On June 1, Boston, MA-based Fortify announced that it has raised $12.5 million in a funding round from investors, including Lockheed Martin Ventures and RTX Ventures, the venture capital arms of Lockheed Martin and Raytheon Technologies, respectively. This strategic investment will enable Fortify to expand its capabilities and accelerate the development of its groundbreaking Digital Composite Manufacturing (DCM) platform.
Fortify’s DCM platform revolutionizes the manufacturing of complex structures by offering unique mechanical, electrical, thermal, and electromagnetic properties. The platform has garnered significant interest across more than 50 Fortify partners and customers in digital tooling, medical devices, electronics, aerospace, and defense. Key customers in the A&D space beyond Lockheed and Raytheon Technologies include: In-Q-Tel, US Department of Energy, Rogers Corporation, Lawrence Livermore National Labs, TTM Technologies, and Ierus Technologies.
“We are thrilled to have Lockheed Martin Ventures and RTX Ventures as strategic investors in this funding round,” said Lawrence Ganti, CEO of Fortify. “Their expertise and global reach in the aerospace and defense industries will be invaluable in helping us to continue to innovate and scale our Digital Composite Manufacturing platform. We are excited to work together to drive the next generation of advanced materials and additive manufacturing.”
“Lockheed Martin Ventures’ continued investment in Fortify underpins the strategic advantage the company can bring to the defense industrial base,” said Chris Moran, vice president and general manager of Lockheed Martin Ventures. “We believe Fortify has the potential to deliver tailored solutions not only to the aerospace and defense industry, but a range of sectors that can benefit from their platforms.”
Daniel Ateya, president of RTX Ventures, added, “The Fortify team has demonstrated an innovative and laser-focused vision that should advance additive manufacturing capabilities to the next level. Their DCM platform aligns with our commitment to investing in cutting-edge technologies that can deliver significant value to our customers and partners.”
Eric Wolford, partner at Accel, and an early investor in Fortify, was pleased to have Lockheed Martin Ventures and RTX Ventures join the team. “This investment from Lockheed Martin Ventures and RTX Ventures confirms the potential behind the Fortify technology platform. It is my understanding that this is the first time these two A&D giants have co-invested. So, this is a big win for the company and a strong validation.”
Source: Fortify
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By Loren Blinde
June 5, 2023
