Mach Industries, a prominent player in defense technology, has successfully concluded a Series A funding round, securing a total of $79 million in investments. Bedrock Capital led this funding round, which substantially increased Mach Industries’ post-investment valuation to $335 million, as reported by multiple sources to TechCrunch.
Koko Xu, Head of Growth at Mach Industries, confirmed these figures via email, highlighting that the new capital infusion came from Bedrock Capital along with other esteemed investors. According to Ethan Thornton, CEO of Mach Industries, the funds were contributed by a consortium of investors, including Bedrock Capital, DCVC, Marque, and others, all dedicated to advancing defense hardware development.
Remarkably, Mach Industries initiated this funding round just four months after announcing a successful $5.7 million seed funding round, led by Sequoia Capital, which marked Sequoia’s debut investment in defense technology. Prior to this, Mach Industries secured initial investments from Champion Hill Ventures and the 1517 Fund.
Mach Industries is currently engaged in the development of a suite of military technologies powered by hydrogen, encompassing unmanned aerial vehicles and hydrogen generation systems. While the company maintains a degree of secrecy regarding the specific technical details, a common practice in the defense sector, its core proposition revolves around harnessing field-sourced hydrogen to provide a decisive advantage to the military on the battlefield.
Mach’s vision, shared by many startups collaborating with the Pentagon, represents a significant departure from the traditional approach of the U.S. government in procuring defense systems. Rather than investing billions of dollars in highly specialized systems with protracted development timelines, these startups aim to offer cost-effective solutions in higher volumes. They prioritize iterative development programs, a hallmark of Silicon Valley’s approach to innovation.
Bedrock Capital, a seasoned investor in defense technology, has been actively involved in this burgeoning sector, which has witnessed increased attention from investors in the past 18 months. Notable investments by Bedrock include Anduril, Modern Intelligence, an AI company based in Austin, and Epirus, a startup specializing in defense systems.
