Exclusive: Firestorm raises $82M for mobile drone factories
Illustration: Aïda Amer/Axios
Firestorm Labs, a supplier of portable drone factories to the U.S. military, this month closed $82 million in Series B funding, Axios Pro is first to report.
Why it matters: The tech enables troops to rapidly replenish drone stockpiles without relying on vulnerable supply chains.
The big picture: Firestorm rigs 20-foot shipping containers with 3D printers from HP and other manufacturing tech.
- Each xCell system, spanning two containers, can churn out a fixed-wing drone in a matter of hours, using nylon for raw material and a conventional 240-volt plug for power.
- The containers can also repair drones and other vehicle parts — from Firestorm and other manufacturers.
State of play: Firestorm has signed contracts to supply the systems to the Department of Defense.
- The agency last year named technologies that help solve logistics problems in contested areas one of its top priorities.
- "The Ukrainians, 50-70% of their drones are 3D printed," Magy says. "If you can do it in the field you can get it into place a lot faster."
Driving the news: Washington Harbour Partners led Firestorm's Series B, with chief investment officer Mina Faltas taking a board seat.
- NEA, Ondas Capital, In-Q-Tel, Lockheed Martin Ventures, Booz Allen Ventures, Geodesic Capital and Motley Fool Ventures participated in the roughly four-month raise.
Follow the money: Firestorm is in discussions to close roughly another $100 million in debt and other investments to fund overseas expansion, stockpile backlogged components, and make certain R&D investments.
- "We can probably be profitable next year," Magy says.
How it works: Firestorm sells the xCell containers, a line of drones, and kits to make products in the field. It also offers a lease model and ongoing services.
- The company's chief customer is the U.S. government, but it's also in discussions with other drone-makers, as well as oil and gas firms and medical providers.
- Other military-oriented drone firms include Anduril, Aerovironment and Aevex.
What's next: The San Diego-based startup may launch its next round as soon as this year, and it's taking meetings on eventual exit. "We're looking heavily at M&A now," Magy says.
