processes within the defense sector.