The Venture Codex Logo

The Venture Codex

U.S Department of War

1400 Defense Pentagon, Washington, DC, 20301-1400, United States

Overview

The U.S. Department of Defense is America's oldest and largest government agency. Its mission is to provide the military forces needed to deter war and protect the security of the country. The agency is not only in charge of the military but also employs a civilian force of thousands. With over 1.4 million men and women on active duty and 718,000 civilian personnel, it is the nation's largest employer. Another 1.1 million serve in the National Guard and Reserve forces. More than 2 million military retirees and their family members receive benefits.

Total investments
25
Lead investments
19
Investments · 12mo
8
Active investors
10

Sector focus

  • Government
  • Law Enforcement
  • Military
Visit website

Investment portfolio

  • Sila

    Led · Debt Financing · Aug 2026

    Sila develops silicon-carbon anode material that can store up to 40% more energy and charge faster than traditional graphite anodes. The company has spent roughly 15 years developing the material and began production at its Moses Lake, Washington plant in September with an initial capacity of up to 2 GWh. The announced financing will expand that factory to produce tens of gigawatt-hours per year, enough to serve more than 100,000 electric vehicles annually. Sila has supply agreements or announced deals with customers including Mercedes and Panasonic and sells to consumer electronics companies such as Whoop as well as drone and satellite manufacturers. The company has previously raised about $1.3 billion across prior funding rounds. Its founder and CEO is Gene Berdichevsky, a former early Tesla employee.

  • PDW

    Led · Debt Financing · Aug 2026

    Performance Drone Works (PDW) develops multi-mission aerial robotic systems and operates integrated manufacturing and testing capabilities. PDW combines engineering, flight testing, systems integration, production and fulfillment at Drone Factory 01, its 90,000-square-foot manufacturing facility in Huntsville, Alabama. The company plans to produce domestic components such as propulsion systems, power and control technologies and vision systems and to supply those components to other U.S. manufacturers. PDW aims to strengthen domestic supply chains for unmanned systems and reduce dependence on foreign-controlled components. The company expects the scale-up to initially meet defense requirements and potentially expand into public safety, industrial and commercial markets. Financially, PDW has a conditional loan commitment of up to $820 million from the U.S. Department of War’s Office of Strategic Capital and plans to combine that government financing with additional private capital; the commitment is subject to further due diligence and closing conditions.

  • ReElement Technologies

    Led · Equity · Jul 2026

    ReElement Technologies operates a refining‑first model that accepts diverse feedstocks to produce high‑purity rare earth oxides and specialty critical minerals, with reported purities ranging from about 99.5% to 99.999%. Its Marion, Indiana refining campus will process primary mineral concentrates and recycled materials, including end‑of‑life permanent magnets, to produce materials such as yttrium, gadolinium, germanium, and gallium. Since commercializing its technology, ReElement has produced more than a dozen rare earth and critical mineral products and its Noblesville, Indiana commercial qualification facility has validated refining processes across multiple feedstocks and begun supplying initial commercial volumes. The company’s proprietary chromatographic separation platform enables sequential commissioning of production lines as customer demand develops, which management says reduces upstream concentration risk compared with mine‑centric projects. End markets include advanced communications, aerospace, defense, semiconductors, and other strategic applications. ReElement is a minority holding of American Resources and has recently attracted strategic and institutional capital, including investments from Transition Equity Partners and Mitsubishi Materials Corporation, in addition to the U.S. Department of War investment.

  • Phoenix Tailings

    Led · Debt Financing · Jun 2026

    Phoenix Tailings is developing the Freedom Facility, a fully integrated rare earth separation and metallization platform intended to produce both light and heavy rare earth metals from concentrates, recycled materials, and secondary sources. The company plans the facility to act as a midstream processing hub that can purchase output from mines and recyclers and supply materials to manufacturers and government entities. The project will use domestically controlled technology and intellectual property and aims to deliver cleaner, more efficient operations than conventional refining methods. Phoenix Tailings has targeted initial operations at the Freedom Facility for 2028. Financially, the company announced an approximately $1 billion financing initiative that includes a conditional $500 million long-term debt commitment from the U.S. Department of War’s Office of Strategic Capital to support construction and scaling of the facility.

  • Navi AI

    Participated · Grant · Mar 2026

    Navi AI surfaced from stealth with a disclosed $6 million financing backing. The company's raise attracted a diverse investor group including United Airlines Ventures, BVVC, New Vista Capital, Raptor Group, I2BF, and the U.S. Department of Defense. Beyond its emergence from stealth and this financing, the reporting provides no public details on its products, revenue, users, or operational metrics. No information on founding year, location, prior rounds, or specific plans for the new capital was provided in the articles.

Team

  • Joshua Daniel Flopkins

    Firefighter

  • Richard Kidd

    Deputy Assistant Secretary of Defense for Environment & Energy Resilience

    LinkedIn
  • General James E. Cartwright

    Vice Chairman, Joint Chiefs of Staff

  • James Shanahan

    LinkedIn