The Venture Codex

Participated · Series B · May 2025

X-Bow Systems develops advanced manufactured solid rocket motors (SRMs) and a suite of modular SRMs and small launch vehicles for orbital and suborbital services. The company uses patented advanced-manufactured solid-propellant (AMSP) processes to modernize production of energetics and establish alternative supply sources for missiles, munitions, and SRMs. X-Bow says its Luling, Texas campus will have the capability to produce thousands of SRMs, including Guided Multiple Launch Rocket System (GMLRS) motors. Headquartered in Albuquerque, New Mexico, the company has additional presence in California, Alabama, Colorado, Texas, Utah, Maryland and Washington, D.C. Leadership includes CEO Jason Hundley, Chairman Mark Kaufman, CTO Max Vozoff and other executives, and X-Bow lists investors such as Crosslink Capital, Razor's Edge Ventures, Balerion Space Ventures, Boeing and Lockheed Martin Ventures. The company is positioning its AMSP methods as a cost-effective, next-generation manufacturing approach for defense systems. X-Bow Systems is an Albuquerque, NM-based aerospace company that develops advanced manufactured energetics and solid rocket motors (SRMs) for the launch vehicle market. The company is designing and building a suite of modular solid rocket motors and small launch vehicles for both orbital and suborbital launch services. X-Bow supplies manufactured SRMs and related defense technologies to customers in the aerospace and defense sectors. The company announced it raised over $105M in a Series B funding round. It intends to use the funds to expand operations and accelerate development efforts. Senior leadership includes CEO Jason Hundley, Chairman Mark Kaufman, and CTO Max Vozoff. X-Bow Systems develops and manufactures advanced solid rocket motors (SRMs) and hypersonics technologies for both orbital and suborbital launch services. The company designs and builds a suite of modular strategic and tactical scale SRMs and small launch vehicles. It operates production facilities in Texas and has additional presence in California, Alabama, Utah, Colorado and Washington, DC, and is based in Albuquerque, NM. Led by CEO and Founder Jason Hundley, X-Bow is expanding engineering and R&D facilities across New Mexico. The company intends to use the new funding to accelerate growth of hypersonic-capable vehicles, advance strategic and tactical scale SRM programs, and complete its Luling, TX gigafactory campus. Financially, X-Bow raised more than $70M in a Series B financing to support these plans. X-Bow Systems develops cost-effective additively manufactured energetics for the solid rocket motor and launch vehicle market and is designing and building a suite of modular solid rocket motors and small launch vehicles for orbital and suborbital services. The company is privately held and led by CEO Jason Hundley, Chairman Mark Kaufman, CTO Max Vozoff, CRO Maureen Gannon, and General Counsel John Leary. X-Bow has additional presence in California, Alabama, Colorado, Texas, and Washington, DC. Earlier this year the company was selected for a $60M STRATFI Program with AFWERX and the U.S. Airforce, and it says the recent interim funding will help further fulfill its matching requirements for that program. The funding round underscores continuing defense-industry interest in low-cost hypersonics and additively manufactured energetics. No operating metrics or revenue figures were disclosed in the article. X-Bow Systems applies additive manufacturing techniques to the production of solid rocket energetics for the solid rocket motor and launch vehicle market. The company is designing and building a suite of modular solid rocket motors and small launch vehicles for orbital and suborbital launch services. Led by CEO Jason Hundley and a management team including chairman Mark Kaufman and CTO Max Vozoff, X-Bow has a presence in Albuquerque, New Mexico and additional locations in California, Alabama, Colorado, Texas, and Washington, D.C. It closed a $27M Series A to accelerate customer support, grow the team, and invest in next-generation product offerings. The company said the round closed ahead of a planned static fire test of its 32-inch "Ballesta" solid rocket motor and a subsequent launch at White Sands Missile Range. X-Bow positions itself as a modern technology competitor bringing additive manufacturing innovation to a sector long dominated by legacy systems integrators.

Led · Series B · May 2025

mPower Technology is a space solar company developing DragonSCALES, flexible solar modules for spacecraft. DragonSCALES are designed for mass production using standard silicon PV processes, enabling scalable solar power for spacecraft of all types. The company is led by CEO and President Kevin Hell and is based in Albuquerque, NM. mPower recently received a strategic investment from Lockheed Martin Ventures; the amount was not disclosed. The company intends to use the funds to scale production of its DragonSCALES modules. The article did not provide revenue, user metrics, or prior financing details. mPower Technology builds DragonSCALES™, a flexible, interconnected mesh of miniature solar cells designed for spacecraft, leveraging silicon PV and microelectronics manufacturing approaches. The company emphasizes low-cost, high-throughput production and resilient, lightweight designs to serve commercial and national security space missions. mPower highlights more than 12 years of combined on-orbit heritage and a growing customer roster including Airbus, Blue Origin/Honeybee, Firefly Aerospace, Lynk Global and Gravitics. To support demand it is bringing up a high-volume automated manufacturing line at Universal Instruments in Conklin, New York, capable of producing over 2 megawatts of DragonSCALES modules annually. The company holds a contract to supply more than 1.1 megawatts of modules for Airbus’ MDA AURORA™ program. The new capital will be used to scale production capacity, continue advancement of DragonSCALES, and accelerate deployment for next‑generation space missions. mPower Technology develops DragonSCALES™, an interconnected mesh of miniature solar cells that leverages materials, processes, and tools from the silicon photovoltaic and microelectronics industries. The company is led by president and CEO Kevin Hell and is based in Albuquerque, N.M. mPower positions DragonSCALES to enable new design options for solar power through its semiconductor-embedded approach. The firm closed an additional $1.85M in Series A funding as an extension to support product advancement. Proceeds are intended for development, testing, and sales of the DragonSCALES technology. The extension brought the total Series A round to $4.35M. mPower Technology is an Albuquerque, NM-based solar cell technology startup led by president and CEO Kevin Hell. The company has developed DragonSCALEs™ (SemiConductor Active Layer Embedded solar), an interconnected mesh of miniature solar cells. DragonSCALEs leverage affordable materials, processes, and tools from the silicon photovoltaic and microelectronics industries. The technology is intended to remove constraints of existing silicon and gallium arsenide solar solutions and enable new lightweight design options that can be rapidly deployed at low cost. mPower raised $2.5M in a Series A and plans to use the capital to commercialize DragonSCALEs in the aerospace market. Backers included Santa Fe-based Sun Mountain Capital.

Participated · Equity · Mar 2025

Proscia provides an enterprise pathology platform, Concentriq, plus a precision medicine AI portfolio and real-world data to accelerate development and use of therapies and diagnostics. The company’s products are used daily by pharmaceutical companies and a global network of diagnostic laboratories. Proscia holds FDA 510(k) clearance and CE‑IVDR certification for its diagnostic software. Led by CEO David West, the company focuses on enabling AI to advance precision medicine and tackle diseases such as cancer. Proscia recently raised $50M, bringing its total funding to $130M, and intends to use the proceeds to grow its customer footprint and advance Concentriq’s AI capabilities. Proscia develops a digital pathology software platform and AI applications that automate tasks such as quality control and tumor identification. Its open platform enables partners, customers, and developers to build and deploy disease-specific AI tools, and the company works with cloud providers like AWS and Azure to scale enterprise deployments. The platform is used by 14 of the top 20 pharmaceutical companies to leverage pathology image data for drug discovery and development. Proscia recently received FDA clearance for its software, which allows it to expand into the U.S. diagnostic market. The company raised a $9 million extension to its Series C, bringing the round to $46 million, and plans to use the funds to accelerate commercial growth and further develop its AI-powered applications. Proscia positions itself to address a global pathologist shortage and rising cancer rates as digital pathology adoption accelerates toward widespread use in the next 5–7 years. Proscia provides the Concentriq® platform, which combines enterprise scalability with a broad portfolio of AI applications for digital and computational pathology. Led by CEO David West and based in Philadelphia, the company serves customers including 10 of the top 20 pharmaceutical companies and the Joint Pathology Center, which selected Concentriq to digitize a tissue repository of over 55 million slides. Proscia raised $37M in a Series C to accelerate adoption of computational pathology and strengthen its market and product leadership. The company plans to use the funds to scale commercial operations and expand its sales, marketing, and support teams. Proscia also intends to grow distribution partnerships following a recent OEM agreement with Siemens Healthineers. These investments are aimed at expanding its AI-driven pathology offerings and commercial footprint. Proscia offers the Concentriq digital pathology platform combined with AI-powered applications to digitize high-resolution tissue biopsy images and unlock new insights for laboratories, health systems, and life sciences companies. The company plans to expand its AI application portfolio (building on its DermAI application), grow its data assets, and accelerate commercial expansion by ramping up global sales, marketing, and support teams. Proscia will also advance its regulatory strategy to pursue FDA clearance, building on its existing CE Mark and MDSAP certification. Since closing a Series A in 2018, Proscia has amassed customers including Johns Hopkins School of Medicine, the Joint Pathology Center, and 10 of the top 20 pharmaceutical companies. JPC selected Concentriq to digitize the world’s largest human tissue repository of over 55 million slides. The company positions its software and AI to transform pathology’s historically analog workflows into data-driven diagnostics to improve patient outcomes and accelerate biomedical research. Proscia offers a cloud-based, modular digital pathology platform used by thousands of pathologists, scientists, histotechnicians, and lab managers at more than 300 clinical and research facilities worldwide. The platform integrates with labs' existing environments and technology ecosystems to enable digital adoption, streamline image-based workflows, and open imaging and analytics revenue streams. Proscia is building AI-enabled, disease-specific modules that sit atop its platform to augment pathologists' evaluations and improve diagnostic efficiency and quality. The company plans to commercialize new clinical AI workflows targeting high-volume, high-impact cancers, with its first module, DermAI™, scheduled for release in December 2018. Proscia positions these technologies to increase access to care, reduce turnaround times and costs, and unlock data from tissue to advance cancer research and diagnosis. The company was founded by a team from Johns Hopkins and the University of Pittsburgh to improve clinical outcomes in the fight against cancer.

Participated · Series D · Jul 2023

HawkEye 360 operates a constellation of satellites that detect, geolocate, and characterize radio-frequency (RF) emissions around the globe. Its proprietary signal processing and AI-driven analytics platform converts raw RF spectrum data into actionable intelligence for government and allied defense agencies. The company positions its offering as mission-critical for domain awareness and early-warning needs, enabling faster and better decision-making. HawkEye 360 is currently integrating Innovative Signal Analysis (ISA) to deepen its analytic capabilities and expand its product suite. Proceeds from recent fundraising are earmarked to strengthen the balance sheet and support this integration, as well as to continue investing in platform enhancements. Headquartered in Herndon, Virginia, the firm markets itself as a trusted partner proven by operational mission success.

Led · Series A · Apr 2022

Corsha offers a patented Machine Identity Provider (mIDP) that provides strong cryptographic machine identities, dynamic authentication and authorization, and automated lifecycle management for millions of machine identities. Its platform delivers continuous verification across cloud, edge, air-gapped, hybrid, and industrial environments to enable zero-trust for machine-to-machine connections. The company emphasizes securing robotics, automation, and physical AI as operational systems become increasingly autonomous and interconnected. Corsha positions its mIDP as a foundational trust layer for manufacturing APIs, protocols, and industrial autonomous systems. The recent financing will be used to accelerate scaling of the platform and expand protections across robotics and industrial autonomous systems. Corsha is backed by multiple venture firms that participated in the disclosed round. Corsha is the first and only Machine Identity Provider (mIDP) built to secure communication across operational systems and critical infrastructure. The company uses multi-factor authentication and patented identity technology to protect machine-to-machine communications and bring zero trust to operational technology environments. Corsha leverages advanced behavioral analytics to detect unusual patterns and block adversaries from accessing OT, including within defense manufacturing and other critical infrastructure. The company works with partners such as the U.S. Air Force and focuses on non-human identity for mission systems. With Booz Allen's investment, Corsha will expand its R&D lab, scale its AI and machine-learning capabilities, and advance operations in critical manufacturing environments. Corsha provides an automated multi-factor authentication solution designed specifically for machine-to-machine API traffic. Its system generates one-time-use MFA credentials from a machine's dynamic identity and verifies them against a cryptographically verifiable distributed ledger, requiring a fresh credential for each API call to enable zero-trust access. The company describes its patented approach as "MFA++" and says it avoids a central secret repository by originating MFA on the machine itself. Founded in 2018 and based in Washington, D.C., Corsha secured the U.S. Air Force as its first customer in 2020, which the company cites as a strong validation. The startup has a team of about 10 employees and is on a rapid hiring spree. After closing a $12 million Series A, Corsha plans to expand its go-to-market efforts in the enterprise. Corsha develops an API security platform that provides enterprises security, visibility, and control for data in motion as it moves through APIs, offering a dynamic, fully automated multi-factor authentication (MFA) solution for API traffic with no human user involved. The platform leverages a private, permissioned distributed ledger network (DLN) to build dynamic machine identities and secure machine-to-machine communication. Corsha's solution is Kubernetes- and cloud-native, highly scalable, platform-agnostic, and available either as a cloud-managed service or for full self-hosting. The company announced it will use NSF SBIR Phase I grant funding to advance its DLN technology to achieve greater scale and performance. The article notes the SBIR Phase I program awards up to $256,000 and makes recipients eligible to apply for Phase II funding (up to $1,000,000) and potential additional matching funds (up to $500,000) with qualifying third-party investment or sales.