Counter drone company Fortem Technologies CEO Jon Gruen has announced plans for a USD50 million Series B funding round, signalling the company’s commitment to growth and innovation, says the company’s LinkedIn post.
Fortem predicts some USD30 million in revenue in the current year, doubling growth year-on-year. The Series B funding is destined to support the company’s product development, staffing, and an expansion beyond military and security sectors into the commercial space.
If Fortem can reach its goal of establishing itself solidly in all three markets – defense, security and commercial – within the next 24 months, it will be “very profitable” and a highly attractive sale target for both private equity and strategic buyers, Gruen said. Potential buyers, according to the CEO, include large aerospace and defense companies such as Lockheed Martin, RTX (formerly Raytheon), Northrop Grumman and The Boeing Company, as well as enterprise AI, data and logistics intelligence companies such as Palantir, BigBear.ai, Oracle, Microsoft and Amazon.
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