Vannevar Labs Announces $75M Series B Funding Round
Vannevar Labs is a defense technology company bringing together government expertise with Silicon Valley engineering to solve some of the most important national security problems.
SAN FRANCISCO, Jan. 18, 2023 /PRNewswire/ -- Vannevar Labs, which provides state-of -the-art technology to overcome critical national security problems, today announced a $75M Series B. The investment was led by Felicis with new investors DFJ Growth and Aloft VC and existing General Catalyst, Point72, Costanoa Ventures, and Shield Capital. This brings Vannevar's total funding to over $90M raised. The company plans to use new capital to fund development of new products and win the company's first multi-year program from Decrypt.
Vannevar's flagship product, Decrypt, helps public servants working on military and foreign policy decisions understand, target, and respond to foreign actors in ways previously not possible. Decrypt, has been deployed across 15 of the most important agencies in the government since launching in January of 2021 and has reached $25M in sales. The company launched two additional products in new mission areas in late 2022.
"We exist to bring the best engineering and product talent to the most important national security problems," said Brett Granberg, CEO at Vannevar Labs. "This funding will allow us to much more aggressively invest in R&D for the products we're fielding with the government."
"We've been investing in frontier AI for over a decade and there are few applications of AI as important as defense technology," said Aydin Senkut, Founder and Managing Partner of Felicis. "Vannevar Labs has already demonstrated a strong ability to get innovative tech into the hands of the defense community. We're proud to support this talented team as they continue their mission to increase national security."
"Vannevar has quickly emerged as an invaluable partner to the national seurity community, providing unique data, insights and real-time intelligence that surfaces the growing landscape of emerging threats," said Jocelyn Kinsey, partner at DFJ Growth. "We are excited to leverage our experience in the defense sector to help Vannevar deliver technological innovation and mission critical information that helps secure and protect our nation."
About Vannevar Labs
Vannevar Labs was founded in 2019 in Palo Alto, CA. The team is made up of operators and intelligence analysts from the national security world and top performing engineers and Silicon Valley product innovators. The company uses this combined expertise to works side by side with the government to development technology for the country's most important mission problems.
Founded in 2006, Felicis is a venture capital firm investing in companies reinventing core markets, as well as those creating frontier technologies. Felicis focuses on early-stage investments and currently manages over $2.1B in capital across 8 funds. The firm is an early backer of more than 47 companies valued at $1B+. More than 100 of its portfolio companies have been acquired or gone public, including Adyen (IPO), Credit Karma (acq by Intuit), Cruise (acq by General Motors), Fitbit (IPO), Guardant Health (IPO), Meraki (acq by Cisco), Ring (acq by Amazon), and Shopify (IPO). The firm is based in Menlo Park, CA. Learn more at www.felicis.com.
About DFJ Growth
DFJ Growth is a venture capital firm that partners with extraordinary entrepreneurs that set out to change the world. Our investments include Anaplan, Anduril, Box, Cohesity, Coinbase, Patreon, Ring (Amazon), SpaceX, Stripe, Sumo Logic, Tesla, Twitter, and Unity. The firm works with companies at the growth stage, with the goal of creating iconic and lasting businesses in consumer, enterprise, and disruptive technologies. Learn more at www.dfjgrowth.com.
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SOURCE Vannevar Labs