- Heaviside raises $60M Series B at $600M valuation, 21x its price three months ago.
- LA startup pairs the raise with a warhead supply deal with Norway’s Nammo.
- Deal lands amid a defence funding surge: Anduril at $61B, Stark above €3.5B.
Three months ago, Heaviside Industries barely existed to the outside world. Now it’s worth $600 million, and it has just handed part of its supply chain to a Norwegian arms maker to prove it can build the thing it’s selling.
The Los Angeles-based defence tech startup has raised $60 million in Series B funding at a $600 million valuation, more than 21 times its Series A price from May, when it emerged from stealth with $28 million led by Interlagos Capital.
Felicis led the Series B, with Hedosophia, Menlo Ventures, Cantos, Flume Ventures, Qstar Capital, Friends & Family Capital, Anorak Ventures and MVP Ventures also participating. Felicis has previously backed Anthropic, Harvey, Deel and Anduril.
That’s a steady, unremarkable curve next to the valuations now attached to companies chasing it. A 21-times jump in three months doesn’t come from the market growing that fast. It comes from a small number of defence names absorbing most of the capital in the room.
“Partnering with Nammo marks a major milestone for Heaviside, expanding our ability to deliver robust, fully integrated, and cost-effective precision munitions to customers at speed,” said Phillip Walker, chief executive of Heaviside.
The precision-guided munitions market was valued at $37.24 billion in 2025 and is projected to reach $49.71 billion by 2030, growing at a 5.9% compound annual rate, with loitering munitions the fastest-growing segment at roughly 9% a year.
Manufacturing is the fight now
Heaviside was founded in 2024 by Walker, who built hardware for special forces and law enforcement before starting the company. It builds autonomous precision munitions across air, land and sea, aimed at targets in GPS-denied, jammed environments where legacy guided weapons lose accuracy.
The company operates out of Los Angeles and Oslo, with a team of more than fifty engineers and operators.
Plenty of startups make this pitch.Anduril is the one everyone else gets measured against, now valued at $61 billion after a $5 billion raise in May led by Thrive Capital and Andreessen Horowitz. Mach Industries raised $300 million at a $1.8 billion valuation earlier this year on a similar manufacturing-first pitch. Germany’s Stark went from a $500 million valuation in August 2025 to more than €3.5 billion by June 2026, riding loitering-munitions demand out of Ukraine.
Heaviside’s twist is sequencing. Most companies prove they can produce at volume, then go find suppliers to match. Heaviside is trying to lock in the supplier first.
Who’s backing it
Nammo, the Norwegian manufacturer that has built warheads and rocket systems since the 1960s, will supply warheads for Heaviside’s platforms under a new partnership announced alongside the raise. That hands the startup an existing industrial supply chain instead of one it has to build from scratch, which matters because manufacturing, not technology, is where most defence startups actually get stuck.
The Nammo partnership could be as important as the funding itself. Nammo is an established European defence manufacturer with an existing munitions supply chain. Under the agreement, it will provide warheads for Heaviside’s platforms and support what the companies describe as a secure and resilient supply chain.
“In defence, reputation and proven experience are paramount. The team at Heaviside has both. Pairing Heaviside’s deep operational expertise with Nammo’s established supply chain creates a scalable system that readily meets the rigorous demands of defence forces,” said Jake Storm, general partner at Felicis.
What this means for Heaviside
Heaviside plans to put the new capital toward expanding production, hiring, fulfilling existing customer commitments, and building out its US footprint. That brings its total funding to $88 million since it was founded two years ago.
Capital isn’t the scarce resource in defence tech anymore. It’s arriving faster than most companies can absorb it. What separates Heaviside from the next startup chasing a nine-figure valuation is whether a warhead deal with an established manufacturer actually turns into deliveries at the pace investors are now backing.
