The additive manufacturing company Fortify on Thursday said it has secured $12.5 million in funding from investors, including a second round from Lockheed Martin [LMT] and an investment from Raytheon Technologies [RTX] in addition to other investors to help the company accelerate the development of its technology that manufactures complex components.
The strategic investments were made by the venture funding arms of the two large defense contractors, demonstrating the potential of Fortify’s technology, and also includes funding from the venture capital firms Accel, Cota, Neotribe and Prelude. Last December, Lockheed Martin Ventures supported Fortify with a loan.
Fortify is developing the Digital Composite Manufacturing platform to construct complex structures such as radio frequency (RF) components out of high-performance, high-viscosity materials. The Boston-based company’s technology offers “unique mechanical, electrical, thermal, and electromagnetic properties,” it says.
“Lockheed Martin Ventures’ continued investment in Fortify underpins the strategic advantage the company can bring to the defense industrial base,” Chris Moran, head of the Lockheed unit, said in a statement. “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.”
Fortify says its technology had interest from customers in digital tooling, medical devices, electronics, aerospace and defense. In addition to Lockheed and Raytheon, key customers include In-Q-Tel, the Department of Energy and Lawrence Livermore National Labs, Rogers Corp., TTM Technologies and Lerus Technologies.
The new funding round is also the first where Lockheed’s and Raytheon’s venture arms have co-invested.