California-based defense startup Mach Industries, founded by 22-year-old former MIT student Ethan Thornton, has raised $300 million in funding and nearly quadrupled its valuation to $1.8 billion in less than a year.
Thornton founded the startup in 2023 after dropping out of MIT, where he studied aerospace engineering.
As the Los Angeles Times notes, Mach Industries' growth reflects an investment boom around military technology, drones and artificial intelligence amid ongoing conflicts in Ukraine and the Middle East.
Mach Industries develops unmanned systems and military platforms. The startup's investors include well-known venture funds Sequoia Capital, Khosla Ventures and Bedrock Capital. In April, the company also acquired missile systems manufacturer Exquadrum for $50 million.
Mach Industries' growth comes amid a growing convergence between the U.S. technology sector and the military industry. The administration of President Donald Trump advocates for accelerated modernization of the US military using artificial intelligence and autonomous systems. Despite protests from some IT company employees against the use of AI in weapons, the largest technology corporations continue to expand cooperation with the Pentagon.
Southern California has become one of the main centers of the US defense tech industry in recent years, adds the Los Angeles Times. One of the largest market players, Anduril Industries, reached a valuation of $61 billion this year.
