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Confidential - Do not share without permission
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Performance
4.8x
140% IRR
Firestorm is building the future of modular open-source architecture supporting the Department of Defense requirements to create "Low-Cost Affordable Mass". Firestorm will redefine military expectations for onsite modularity to support the widest array of mission areas.
Memo Highlights
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Confidential
Do not share
Deck only available via Desktop
Highlights
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.
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
Raise & Terms
- $8M Seed @$60M cap (15% discount)
Investors
- Lead: Lockheed Martin (ABL Space systems, Rocket Lab, Lightmatter)
- 645 Ventures (Iterable, Panther Labs, Squire)
Memo
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.
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
Raise & Terms
- $8M Seed @$60M cap (15% discount)
Investors
- Lead: Lockheed Martin (ABL Space systems, Rocket Lab, Lightmatter)
- 645 Ventures (Iterable, Panther Labs, Squire)