Fortem Technologies recently announced that they closed a funding round of US$17.8 million led by industry investors including Lockheed Martin Ventures, Hanwha Aerospace and AIM13 Crumpton Venture Partners. Existing investors DCVC and Signia Venture Partners have also contributed additional funds.
The capital will help Fortem scale to meet growing demands across multiple regions and market sectors in airspace safety and security. The Counter-UAS market continues to expand, from $685 million in 2019 to an estimated $4.7 billion by 2027. The Advanced Air Mobility market size was estimated at $8.93 billion in 2022.
With Fortem’s support in Ukraine fighting suicide drones such as the Shahed-136 and protecting venues such as the World Cup Games in Qatar, the company is witnessing market growth and demand for airspace awareness, security and defence technology. This investment round will benefit the company’s strategy to be at the forefront of this growing market.
“Rapid development and legitimate applications of UAS create an increasingly capable threat when in the hands of bad actors,” said Chris Moran, Vice President and General Manager of Lockheed Martin Ventures. “Lockheed Martin Ventures’ investment in Fortem Technologies signals our commitment to keeping pace with our customer’s requirements, ensuring the U.S. and its allies stay ahead of ready.”
“We are very pleased to invest in Fortem, a leading dual-use counter-UAS provider. The unique low collateral solution developed by Fortem will contribute to the growth of the c-UAS market globally and help to address the evolving UAS threats,” said a representative from Hanwha Aerospace. “Hanwha Aerospace is excited to support Fortem’s growth through the investment and continue to bring tremendous value across the sector.”
Investments from these companies represents a significant endorsement for the growth and opportunity the company is seeing the Counter-UAS and Advanced Air Mobility marketplace.
“We are extremely excited to be working with such respected companies in this funding raise,” concluded Jon Gruen, CEO of Fortem Technologies. “Not only does this investment help us address our rapidly growing market demand, but the level of support and industry experience these companies bring allows us to tap into unparalleled business, technical, and industry knowledge.”