X-Bow Systems Announces $105 million in Series B funding to Rapidly Develop Advanced Defense Technologies
X-Bow Systems Inc (X-Bow), a producer of advanced manufactured solid rocket motors (SRMs) and defense technologies, announced the final closing of its Series B funding round, totaling over $105 million. Funding will be used to support the expansion of its production capacity and workforce.
Lockheed Martin led the strategic portion with a significant investment in X-Bow Systems. X-Bow and Lockheed Martin have entered into a strategic agreement allowing Lockheed Martin to accelerate X-Bow as a supplier of SRMs and other services for existing and future programs. "We have built a respected hardware technology company with Series A and B investments from our venture partners," said Jason Hundley, CEO and founder of X-Bow Systems. "This investment and partnership with Lockheed Martin position us for growth. We are expanding production capacity, accelerating innovation, and strengthening our role as an independent supplier within the defense industrial base." Chris Moran, vice president and general manager of Lockheed Martin Ventures, stated, "We continue our investment in X-Bow Systems, developing SRM technology supporting innovative solutions to enhance national security. Our follow-on investment underscores Lockheed Martin's commitment to advancing the aerospace and defense industry."
The round also included investments from Razor's Edge Ventures, Crosslink Capital, Lockheed Martin, Balerion Space Ventures, Boeing Ventures, Bravo Victor Venture Capital, Upsher Management Company, Capital Factory Ventures, Arkenstone Capital, and Event Horizon Capital.
Prior to this Series B funding round, X-Bow Systems, which was founded in 2016, established itself as a prominent player in the defense and aerospace sectors, aiming to disrupt the solid rocket motor manufacturing market dominated by Northrop Grumman and L3Harris Technologies. The company has demonstrated success in launch services, maintaining a backlog of hypersonic component flight tests and other Department of Defense mission capabilities. As a leader in the non-traditional solid rocket motor (SRM) industrial base, X-Bow has integrated into over eight SRM programs spanning strategic and tactical sizes. The company’s innovative approach is reflected in its patented Advanced Manufacturing of Solid Propellant (AMSP) system, which has undergone more than 12 development iterations and is capable of printing and flying both tactical and strategic size SRM energetic grains. Additionally, X-Bow has showcased expertise in innovation by developing the Rocket Factory in a Box™, a deployable energetics production system designed to provide flexibility and adaptability for defense applications.
Fueled by private capital, X-Bow's soon-to-open Texas energetics campus near Austin will utilize AMSP technology and additive manufacturing techniques like three-dimensional printing to make solid rocket motors at a larger scale than traditional methods, but at a lower cost per unit. This SRM production approach allows the Department of Defense and other customers the speed and scale to counter evolving threats.