The defence tech startup Picogrid announced the closure of $12 million seed round to support the launch of the second factory in Lawton, Oklahoma, and faster the product development. The round was led by Initialized Capital, with participation from Starburst Ventures, Credo Ventures, Giant Step Capital, Domino Ventures, and Alumni Ventures.
- Founded in 2020 by Martin Slosarik and Zane Mountcastle, Picogrid developed a technology that helps to connect different sensors, cameras and other autonomous defence systems The core solution of the startup's technology is Legion, the cloud-based API used to link and manage several autonomous systems from third parties.
- Headquartered in El Segundo, Picogrid’s products are used by the US Department of Defense, PG&E, and Cal Fire. The startup claims it has won over a dozen federal contracts, including a $1 billion IDIQ contract from the Pentagon.
“Our platform is a paradigm shift in defense operations, offering unprecedented levels of coordination and real-time intelligence, it's not just about having the most sophisticated defense systems; it's about how these systems work together as a singular force. The integration of our most advanced defense systems is the difference between deterrence and vulnerability,” Zane Mountcastle, co-founder and CEO of Picogrid, commented.
The details of the deal
Several venture capital firms participated in the seed round, including:
- Initialized Capitalan early-stage venture firm based in San Francisco focusing on seed startups, offering them funding and helping them reach product market-fit.
- Starburst Venture an international VC which focuses on aerospace and defence.
- Giant Step Capital invests in the advancement of space exploration and technology.
- Domino Ventures, a Dutch-based early-stage venture capital fund concentrating on AI, gaming and Web3 startups.
- The US venture firm for individual investors, Alumni Ventures.
- Credo Ventures, Czech early-stage investor that partners with technology entrepreneurs from CEE, helping them to fulfill global ambitions.
The current funding will help Picogrid launch its second factory in Lawton, Oklahoma, speed up the development of the product, and establish partnerships with OEMs in the military sector. Furthermore, Picogrid aims to market the emerging hardware and software systems from small sensors to large UAVs to emerging AI and sensor fusion application into military operations.
