💸📈 It's been a wild ride across the defense tech world this year, but some interesting trends are emerging.
Per @PitchBook, "The dollars are concentrating, not broadening. One round, Anduril’s $5.0B Series H at a $61B valuation, accounts for 33% of the entire quarter and 14% of the half. The top five rounds account for 48%, and the top ten for 62%."
But it's not all doom and gloom for the little(r) guys:
"The market is also becoming more of a barbell," Pitchbook defense analyst Ali Javaheri told me. "Venture growth deals rose to $9.1 billion, and early-stage value rose 47%."
"To me, that says investors still want exposure to the category, but they are straddling between underwriting proven scale and taking earlier optionality.”
Read my full breakdown of the first half of the year in @tectonicdefense below and at the link in replies👇
McLean startup Trase has raised $107 million to expand its AI technology that automates administrative tasks, with plans to double its local workforce. https://t.co/OXHSl8AWFV
Trase, which is building an operating system and infrastructure layer for AI agents in industries like health care and defense, raised a $107M seed led by Arch (@brockewturner / Axios)
(Visit Techmeme dot com for the link and full context!)
“Multiple drones interconnected and moving as one with smaller drones below the bigger drones like legs,” one of the sources familiar with the pilot’s witness account told CNN. “Real alien sh*t.”
Another source told CNN the pilot described witnessing a “minefield of drones” in the air.
On tuesday the most important monthly defense tech happy hour will be at the famous Butterworth’s. It will be an evening of weapons systems, bone marrow, and lighting just dim enough to get away with an arms deal.
Oft seen at DTDC: bar and transit influencer @ShawnChittle; defense tech viral poster @barratt_dewey; the s-tier venture crew from @squadra_vc; and comms extraordinaire @stephenbabcock
Don’t miss it. Luma below.
Joshua Baer, the cofounder and CEO of Capital Factory and mentor to countless Texas entrepreneurs, died Tuesday in a plane crash. https://t.co/u8v6DTBiIh
Saddened by the untimely passing of my friend, Josh Baer. A great entrepreneur, he was a driving forcethrough Capital Factory in Austin's tech story, helping make us the dynamic, international city we are today.