By: citybiz
July 22, 2025
NEA Leads $47M Series A for Firestorm; Lockheed Martin Ventures Among Defense-Focused Backers
New Enterprise Associates recently led a $47 million Series A round for San Diego-based Firestorm Labs, as a bunch of defense-focused venture firms backed the maker of advanced drones for warfare. Bethesda, Md.-based Lockheed Martin Ventures, New York’s Decisive Point, Arlington, Va.-based Washington Harbour Partners, McLean, Va.-headquartered Booz Allen Ventures, and others joined the round. The total includes $12 million in venture debt from JPMorgan.
Firestorm’s pioneering use of distributed, additive manufacturing for low-cost, adaptable and open-architecture unmanned aerial systems (UAS) is critical in keeping our troops out of harm’s way and establishing the U.S. at the forefront of unmanned systems, said NEA partner Aaron Jacobson, who oversees the venture firm’s investments in AI, cybersecurity and other areas. The company’s “agility, unique capabilities, and focused approach align with our vision for transformative defense technologies,” he added.
Lockheed Martin Ventures’ general manager Chris Moran pointed out that the U.S. military needs trustworthy technology on the ready. “Deployable, on-site 3D drone printing is a powerful tool that further extends the warfighter’s ability to secure the battlespace, while advancing U.S. leadership on the frontiers of defense technologies,” said Moran.
Lockheed Martin Ventures, launched in 2007 with $100 million to back startups developing strategic “21st century technologies,” has since grown in size to $400 million. It has raised the number of investment managers to cope with increased deal flow, and sought to double portfolio investments. The firm typically invests between $2 million and $5 million in individual startups. Its portfolio of over 60 companies include Liquid Instruments, Helicity Space, Firestorm Labs, South 8 Technologies, Calypso AI, Agile Space Industries, RED 6, Ayar Labs, 3d Glass Solutions, Orbit Fab, SpaceNews and Orbit Fab.
Firestorm plans to use its Series A funding to scale xCell, which can help combat teams build and repair drones on the battlefield. The company says xCell’s modular airframe platform can help operators produce a complete Tempest UAS on-site and reconfigure it for so-called ISR — Intelligence, Surveillance, and Reconnaissance, electronic warfare, or strike missions.
“We’re thrilled about this milestone, because it empowers Firestorm to deliver critical, battlefield-ready solutions faster and at scale,” said Firestorm CEO Dan Magy. “Our unique ability to 3D-print modular airframes on-site dramatically reduces production timelines, costs, and logistical constraints, giving the U.S. and allied forces the adaptive technology they urgently need in complex and contested operational environments.”
Mina Faltas, founder and chief investment officer of Washington Harbour Partners, pointed out that Firestorm fills a pressing constraint in the military’s readiness — manufacturing capacity. It will provide “critical additive manufacturing capabilities that will contribute to the entire defense ecosystem, from the front line to the industrial base,” said Faltas. Another investor, Thomas Hendrix of Decisive Point, termed Firestorm’s “combination of edge manufacturing, modularity in vehicles and payloads, and high-volume/low-cost production pathways” as a “force multiplier.”
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