Fortem Technologies Closes $17.8M in Funding Round to Scale Airspace Safety and Security Capabilities
PLEASANT GROVE - February 21, 2023 --
Fortem Technologies, a leader in airspace awareness, security, and defense, today announced that they have closed a funding round of $17.8 million led by new key 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 rapidly from a value of 685 million USD in 2019 to an estimated 4.7 billion USD by 2027. In addition, the Advanced Air Mobility market size was estimated at 8.93 billion USD in 2022 and is expected to hit around 45.12 billion USD by 2030. With Fortem’s support in Ukraine fighting suicide drones like the Shahed-136 and protecting world venues such as the World Cup Games in Qatar, the company is seeing this market growth and demand for their unique airspace awareness, security, and defense technology. This investment round will benefit the company’s strategy to be at the leading edge 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.”
The investments from these industry-leading companies represents a significant endorsement for the growth and opportunity the company is seeing in the Counter-UAS and Advanced Air Mobility marketplace. Joining existing investors such as Boeing, Toshiba, Mubadala Investment Company, Signia Venture Partners, and DCVC, the new investors can also bring key industry insights and product development support as Fortem continues its aggressive growth strategy.
“We are extremely excited to be working with such respected companies in this funding raise,” said 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.”
About Fortem Technologies
Fortem Technologies is the leader in airspace awareness, security, and defense for detecting and defeating dangerous drones. Through an advanced, end to end system of distributed radar, AI at the Edge, deep sensor integration, and autonomous drone capture, Fortem monitors and defends the world’s venues, infrastructures, cities, and regions. The same system is accelerating the safety of the world’s airspace for urban air mobility. Based in Pleasant Grove, Utah, the company is privately held and backed by Toshiba, Boeing, DCVC, Mubadala Investment Company, Signia Venture Partners and others.