Boston, USA-based leading full-stack materials science and additive manufacturing company, Fortify raised USD 12.5 million in recent funding. The round took place on June 1, 2023. Lockheed Martin Ventures and RTX Ventures, the venture capital arms of Lockheed Martin and Raytheon Technologies, respectively, led the financing for the company. Accel, Cota Capital, Neotribe, Prelude, Mainspring, and Ocean Azul also joined in the financing. 

Purpose of financing for Fortify

With the latest financing, the company has plans to enable the expansion of its capabilities.

It also seeks to accelerate the development of its groundbreaking Digital Composite Manufacturing (DCM) platform. Moreover, the company intends to strengthen its position as a leading innovator in materials science and additive manufacturing.

 In addition, it has the potential to unlock new possibilities in advanced materials and manufacturing technologies and transform industries across the globe.

What the company’s official has to add

Lawrence Ganti, CEO of Fortify, said, “We are thrilled to have Lockheed Martin Ventures and RTX Ventures as strategic investors in this funding round. Their expertise and global reach in the aerospace and defence 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.”

What the investors have to add

Chris Moran, vice president and general manager of Lockheed Martin Ventures, further said, “Lockheed Martin Ventures’ continued investment in Fortify underpins the strategic advantage the company can bring to the defence industrial base. We believe Fortify has the potential to deliver tailored solutions not only to the aerospace and defence industry but a range of sectors that can benefit from their platforms.”

Daniel Ateya, President of RTX Ventures, commented, “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.”

Besides, Eric Wolford, Partner at Accel and an early investor in Fortify said, “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.”

About the company 

Karlo Delos Reyes, Randall Erb and Joshua Martin launched the company in 2016. Fortify’s DCM platform revolutionizes the manufacturing of complex structures by offering unique mechanical, electrical, thermal, as well as electromagnetic properties. Key customers in the A&D space, such as In-Q-Tel, the US Department of Energy, Rogers Corporation, Lawrence Livermore National Labs, TTM Technologies, and Ierus Technologies, use the company’s offerings.

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.

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