Firestorm Labs, a San Diego, CA-based unmanned aerial system (UAS) manufacturer, raised $12.5M in Seed funding.
The round was led by Lockheed Martin Ventures. Other backers in the company included Decisive Point, Silent Ventures, 645 Ventures, Overmatch VC, BVVC, Marquee Ventures, Cubit Capital, IronGate, Backswing Ventures, The Veteran Fund, Feld Ventures, Beyond Capital, and RedCat.
The company intends to use the funds to scale its team and production to meet the demand for its products.
Led by CEO Dan Magy, and CSO Chad McCoy, Firestorm builds modular, open-architecture unmanned aerial systems, supporting the warfighter’s needs. The company has already won a range of U.S. Department of Defense contracts both for its modular UAS and the xCell manufacturing product line.
Commenting on the news, Dan Magi said: “Firestorm is excited to announce this latest round of funding that will propel the company forward to shape the rapidly evolving needs of a UAS-dominated battlefield and a defense industrial base ripe for revolutionary manufacturing models.”
FinSMEs
21/03/2024