Exclusive: Drone-printer Firestorm eyes expansion after $47 million round
Why it matters: The California-based company is 3D printing the types of weapons and tools that define the Russia-Ukraine war.
It's also inked contracts with the U.S. Defense Department, including one with the Air Force worth as much as $100 million.
Follow the money: The round was led by New Enterprise Associates. Washington Harbour Partners and the investing arms of Lockheed Martin and Booz Allen Hamilton are among the other backers.
The total includes $12 million in venture debt from JPMorgan.
What they're saying: "We're building out the decentralized factory of the future," Firestorm CEO Dan Magy told Axios. "We want to be that manufacturing layer."
The company has multiple drones in the works, ranging from Group 1 to Group 3. Tempest is its original offering.
Zoom in: Firestorm this month said it secured exclusive distribution rights from HP for its Multi Jet Fusion 3D printing technologies.
The arrangement is a "game-changer," according to Firestorm's chief technology officer, Ian Muceus.
"We're excited to keep pushing boundaries, fine-tuning print settings, developing new materials, and maximizing throughput, material properties, and lightweighting."
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