Mach Industries, a prominent defense technology startup founded by 21-year-old Ethan Thornton, is reportedly set to secure a new funding round totaling approximately $100 million. This financing round is being co-led by venture capital firms Khosla Ventures, represented by investor Keith Rabois, and existing backer Bedrock Capital. If completed, the new investment will value Mach Industries around $470 million, though details remain subject to change as the deal has yet to close officially.
The company’s rapid rise in the defense tech arena traces back to its compelling origin story and early relationship with prestigious investor Sequoia Capital. Thornton first gained attention when he chose to leave MIT in his teens to establish Mach Industries, marking Sequoia’s inaugural investment in the defense tech sector.
At the heart of Mach Industries’ strategy is the development of advanced vertical-lift vehicles capable of weapon deployment from near-space altitudes. The startup has emphasized using compact, easily constructed factories, bypassing the need for extensive specialized equipment to accelerate vehicle production.
Earlier this year, in March, Mach Industries won a significant contract from the U.S. Army Applications Laboratory to develop a specialized vertical-takeoff precision cruise missile system known as “Strategic Strike.” Concurrently, the company revealed plans for its first major manufacturing facility—a substantial 115,000-square-foot operation based in Huntington Beach, California.
This upcoming round should increase Mach Industries’ cumulative investment raised to approximately $185 million. The startup initially secured a $5.7 million seed round led by Sequoia Capital in June 2023, followed closely by a noteworthy $79 million Series A round spearheaded by Geoff Lewis of Bedrock Capital several months later.
