🇺🇸 The Veteran Fund Update: May 2026
The Veteran Fund Update: May 2026
In honor of Memorial Day, we express our deepest gratitude to the men and women who sacrificed their lives in service to our country, and to the future generations of Americans who will carry the torch of liberty forward through their courage and conviction.
As America approaches her 250th anniversary, the world around us is becoming more contested and dependent on technologies that define economic strength, national security, and global leadership. Against this backdrop, and a renewed national focus on technological sovereignty, The Veteran Fund’s mission has never been more urgent or relevant.
Fund I continues to outperform, with portfolio companies now surpassing $500 million in aggregate financings alongside rapidly expanding government and commercial traction. Simultaneously, Fund II is already validating the platform, with our first four investments completed and world-class business and military leaders joining as LPs.
Driven by the exceptional leadership of our portfolio companies, our thesis of backing exceptional veteran-led companies building critical technologies has been validated by a historic convergence of public and private capital. This includes JPMorgan’s $1.5 trillion Security and Resiliency Initiative, the Department of War’s renewed focus on technology, and landmark federal priorities like the CHIPS and Science Act.
Inspired by those who came before us and those who continue to serve, we are honored to share the following update as our veteran-led companies continue to build critical technologies to help America and her allies compete, deter, and lead.
📈 Portfolio Highlights
Havoc AI (Fund I) Raised a $100M Series A, with Veteran Fund SPV Participation, to scale its all-domain collaborative autonomy platform, bringing its total capital raised to approximately $200 million since 2024.
The Veteran Fund LPs received a direct investment opportunity through an SPV that was quickly oversubscribed.
The round included major strategic and financial investors and will support continued product development, manufacturing scale, and deployment across maritime and aerial missions.
Havoc is the category leader in all-domain autonomy for defense systems at a time when the U.S. and allied militaries are rapidly shifting toward lower-cost, attritable, software-defined platforms capable of operating across domains.
Firestorm (Fund I) raised an $82 million Series B led by Washington Harbour Partners, with participation from NEA, Ondas, In-Q-Tel, Lockheed Martin, Booz Allen Ventures, Geodesic, Motley Fool Ventures, and others.
The round brings Firestorm’s total funding to approximately $153 million.
Firestorm is scaling xCell, its containerized “factory-in-a-box” manufacturing platform that enables rapid drone and component production at the point of need.
In contested environments where long logistics tails are vulnerable, Firestorm is building the decentralized manufacturing layer required for modern defense operations.
Hedgehog AI (Fund I) closed a Seed+ round following major customer deployments and strong commercial momentum ahead of its upcoming Series A.
Hedgehog provides high-performance, cloud-native AI networking infrastructure for enterprise and national security environments at less than half the cost of traditional legacy providers. Their platform supports AI inference at the data edge while integrating seamlessly with public and private cloud environments for model training and fine-tuning.
Hedgehog is already serving customers across financial services, healthcare, biotech, telecommunications, energy, and manufacturing, helping organizations operate faster, more efficiently, and at significantly lower cost in mission-critical environments.
Natilus (Fund I) closed a $28 million Series A led by Veteran Fund LP, Tim Draper, to commercialize its family of hyper-efficient blended-wing-body aircraft.
The financing will support the first full-scale flight of KONA, its next-generation regional freighter designed for commercial and defense logistics.
Natilus is building a fundamentally new aircraft architecture designed to improve aerodynamics, reduce fuel usage, lower operating costs, and expand cargo capacity.
In a world where logistics capacity, fuel efficiency, and resilient transportation networks are increasingly strategic, Natilus continues to represent a compelling dual-use aerospace platform with major commercial and national security relevance.
🚀 New Investments
Foundation Robotics (Fund I & II) is an autonomous humanoid robotics company developing industrial-grade machines designed to operate across manufacturing, defense, logistics, and austere environments.
Its flagship humanoid platform, Phantom, and proprietary AI foundation model, Cortex, position the company at the convergence of AI, robotics, and autonomy; three technologies increasingly central to the strategic priorities of the United States and its allies.
Foundation is led by serial entrepreneur and Marine Corps veteran Mike LeBlanc, whose background combines operational military leadership, deep robotics expertise, and proven founder resilience. Foundation is pursuing one of the most consequential industrial and national security markets of the coming decade.
Autonomous Cyber (Fund II) is building the American cyber neo-prime through its AI platform for offensive cybersecurity, giving commercial and government cyber operators the ability to discover vulnerabilities, build bespoke tooling, adapt to AI-enabled defenses, and operate more effectively in complex network environments.
The company is led by founders with direct mission experience across the National Security Agency and the U.S. Army representing exactly the type of dual-use, mission-driven company Fund II was built to support.
Autonomous Cyber has successfully closed $12M to date, from leading firms like Shield Capital, Bloomberg BETA, Fulcrum Ventures, Multiball, and others.
Refacture (Fund II) is expanding the domestic production of critical materials, which is one of the most strategically important supply-chain challenges facing the United States.
The company’s proprietary high-temperature plasma technology converts industrial byproducts into high-value materials used across semiconductors, batteries, defense systems, advanced electronics, and industrial automation.
Refacture targets the production of critical inputs including silicon carbide, rare earth elements, synthetic graphite, nickel, cobalt, and tungsten carbide; materials essential to modern manufacturing and national security.
Positioned at the intersection of reshoring, supply-chain resilience, critical minerals independence, and the rebuilding of America’s semiconductor base, Refacture is helping solve the upstream materials bottlenecks that will determine whether the next generation of U.S. industrial capacity is secure, scalable, and sovereign.
DarkSaber Labs (Fund II) is building state-of-the-art electronic warfare systems rooted in Agentic AI and edge computing for contested environments.
The company’s flagship platform, Yankee, is an AI-powered sensor fusion system designed to autonomously ingest electronic signals and communications, providing warfighters with edge-based autonomous threat detection and signal geolocation across broad mission areas, completely eliminating cloud dependencies and niche legacy tools.
DarkSaber’s mission is built around the reality that modern warfare is increasingly defined by information advantage, electronic warfare, cyber effects, sensor fusion, and decision speed. The team blends elite tactical experience with AI leadership, including former Naval Special Warfare, Intelligence Community professionals, and a Stanford professor who helped pioneer agentic AI. The company is backed by our friends at Eniac, Context Ventures, and AIN Ventures.
🇺🇸 Featured Limited Partners
Jack Selby is the Managing Director of Thiel Capital and a Managing Partner at Copper Sky Capital, Arizona’s largest venture capital firm investing in leading technology companies from the American interior.
An accomplished venture investor, Jack embodies the strategic alignment and conviction that define The Veteran Fund’s LP base. An early PayPal team member and co-founder of Clarium Capital alongside Peter Thiel, he has spent decades backing transformative technologies across AI, space, security, and frontier sectors.
Jack’s support underscores the alignment between our LPs and our thesis: that disciplined, strategic capital deployed alongside operators with a national security edge delivers both long-term impact and superior returns.
Tim Draper is one of Silicon Valley’s most iconic venture capitalists and an early backer of transformational companies including Tesla, SpaceX, Robinhood, and Twitch through Draper Associates, DFJ, and the broader Draper venture ecosystem.
Known for identifying visionary founders before markets recognize the opportunity, Tim has consistently invested at the frontier of innovation across space, AI, biotech, fintech, and deep technology.
Through Draper University and his TV show, Meet the Drapers, Tim has helped inspire and accelerate thousands of entrepreneurs globally. Tim’s involvement with The Veteran Fund reflects a shared conviction around backing bold founders building technologies that will define the future, strengthen American innovation leadership, and create enduring impact at global scale.
📣 Announcements and Events
The Veteran Fund is proud to announce the launch of The Veteran Fund Syndicate, an accredited investor network that provides direct investment opportunities in The Veteran Fund’s top performing portfolio companies.
To learn more about The Veteran Fund Syndicate, please visit www.veteran.fund/syndicate
GP Mike was honored to be invited by Jamie Dimon to participate in JPMorgan’s inaugural Defense Action Forum, bringing together leaders from government, defense, technology, and investment to discuss strengthening America’s industrial and national security capabilities.
The event focused on accelerating defense innovation, modernizing procurement, and increasing collaboration between the private sector and the U.S. government.
Discussions emphasized JPMorgan’s $1.5 trillion SRI initiative, an urgent need to move faster, scale advanced manufacturing, and support next-generation defense technology companies.
GP Mike attended a private leadership retreat at Necker Island hosted by friend of The Veteran Fund, Alexander McCobin from Liberty Ventures, alongside Sir Richard Branson.
The experience brought together mission-aligned leaders for conversations around entrepreneurship, freedom, innovation, AI, and the future of human flourishing, alongside daily business summits and adventure activities.
We are excited to be returning to Necker Island next year with members of The Veteran Fund community for another unforgettable experience focused on innovation, liberty, and building enduring companies that advance America and humanity.
If you’re interested in joining us for a 2027 Necker Island leadership retreat, request more information at www.veteran.fund/necker.
GP Justin Nahama attended an awards presentation, hosted by Rising Tide Partners, where two portfolio companies were recognized, Firestorm and Natilus, for their continued impact on global innovation and the San Diego startup community.
GP Ryan attended the US Army’s Demand Signal event at Stanford University where Paul Lwin, CEO of Havoc shared his insights on the future of maritime autonomous systems. There, Ryan met with the Deputy Under Secretary of the Army and the CTO of the Army, to share our work at The Veteran Fund.
GPs Mike and Lisa attended and spoke at eMerge Americas, Miami’s largest technology conference, joining leaders across venture capital, defense, AI, and emerging technology to discuss the future of innovation, national security, and entrepreneurship.
During the eMerge conference, portfolio companies TERN AI, Glīd Technologies, and SplashOne Robotics captured the top three honors at the eMerge Americas National Security Veteran Pitch Competition, a showcase for veteran-led startups building mission-ready dual-use technologies.
GP Ryan Micheletti spoke at the Aerospace and Defense Expo of Plug and Play’s Silicon Valley Summit alongside Katie Gray from In-Q-Tel, and Shohei Yamada from SBI Holdings. The event brought together leaders from the international Aerospace and Defense community to discuss the future of critical technologies.
GP Mike hosted a panel at TechCon SoCal in San Diego alongside Larsen Jensen (Harpoon Ventures), Dan Magy (Firestorm), and Steve Kiser (Veteran Ventures), bringing together leaders across venture capital, defense technology, and entrepreneurship to discuss the future of national security innovation.
In closing, Memorial Day serves as a sacred reminder that American sovereignty is not a permanent status quo, but an ongoing mission inherited by a new generation of builders who possess the operational grit and technological fortitude to advance our republic from the front lines of innovation.
The freedoms we enjoy were secured by those willing to serve something greater than themselves. That spirit remains central to The Veteran Fund. We are backing the next generation of veteran-led companies building the critical technologies that will define America’s future: AI, autonomy, robotics, space infrastructure, cyber, advanced manufacturing, energy, logistics, and defense.
Together, we are not simply investing in companies. We are helping build the industrial, technological, and leadership foundation required for America and her allies to remain free, secure, and prosperous. Thank you for your continued partnership, conviction, and belief in this mission.
-Mike, Justin, Lisa, and Ryan
🇺🇸 The Veteran Fund Update: January 2026
The Veteran Fund Update: January 2026
As we advance into 2026, we’re proud to announce that The Veteran Fund has achieved top-decile performance among venture capital firms, driven by the exceptional leadership of our portfolio companies.
In 2022, we started The Veteran Fund with the conviction that the operational excellence and disciplined execution ingrained in military leaders uniquely prepare them to build enduring, critical technology companies that strengthen America and her allies.
Today, our thesis is delivering results. Fund I’s top-decile performance is driven by our portfolio companies that are rapidly scaling, winning important government and commercial contracts, and have collectively raised over $350M in capital.
As America approaches her 250th birthday on July 4, 2026, we are reminded that the freedoms we enjoy, and the economic engine that sustains them, have always been shaped by leaders willing to take responsibility, embrace risk, and lead through uncertainty. From the founders who pledged their lives and fortunes in 1776 to today’s elite veterans building critical technology companies at the frontier of innovation, the through-line is that liberty is earned through leadership, purpose, and resilience in action.
With the launch of The Veteran Fund II, we recommit our capital and conviction to the same ideals that sparked America’s founding: liberty, unity, and leadership in service of something greater than ourselves to build a better world for all of humanity.
📈 Portfolio Highlights
Havoc AI recently closed an $85 million funding round backed by strategic partners including Lockheed Martin, In-Q-Tel, and Hanwha.
The company has solidified its position as the premier leader in maritime autonomy as it rapidly scales its fleet by deploying four new vessels and unveiling high-capability hulls like the 100-foot Atlas.
In addition to securing critical partnerships with industry titans such as SAIC and Metal Shark, Havoc’s technical superiority was recently validated by two U.S. Army contract wins and a historic demonstration of GPS-denied autonomous control across both air and sea domains.
Vatn Systems closed its $60 million Series A and announced its acquisition of Crewless Marine, a leader in advanced underwater acoustic sensing and signal processing.
The acquisition accelerates Vatn’s ability to deliver high-performance, low-cost torpedo, decoy, and sensor solutions at scale while positioning it to expand into harbor defense and environmental monitoring.
The Series A featured a heavy-hitting syndicate including BVVC, Airbus Ventures, Geodesic Capital, Hanwha, and our friends at Veteran Ventures Capital, along with strategic follow-on from Lockheed Martin Ventures and SAIC Ventures. This capital will accelerate the mass production of Vatn’s modular autonomous underwater vehicles (AUVs).
Glīd won first place in the prestigious TechCrunch Disrupt 2025 Startup Battlefield, closed an oversubscribed $3.1M Pre-Seed round, and advanced its dual-mode autonomous “Glīders” from concept to deployment-ready systems.
Glīd has rapidly emerged as a breakout logistics and autonomy platform under the leadership of founder Kevin Damoa, a former SpaceX engineer and military logistics expert.
By enabling vehicles to operate seamlessly on both road and rail, Glīd is unlocking underutilized rail corridors and redefining throughput for both commercial freight and defense logistics. With field deployments launching in 2026 and growing interest from ports, shippers, and national security stakeholders, Glīd is moving decisively from R&D into real-world impact, positioning itself as a category-defining solution in the $20T global freight market.
Firestorm closed a $47 million Series A funding round led by NEA, with significant participation from J.P. Morgan, Lockheed Martin Ventures, Booz Allen Ventures, and Washington Harbour Partners.
The investment will be used to scale xCell, Firestorm’s “factory-in-a-box” expeditionary manufacturing platform for contested logistics.
The xCell technology allows for the 3D printing of critical parts, including Firestorm’s modular, open-architecture UAS platform, Tempest, directly at the point of need, effectively eliminating long logistics tails and enabling frontline units to adapt and replenish fleets in contested environments.
TERN closed a $7.5M oversubscribed Seed Extension round and was named one of TIME’s Best Inventions of 2025.
The company recently completed a 53-mile, GPS-free convoy demonstration for the U.S. Army and was named a winner of the Army’s xTech Overwatch competition, beating more than 600 entrants and securing a path to a $2M SBIR Phase II.
TERN’s breakthrough navigation technology has gained significant global visibility, being named the Navigation Technology Innovation of the Year by the AutoTech Breakthrough Awards. TERN is solving the critical “GPS-denied” challenge that is a top priority for the Department of War.
Proteus was awarded Prime Contractor role on a $151 billion contract through the Missile Defense Agency after the successful space launch of MERCURY ONE.
The first AI-designed spacecraft achieved multiple historic milestones, including compressing the full “design-to-launch” cycle to nine months, proving that Proteus can deliver space-grade hardware at a speed previously considered impossible and positioning the company at the center of a decade-long effort to deploy advanced, AI/ML-enabled, multi-domain defense capabilities.
Together, the rapid MERCURY ONE execution and prime contractor designation underscore Proteus Space’s emergence as a category-defining player in next-gen space and missile defense critical infrastructure.
Chris Stott, CEO of Lonestar Lunar, with His Majesty King Charles III
Lonestar met with His Majesty King Charles III and closed an oversubscribed $6M Series Seed Extension round on the heels of two successful lunar missions.
To bridge the path to its permanent lunar infrastructure, Lonestar secured multiple data center contracts and is set to launch a Low Earth Orbit (LEO) data center in 2026 as a critical stepping stone to its ultimate cislunar storage solution.
By storing data off-planet, Lonestar offers a premium, ultra-secure backup solution that provides unprecedented resilience and sovereignty, far removed from Earth’s terrestrial threats. Their 2026 LEO launch provides an immediate proof of concept for “high-ground” data security, addressing the growing vulnerability of terrestrial servers to kinetic and cyber interference.
🚀 New Investment
We are proud to announce our latest investment in Defiant Space, a company currently in stealth developing next-generation space architecture with significant implications for national security, defense, and deterrence.
While the team remains in stealth today, we look forward to sharing more with our community later this year as Defiant Space is able to emerge publicly.
🇺🇸 Featured Limited Partner Book Release: Unlocking the Last 20% by Tucker “Cinco” Hamilton
Limited Partner Tucker “Cinco” Hamilton is publishing a book on March 24, 2026, titled Unlocking the Last 20%: Rising to Greatness Through Discipline, Balance, and Resiliency.
As the Air Force’s former Chief of AI and one of the most accomplished F-35 test pilots in the world, Cinco draws upon decades of experience operating at the intersection of leadership, resilience, and innovation. The message aligns deeply with what we stand for: helping principled leaders rise and create meaningful impact.
There are several ways you can support Cinco and help amplify his important message:
Pre-order the book directly through his website: www.tuckerhamilton.com
Make introductions to conferences, podcasts, or forums where he can share these ideas more broadly
📣 Announcements and Events
The Veteran Fund Featured by the National Venture Capital Association (NVCA)
We are honored to share that The Veteran Fund was featured in a Member Spotlight by the National Venture Capital Association (NVCA), the leading voice for the U.S. venture capital ecosystem. This recognition serves as a powerful validation of our thesis, reinforcing that the “veteran edge” is not a social mission, but a sophisticated investment strategy delivering superior returns while securing the future of freedom through frontier technology.
In the deep dive, General Partner Ryan Micheletti discusses our firm’s mission to back elite veteran founders building critical technologies that strengthen both economic and national security. As we scale with the launch of Fund II, this recognition from the NVCA underscores our commitment to advancing American competitiveness and validating the outperformance of veteran-led startups on the global stage.
Annual LP Dinner with General McChrystal
The Veteran Fund and LP General McChrystal hosted our annual backyard BBQ dinner at his home, bringing together LPs, portfolio company CEOs, senior military leaders, and key ecosystem partners for an intimate evening of candid conversation and connection.
The gathering reflected what makes our community distinct: leaders with deep operational experience, a shared commitment to service, and a long-term view on building enduring institutions. Conversations spanned national security, leadership under pressure, and the responsibility of founders and investors to build technologies that strengthen both economic and strategic resilience.
Mike Sherbakov and Justin Nahama in Antarctica
Veteran Leadership in Antarctica
General Partners Mike and Justin joined several LPs and more than 100 global business leaders on a well-being expedition to Antarctica led by LP Dr. Deepak Chopra.
The journey came together as a direct result of The Veteran Fund’s commitment to building a deeply connected LP community, bringing together like-minded leaders who believe that meaningful collaboration, trust, and shared values create an enduring edge in both life and investing.
After successfully navigating the Drake Passage, Mike and Justin shared how The Veteran Fund’s mission-driven venture capital model is delivering tangible impact by backing elite veteran founders building technologies that matter.
Ryan Micheletti, LP Chris Gosselin, Cathie Wood, Mike Sherbakov
GPs Ryan and Mike joined several LPs at the Wyoming Global Tech Summit in October, an invitation-only gathering of leading investors, founders, and policymakers focused on the future of frontier technologies and capital formation.
Hosted by LP Jack Selby and The Jackson Hole Technology Partnership, the summit brought together a highly curated group to discuss innovation at the intersection of AI, space, energy, and national security.
Ryan and Mike spent time with Cathie Wood and other thought leaders exploring long-term technology adoption, defensible innovation, and the role of mission-driven capital in shaping the next generation of market-defining companies. The summit reinforced the importance of disciplined, long-duration investing and strengthened relationships across our LP and partner ecosystem as we continue to scale The Veteran Fund platform.
Mike Sherbakov and Jamie Dimon, CEO of JPMorgan Chase
Private Lunch with Jamie Dimon in New York City
GP Mike Sherbakov was honored to attend a private lunch in New York City with Jamie Dimon, Chairman and CEO of JPMorgan Chase, where Mr. Dimon shared details of the firm’s newly announced Security and Resiliency Initiative. This decade-long, $1.5 trillion commitment is designed to facilitate, finance, and invest in industries critical to U.S. national and economic security.
The initiative includes up to $10 billion in direct equity and venture capital investments focused on areas such as defense, advanced manufacturing, energy resilience, and frontier technologies including AI and quantum computing.
These priorities closely align with The Veteran Fund’s investment thesis and long-term focus on backing veteran-led companies building critical technologies that strengthen America and her allies.
As we look ahead to 2026, the performance of Fund I establishes the foundation for a successful Fund II, supported by an expanding pipeline, accelerating demand for critical technologies, and unprecedented strategic interest in our mission.
Our portfolio companies’ results are not accidental; they are the product of disciplined capital, aligned incentives, and founders who live and breathe our core values of leadership, purpose, and resilience.
With liberty once again protected by speed, resilience, and technological superiority, we enter this next chapter with confidence, momentum, and conviction.
History rarely offers clear signals. But when it does, the prepared act. We invite leaders who share our conviction to join us as we build the next generation of companies shaping the future of America.
-Mike, Lisa, Ryan, and Justin
🇺🇸 The Veteran Fund Update: July 2025
The Veteran Fund Update: Q2 2025
Q2 2025 was a breakout quarter for The Veteran Fund, marked by strong momentum across our portfolio, as critical technologies continue to capture global attention.
On Independence Day, we made a bold declaration, one rooted in conviction, character, and the belief that liberty must be earned by each generation, not simply inherited.
Pitchbook featured The Veteran Fund’s upcoming $50M Fund II, reinforcing our mission to back veteran-led, seed-stage companies driving U.S. leadership in national security, AI, robotics, energy, aerospace, cybersecurity, and defense.
In a world increasingly shaped by geopolitical volatility, we believe leadership matters more than ever. From Ukraine’s Operation Spiderweb campaign inside Russia to escalating strikes between Israel and Iran, and the U.S. Operation Midnight Hammer targeting Iranian nuclear infrastructure, the global spotlight is on critical technologies.
That spotlight is intensifying with new Executive Orders from the Administration aimed at accelerating American innovation, including a sweeping directive to fast-track drone production and deployment. This order gives military commanders the authority to independently test and procure uncrewed systems, a shift that will directly benefit several of our portfolio companies.
With rising Department of Defense budgets and favorable macroeconomic conditions, including expanded QSBS tax-free capital gains for venture investors, the moment to double down on America’s technological and economic edge is now.
In this quarterly update, we are proud to announce several new investments aligned with the executive order to “Unleash American Drone Domination”, share exciting portfolio company updates, and invite you to join upcoming events.
🚀 New Investments
Natilus is reshaping the future of flight by building the most efficient aircraft ever developed. With over $23.7 billion in reservations of its aircraft from Tier 1 customers, including major U.S. airlines, Japan Airlines, and Ameriflight, the company is positioned to lead the next generation of aerospace innovation. Natilus’ proprietary blended-wing-body design dramatically cuts emissions, reduces operating costs, and increases both cargo volume and passenger capacity. The Natilus team consists of industry leaders and has secured key launch partners to raise its Series A and support the first full-scale prototype flight of its Kona aircraft.
Alongside our fund investment, The Veteran Fund successfully oversubscribed an SPV for Natilus, providing an additional direct investment opportunity for our LPs.
Based on the success of our previous SPVs, The Veteran Fund will occasionally open up investment opportunities to accredited investors beyond our LP base. If you’re interested in staying informed, you can request more information here. Please note: This is not an offer to invest or a solicitation of securities.
The Veteran Fund participated in Bravo Ordnance’s $3M pre-seed round to accelerate the future of energetics manufacturing at the edge. By pairing advanced manufacturing techniques with years of internal R&D, Bravo reduces munition production timelines by up to 90%, delivering warheads and fusing at a fraction of traditional costs.
In an era where warfighters and defense suppliers require adaptable, on-demand solutions, Bravo is pioneering battlefield-ready manufacturing that delivers in days, not months. Their platform directly addresses contested logistics and enables rapid, precision production for warfighters operating at the tactical edge.
SplashOne is pioneering the next generation of counter-UAS technology with fully autonomous, low-altitude fighter drones engineered to intercept and defeat small unmanned aerial systems (sUAS) at scale. Their solution directly addresses the urgent and rapidly growing threat posed by sUAS across both military and civilian domains.
The SplashOne team includes nationally recognized leaders from the DoD’s Replicator program, U.S. Special Operations, Harvard, MIT, Boeing, and Apple, bringing unmatched expertise in autonomy, engineering, and defense. With a focus on scalable, low-cost counter-drone systems, SplashOne is positioned to lead a market projected to exceed $26 billion by 2034, bolstered by recent congressional funding that underscores the strategic importance of their mission.
📈 Portfolio Highlights
We’re excited to share that portfolio company Glīd has closed an oversubscribed $3.1M pre-seed round, with our friends at Outlander VC leading the round. They were also just named one of the top deep-tech companies by Deep Checks. Glīd is developing an AI-powered Mobility-as-a-Service platform with autonomous road-to-rail vehicles and smart infrastructure to streamline freight across ports, rail, and industrial corridors. Led by veterans from SpaceX, Google, Matbock, and the U.S. military, the team is deploying vehicles under signed contracts and gearing up for a $10M Seed round later this year.
Vatn Systems opened a state-of-the-art manufacturing facility in Rhode Island capable of producing up to 2,000 units annually, and unveiled its new Skelmir S12 AUV‑Torpedo, an autonomous underwater vehicle with a range of over 200 nautical miles and payload of 250 pounds. We’re proud to celebrate this major milestone and the team’s continued leadership in dual-use maritime innovation. Press release.
On the heels of Cyber Command requesting a 6x budget increase, Cyberspatial has opened a second headquarters in Colorado Springs, signaling rapid growth and deepening its commitment to defense and cybersecurity innovation. With several multi-million dollar contracts, this expansion adds local engineering, operations, and sales capacity, positioning Cyberspatial to better serve military and government clients. It’s a strategic move that underscores the strength of their dual-use business model and accelerates national security reach from coast to coast. Press release.
Stitch3D has closed a $1.92M seed round to accelerate its cloud-native platform for managing LiDAR and 3D point cloud data. Their technology enables enterprises to adopt the use of 3D data, which drastically improves analysis and collaboration of large-scale projects in construction, defense, and oil and gas by allowing teams to interact with complex 3D spatial data, LIDAR, and photogrammetry point clouds that drive actionable insights in ways never before possible. Stitch3D is seeking customers in Oil and Gas, where enterprises can leverage 3D laser scanning to document real assets such as offshore rigs, facilities, pipelines, and oil wells. Specifically, they are looking to speak with civil engineers, surveyors, and cartographers.
🇺🇸 Featured Limited Partner: Lieutenant General Scott Kindsvater, U.S. Air Force (Retired)
Our featured LP this quarter is General Scott D. Kindsvater, a retired U.S. Air Force Three Star General and former Deputy Chairman of the NATO Military Committee. With a distinguished career spanning nearly four decades in intelligence, operations, and multinational defense strategy, General Kindsvater brings unmatched insight to The Veteran Fund. His leadership at the highest levels of global security makes him a valued advisor and strategic thought partner to our portfolio. His commitment to service, innovation, and mission alignment exemplifies the values we champion. We are honored to have General Kindsvater in The Veteran Fund LP network.
📣 Announcements and Events
Limited Partner General Stan McChrystal Featured on The Daily Show: Congratulations to LP General Stanley McChrystal on his powerful discussion with The Daily Show, discussing how character and decisive leadership shape both individual lives and national outcomes. His insights on integrity, accountability, and shared purpose resonate deeply with our mission and inspire the next generation of veteran entrepreneurs.
Photo credit: Tectonic Defense
Secretary of Defense Orders Military to “Unleash” Use of Small Drones: In a bold new directive titled “Unleashing US Military Drone Dominance,” Secretary of Defense Pete Hegseth called small drones “the biggest battlefield innovation in a generation” and announced sweeping reforms to accelerate their deployment. Group 1 and 2 drones will now be treated as consumables, like ammo, making it easier to use, replace, and scale them in combat. Lower level commanders are empowered to procure, modify, and field drones rapidly, including through 3D printing. By the end of FY2026, every Army squad must be equipped with low cost, expendable drones, with training ranges and major exercises focused on drone warfare. The Pentagon will also streamline procurement and launch a certified “Blue List” of US made drones by early 2026.
Big Win for Venture: Tax Free Gains Expanded for Early Stage Investors: The proposed QSBS expansion in the Big Beautiful Bill is a major win for venture investors, offering up to 100% capital gains exclusion on qualified stock held for five years, with lower thresholds at three and four years. It raises the per issuer gain cap to 15 million dollars and the asset eligibility limit to 75 million dollars broadening access and increasing potential tax free returns for venture investors. This update strengthens the long term incentives for investing in early stage, high growth companies.
On July 31st, The Veteran Fund is hosting an LP call to discuss the implications of the Big Beautiful Bill’s expanded QSBS exemptions and inviting accredited investors beyond our LP base to join. If you are interested in learning more, please register here: veteran.fund/qsbs
We couldn’t be more excited about what lies ahead: a soon to be launched Fund II, a rapidly advancing portfolio, and a global landscape demanding resilient, dual-use innovation.
From autonomous vehicles and UAVs to AI-powered logistics and maritime defense, The Veteran Fund is backing the builders who are strengthening America’s future.
Thank you for your continued partnership, belief, and conviction. Together, we’re not just funding companies, we’re building a better future rooted in liberty and prosperity.
-Ryan, Lisa, Justin, and Mike
