Mach Industries raises $600m in series C round
US-based defense startup Mach Industries has raised $600 million in an extended series C round, doubling its valuation to $3.7 billion.
Investors include Ribbit Capital, Infinite Capital, Bedrock Capital, and Sequoia.
Mach develops unmanned military vehicles and weapons such as vertical takeoff and landing drones, counter-drone systems, and other autonomous platforms.
The company has a 115,000-square-foot manufacturing facility in California, with additional facilities around the US.
The startup’s aim is to build highly integrated systems that cost less than those from incumbent defense contractors. It acquired solid rocket motor (SRM) startup Exquadrum in a cash-and-equity deal in May.
Mach acquired Exquadrum to tackle the shortages of SRMs in a drone‑dominated market. The deal has since become the foundation of Mach Energetics, a new business line producing SRMs and energetic systems for external customers. A second unit, Mach Propulsion, is developing jet engine manufacturing to address a similar supply constraint in that sector.
Mach was founded by Ethan Thornton. Thornton dropped out of MIT at 19 to build Mach and quickly secured backing from Sequoia’s Stephanie Zhan and Shaun Maguire, the firm’s first defence tech investment.
After winning a US Army contract earlier this year, Mach also drew investment from Ribbit Capital, historically known for fintech but now active across high‑profile AI deals from Cognition to Crusoe.
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