Fortify secures $12.5 million from Lockheed Martin, Raytheon, and more in latest funding round

This is the first time a joint investment has been made by Lockheed and Raytheon.

by Oliver Johnson

1 June 2023

14:00

Fortify/Raytheon/Lockheed

Fortify has announced it has raised 12.5 million USD in a funding round from investors, including Lockheed Martin Ventures and RTX Ventures, the venture capital arms of Lockheed Martin and Raytheon Technologies. The strategic investment will enable Fortify to expand its capabilities and accelerate the development of its Digital Composite Manufacturing (DCM) platform, and marks the first time a joint investment has been made by Lockheed and Raytheon according to Fortify.

Fortify says that its DCM platform ‘revolutionises’ the manufacturing of complex structures by offering unique mechanical, electrical, thermal and electromagnetic properties. The platform has garnered interest across over 50 partners and customers in digital tooling, medical devices, electronics, aerospace, and defence.

Key customers for the company in the aerospace and defence sectors beyond Lockheed and Raytheon include: In-Q-Tel, US Department of Energy, Rogers Corporation, Lawrence Livermore National Labs, TTM Technologies, and Ierus Technologies.

"We are thrilled to have Lockheed Martin Ventures and RTX Ventures as strategic investors in this funding round," said Lawrence Ganti, Fortify CEO. "Their expertise and global reach in the aerospace and defense industries will be invaluable in helping us to continue to innovate and scale our Digital Composite Manufacturing platform. We are excited to work together to drive the next generation of advanced materials and additive manufacturing."

Chris Moran, Vice President and General Manager of Lockheed Martin Ventures added: "Lockheed Martin Ventures’ continued investment in Fortify underpins the strategic advantage the company can bring to the defense industrial base. We believe Fortify has the potential to deliver tailored solutions not only to the aerospace and defense industry, but a range of sectors that can benefit from their platforms."

Daniel Ataya, President of RTX Ventures said: "The Fortify team has demonstrated an innovative and laser-focused vision that should advance additive manufacturing capabilities to the next level. Their DCM platform aligns with our commitment to investing in cutting-edge technologies that can deliver significant value to our customers and partners."

Eric Wolford, Partner at Accel and an early investor in the Fortify, said he was pleased to have Lockheed Martin Ventures and RTX Ventures join the team: "This investment from Lockheed Martin Ventures and RTX Ventures confirms the potential behind the Fortify technology platform. It is my understanding that this is the first time these two A&D giants have co-invested. So, this is a big win for the company and a strong validation."

Fortify has raised funding from Accel, Cota Capital, Neotribe, Prelude, Mainspring and Ocean Azul, some of which participated in the 20 million USD equity round in 2021. These investors are also continuing to support the growth of the company with follow-on investments.

With the latest funding round, the company says it is poised to strengthen its position as a leading innovator in materials science and additive manufacturing, and looks to unlock new potential in the advanced materials and manufacturing to transform various industries around the world.

by Oliver Johnson

1 June 2023

14:00

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