We're excited to be investing in Firestorm, a low-cost, vertically-integrated, drone system for the modern battlefield (video). With over $10M in contracted revenue and another $200M in their pipeline, their growth indicates they can leapfrog the slow & expensive incumbents in the space. 

The founder previously had a 9-figure exit in the space, selling Citadel Defense (Lightspeed) to BlueHalo ($Bs in contracts, 1k employees). This was a very strong return for us and we’re excited by the larger opportunity and growth rate for Firestorm. This round is a $8M seed round ($60M cap, 15% discount) being led by a highly strategic investor, Lockheed Martin (ABL Space systems, Rocket Lab, Lightmatter) with a $3M investment, who only invest in a few companies each year and only lead the strongest opportunities. Joining the round are; 645 Ventures (Iterable, Panther Labs, Squire), Cubit Capital (Elory Air, Seurat, Firehawk), Decisive Point, Silent ventures, Getty Capital. 

HIGHLIGHTS

Traction

- $10M in contracts won

- $50-200M of pipeline contracts.

- Partnerships with multiple large defense primes

- Revenue projected to hit $6M EO24 --> $12M EO25 --> $25M EO26 --> $55M EO27 --> $120M EO29 and be at at $180M/yr run rate at the end of 2029.

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Founders

- Dan Magy (CEO) - Ex-Citadel UAS CEO & founder (9-figure exit), reached SOCOM POR in 2022

- Ian Muceus (CTO) - Aerospace and advanced additive manufacturing / 3D printing SME Ex-Global Aerospace and Defense Solutions Leader at Stratasys

- Chad McCoy (VP) - USAF / JSOC CMSgt with 23 years of service and 17 SOF deployments Former Director of the Doolittle Institute / AFRL Munitions

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Raise & Terms

- $8M Seed @$60M cap (15% discount) 

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Investors

- Lead: Lockheed Martin (ABL Space systems, Rocket Lab, Lightmatter)

- 645 Ventures (Iterable, Panther Labs, Squire) 

- Cubit Capital (Elory Air, Seurat, Firehawk)

- Decisive Point 

- Silent ventures 

- Getty Capital