Fortem Technologies, a frontrunner in airspace awareness, security, and defense, has closed a funding round of $17.8 million with new key industry investors, such as Lockheed Martin Ventures, Hanwha Aerospace, and AIM13|Crumpton Venture Partners. Current investors DCVC and Signia Venture Partners have also provided additional financing. This capital will enable Fortem to increase production to meet the escalating requirements in multiple countries and industries in airspace safety and security.
The Counter–UAS market is expanding quickly, growing from 685 million USD in 2019 to an estimated 4.7 billion USD by 2027. Simultaneously, the Advanced Air Mobility market is anticipated to reach 45.12 billion USD in 2030, having been estimated at 8.93 billion USD in 2022. Fortem‘s technology, which provides airspace awareness, security, and defense, has been employed in Ukraine to counteract suicide drones such as the Shahed–136 and in Qatar to secure the World Cup Games. This investment round will aid Fortem’s strategy to remain at the forefront of this rapidly growing market.
Funding brings access to additional knowledge and expertise
“Rapid development and legitimate applications of UAS create an increasingly capable threat when in the hands of bad actors,” said Chris Moran, vice president and general manager of Lockheed Martin Ventures. “Lockheed Martin Ventures’ investment in Fortem Technologies signals our commitment to keeping pace with our customer’s requirements, ensuring the U.S. and its allies stay ahead of ready.”
“We are very pleased to invest in Fortem, a leading dual-use counter-UAS provider. The unique low collateral solution developed by Fortem will contribute to the growth of the C-UAS market globally and help to address the evolving UAS threats,” said a representative from Hanwha Aerospace. “Hanwha Aerospace is excited to support Fortem’s growth through the investment and continue to bring tremendous value across the sector.”
These industry–leading companies‘ investments signify a considerable endorsement of the growth and potential the company is experiencing in the Counter–UAS and Advanced Air Mobility sector. Joining other existing investors such as Boeing, Toshiba, Mubadala Investment Company, Signia Venture Partners, and DCVC, the new investors can also provide important industry understanding and product development aid as Fortem aggressively pursues its growth plan.
“We are extremely excited to be working with such respected companies in this funding raise,” said Jon Gruen, CEO of Fortem Technologies. “Not only does this investment help us address our rapidly growing market demand, but the level of support and industry experience these companies bring allows us to tap into unparalleled business, technical, and industry knowledge.”
Other Recent Fortem News:
The Emergence of the Counter-UAS Industry
Fortem Technologies Opens Washington D.C. Office