Utah’s Pleasant Grove, February 21, 2023 — Fortem Technologies, a pioneer in airspace awareness, security, and defense, today revealed that a USD 17.8 million fundraising round headed by new major industry participants, such as Lockheed Martin Ventures, Hanwha Aerospace, and AIM13|Crumpton Venture Partners, has been completed. DCVC and Signia Venture Partners, already investors, have also made further contributions. The funding will enable Fortem to expand and address rising airspace safety and security demand across several markets and geographic regions.
The Counter-UAS market is expected to reach an estimated 4.7 billion USD in revenue by 2027, up from a 2019 value of 685 million USD. Also, it was predicted that the Advanced Air Mobility industry will be worth 8.93 billion USD in 2022 and 45.12 billion USD by 2030. The firm is witnessing a market expansion and demand for its specialized airspace awareness, security, and defense technologies thanks to Fortem’s cooperation in Ukraine in the battle against suicide drones like the Shahed-136 and in securing international locations like the World Cup Games in Qatar. The company’s plan to dominate this expanding market will benefit from this round of investments.
According to Chris Moran, vice president and general manager of Lockheed Martin Ventures, “rapid development and legal uses of UAS constitute an increasingly capable danger when in the hands of unscrupulous actors.” The investment by Lockheed Martin Ventures in Fortem Technologies “symbolizes our commitment to keeping pace with our customer’s requirements, ensuring the United States and our allies stay ahead of readiness.”
“We are thrilled to invest in Fortem, a top provider of dual-use counter-UAS. The unique low collateral solution created by Fortem will assist in managing the rising UAS risks and will increase the c-UAS market internationally, “a spokesperson for Hanwha Aerospace stated. Hanwha Aerospace is eager to help Fortem’s expansion through investment and keep providing enormous value to the industry.
The investments from these significant firms in the sector significantly affirm the company’s development and opportunities in the Counter-UAS and Advanced Air Mobility market. While Fortem continues to pursue an ambitious expansion plan, the new investors may complement current investors like Boeing, Toshiba, Mubadala Investment Company, Signia Venture Partners, and DCVC by contributing essential industry knowledge and product development assistance.
Jon Gruen, CEO of Fortem Technologies, says, “We are incredibly delighted to be collaborating with such respectable firms in this fundraising campaign. This investment enables us to meet the fast-expanding market demand and access unmatched business, technical, and industrial expertise thanks to the degree of assistance and experience these firms provide.
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