Exclusive: Firestorm Labs Raises $47M Series A to Expand Operations in San Diego
With strong military connections, San Diego is emerging as a hub for new defense technology companies including Firestorm Labs and Shield AI.
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Firestorm Labs, a defense tech startup developing aerial vehicles, has raised $47 million in Series A funding from top-tier venture firms.
The round was led by New Enterprise Associates, with participation from Lockheed Martin Ventures, Decisive Point, Washington Harbour Partners, Booz Allen Ventures and others. This latest round comes less than two years after Firestorm raised a $12.5 million seed round in March 2024.
“This Series A raise is a testament to the team we’ve built,” said Dan Magy, Chief Executive Officer at Firestorm Labs. “We now have people from top startups and large corporations who are joining us because they believe in our approach to solving a national security problem.”
Firestorm, formerly based in Kearny Mesa, is relocating to a new facility three times the size of its current 14,000-square-foot warehouse, according to company executives.
“We’re excited to keep delivering world-class game changing capabilities to the government and there’s no place to do that than San Diego,” said Magy.
Founding Story
Dan Magy is the co-founder and CEO of Firestorm Labs. Additional members on its leadership team include Ian Muceus who is the Chief Technology Officer and Chad McCoy, its Chief Strategy Officer.
Founded in 2022, Firestorm got its start as a defense contractor specializing in drone manufacturing for the U.S. Department of Defense (DoD).
In particular, the company has the ability to make drones using 3-D printing technology, among other materials used for military-related missions.
Firestorm has received more than $3 million in federally funded contracts. The company is also working with the U.S. Air Force to develop unmanned aerial systems in a deal worth up to $100 million over the next 5 years.
“We have seen a tremendous amount of traction over the last 12 months, and it continues to ramp up,” Magy told me over the phone. “We now also have an exclusive agreement with HP,” Magy said. “If someone wants to purchase an industrial-grade 3D printer for mobile use, it must go through our platform.”
Expanding Operations in San Diego
Firestorm has roughly 60 employees in San Diego, with several others based in Los Angeles, San Francisco, Florida, and other locations, totaling about 80 employees.
The company plans to hire up to 50 additional employees across engineering, design, business development, and other divisions.
The news comes after Anduril Industries closed a $2.5 billion Series G round led by Founders Fund, valuing the company at $30 billion. Shield AI is also known a leading defense tech startup, which raised $240 million in Series F funding in March.
Magy emphasized the importance of expanding Firestorm’s presence in San Diego.
“As a San Diego native and multi-time defense founder, there’s no better place to build in the country,” said Magy.
“We also have a deep pool of tech talent in the region. It really is a sleeping giant,” he added. “We’re proud to be one of the handful of defense startups here, because the recruiting field is incredibly rich locally.”
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