Mapping some of the largest defense companies in private markets
1. Anduril Industries — $30.5bn
Founded in 2017, with over 3,500 employees, they build autonomous defense systems, including AI-powered drones, surveillance towers, and software. If you haven't listened to Palmer Luckey speak, you should.
2. Peraton — >$15bn
Provider of cybersecurity intelligence, space, and defense solutions, it's the largest PE-backed asset on the list. Backed by Veritas Capital, it did a massive P2P acquisition of Perspecta ($7.1bn EV) in 2021.
3. Helsing — $13.8bn
The largest European player on the list, founded not long ago in 2021 in Germany. It has raised funding every year since then. It develops real-time battlefield maps based on infrared, video, sonar, and radio data.
4. Maxar Technologies — $6.4bn
It's a provider of satellite imagery and space infrastructure solutions. Founded in 2017, it IPO'd in 2021 and was taken private by Advent and BCI, only 1 year later.
5. Shield AI — $5.3bn
Developer of autonomous flight technology and unmanned drones, it has ~20 investors on its cap table, including Andreessen Horowitz, Point72 Ventures and other defense suppliers.
6. Saronic Technologies — $4.0bn
Slightly different focus to others on the list. It is a builder of vessels and solutions for maritime security (ships and vessels). Founded in 2022, it raised $600m Series C in March of this year.
7. TRIUMPH — $3.0bn
Founded in 1993, it is the oldest company on the list. Backed by Warburg Pincus LLC and Berkshire Partners, it was historically supplied components to commercial aviation, but has expanded into military.
8. Skydio — $2.2bn
Another drone provider on the list. What sets it apart is the ability of their drones to navigate without GPS, utilizing onboard cameras and AI. Its seed round was led by Andreessen Horowitz in 2015, and they have re-invested in every round until Series E.
9. TEKEVER — $1.3bn
Portuguese drone manufacturer, with backing from NATO investment fund and other European VCs. EBITDA-positive and growing more than 20% per year.
10. ICEYE — >$1.0bn
Finnish manufacturer of satellites, providing aerial monitoring solutions. Founded in 2012, True Ventures and Lifeline Ventures were early backers.
11. Quantum Systems — >$1.0bn
Expected to raise at a valuation of $3.5bn later this year. Based in Germany, and manufactures drones for military and industry use. Balderton Capital led it's most recent round.
The space is seeing more interest and 8VC, Andreessen Horowitz, Silent Ventures, AE Industrial Partners, LP, Washington Harbour Partners LP, Arlington Capital Partners, Accel, General Catalyst, Lightspeed, Valor Equity Partners, Point72 Ventures, Overmatch Ventures and Cubit Capital and some of the most active investors (by count).
Summary from: Sid Jain / Gain.pro
Founded in 2017, with over 3,500 employees, they build autonomous defense systems, including AI-powered drones, surveillance towers, and software. If you haven't listened to Palmer Luckey speak, you should.
2. Peraton — >$15bn
Provider of cybersecurity intelligence, space, and defense solutions, it's the largest PE-backed asset on the list. Backed by Veritas Capital, it did a massive P2P acquisition of Perspecta ($7.1bn EV) in 2021.
3. Helsing — $13.8bn
The largest European player on the list, founded not long ago in 2021 in Germany. It has raised funding every year since then. It develops real-time battlefield maps based on infrared, video, sonar, and radio data.
4. Maxar Technologies — $6.4bn
It's a provider of satellite imagery and space infrastructure solutions. Founded in 2017, it IPO'd in 2021 and was taken private by Advent and BCI, only 1 year later.
5. Shield AI — $5.3bn
Developer of autonomous flight technology and unmanned drones, it has ~20 investors on its cap table, including Andreessen Horowitz, Point72 Ventures and other defense suppliers.
6. Saronic Technologies — $4.0bn
Slightly different focus to others on the list. It is a builder of vessels and solutions for maritime security (ships and vessels). Founded in 2022, it raised $600m Series C in March of this year.
7. TRIUMPH — $3.0bn
Founded in 1993, it is the oldest company on the list. Backed by Warburg Pincus LLC and Berkshire Partners, it was historically supplied components to commercial aviation, but has expanded into military.
8. Skydio — $2.2bn
Another drone provider on the list. What sets it apart is the ability of their drones to navigate without GPS, utilizing onboard cameras and AI. Its seed round was led by Andreessen Horowitz in 2015, and they have re-invested in every round until Series E.
9. TEKEVER — $1.3bn
Portuguese drone manufacturer, with backing from NATO investment fund and other European VCs. EBITDA-positive and growing more than 20% per year.
10. ICEYE — >$1.0bn
Finnish manufacturer of satellites, providing aerial monitoring solutions. Founded in 2012, True Ventures and Lifeline Ventures were early backers.
11. Quantum Systems — >$1.0bn
Expected to raise at a valuation of $3.5bn later this year. Based in Germany, and manufactures drones for military and industry use. Balderton Capital led it's most recent round.
The space is seeing more interest and 8VC, Andreessen Horowitz, Silent Ventures, AE Industrial Partners, LP, Washington Harbour Partners LP, Arlington Capital Partners, Accel, General Catalyst, Lightspeed, Valor Equity Partners, Point72 Ventures, Overmatch Ventures and Cubit Capital and some of the most active investors (by count).
Summary from: Sid Jain / Gain.pro
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