Defense startup Mach Industries closes $79M Series A at $335M valuation
Defense tech darling Mach Industries has closed a $79 million Series A led by Bedrock Capital in a deal that catapulted their post-money valuation to $335 million, multiple sources tell TechCrunch. Mach Industries’ head of growth Koko Xu confirmed the numbers in an email, adding that the new investment came “from Bedrock and other top tier investors.” The startup raised the new round scarcely four months after announcing its $5.7 million seed round led by Sequoia Capital – the firm’s first investment in defense tech. Mach received its first investments from Champion Hill Ventures and 1517 Fund. Mach is developing a suite of hydrogen-powered platforms and munitions for the military, including unmanned aerial vehicles and hydrogen generation systems. Admittedly, the company is fairly tight-lipped about the exact tech – not unusual for a defense startup – but the big bet is that field-sourced hydrogen will give the military a critical advantage on the battlefield. The idea posited by Mach – and many other startups working with the Pentagon – is nothing less than a paradigm …