Defense tech startup Mach Industries announced on Thursday that it has raised an additional $600 million in capital through a Series C extension round. This new funding has doubled the company's valuation to $3.7 billion, just three months after its original Series C announcement in June.
The original Series C round in June secured $300 million at a $1.8 billion valuation. Investors in both tranches include Ribbit Capital, Infinite Capital, Bedrock Capital, and Sequoia.
Mach Industries manufactures various unmanned military vehicles and weapons, such as vertical takeoff and landing drones, systems for long-range strikes, and counter-drone systems. The company operates a 115,000-square-foot manufacturing facility at its Huntington Beach, California headquarters, with additional facilities across the state.
Earlier this year, Mach Industries acquired solid rocket motor (SRM) startup Exquadrum in a $50 million cash-and-equity deal. This acquisition has led to a new business line for the company, Mach Energetics, which produces SRMs, jet engines, and energetic systems.