X-Bow Systems announced that Lockheed Martin made a significant investment in the company during its recently concluded Series B funding round. The non-traditional producer of advanced manufactured solid rocket motors and defense technologies said Monday that it raised over $105 million.
In line with the investment, Lockheed Martin entered a strategic agreement with X-Bow to accelerate the establishment of the latter as a new independent supplier of SRMs.
X-Bow Systems Growth
According to Jason Hundley, founder and CEO of X-Bow Systems, the funds raised from the Series B round will support the company’s effort to increase production capacity and strengthen its position as an independent supplier within the defense industrial base.
“We have built a highly respected ‘deep hardware technology’ company with the current Series A and B investments from our venture partners,” the executive shared. “This additional investment and our ongoing partnership with Lockheed Martin position us for significant growth.”
X-Bow plans to open an energetics campus located just south of Austin, Texas. The facility will be equipped with the company’s Advanced Manufacturing of Solid Propellant technology to scale affordable and sustainable SRM production and meet demands from the Department of Defense and other customers.
Boeing Ventures, Razor’s Edge Ventures, Upsher Management Company, Arkenstone Capital, Balerion Space Ventures, Crosslink Capital, Event Horizon Capital, Bravo Victor Venture Capital and Capital Factory Ventures also participated in the Series B funding round.
Lockheed Martin Supports X-Bow Systems
Chris Moran, vice president and general manager of Lockheed Martin Ventures, noted in a statement that his company has previously supported X-Bow Systems.
“Our follow-on investment in X-Bow Systems underscores Lockheed Martin’s dedication to advancing the aerospace and defense industry,” he commented.
Lockheed Martin Ventures also participated in X-Bow Systems’ interim funding round in late 2023.