Defense technology startup Mach Industries has raised $600 million in a Series C extension round, more than doubling its valuation to $3.7 billion within three months. 

The company announced the latest funding after raising $300 million at a $1.8 billion valuation in June.

Investors in the two funding rounds include Ribbit Capital, Infinite Capital, Bedrock Capital and Sequoia, reflecting growing interest from major venture capital firms in defense technology.

The latest funding marks another significant increase in Mach Industries’ value after its valuation had already quadrupled from $470 million to $1.8 billion in the previous round. 

Founded and led by 22 year old Ethan Thornton, the company develops unmanned military vehicles and weapons, including vertical takeoff and landing drones, long range strike systems and counter drone technologies. 

Mach operates a 115,000 square foot manufacturing facility at its headquarters in Huntington Beach, California, alongside other facilities across the state.

Mach Industries aims to challenge established defense contractors by developing highly integrated military systems at lower costs.

In May, the company acquired solid rocket motor manufacturer Exquadrum in a deal valued at $50 million in cash and equity.

The acquisition was designed to help address a growing shortage of solid rocket motors, which have become increasingly important as demand for drones and other military systems expands.

Following the acquisition, Mach established Mach Energetics, a new business focused on producing solid rocket motors and other energetic systems for external customers.

The company has also created Mach Propulsion, which is developing jet engine manufacturing capabilities as it seeks to address another potential supply bottleneck in the defense industry.

Mach’s rapid growth highlights the increasing flow of Silicon Valley investment into the defense sector.

Thornton left MIT at 19 to focus on building the company and attracted early backing from Sequoia investors Stephanie Zhan and Shaun Maguire. 

After securing a contract with the U.S. Army earlier this year, Mach also attracted investment from Ribbit Capital, an investor that has increasingly expanded beyond financial technology into artificial intelligence and other high growth technology sectors.

Source: Tech Crunch