Monthly roundup · Defence Tech · September 2026

Defence Tech startup funding, September 2026: Mach Industries's $600M Series C leads 14 rounds

By Millionrounds ResearchPublished 1 October 2026Updated 25 October 2026

We read 14 equity rounds in Defence Tech announced in September 2026, raising $1.4B between them: 4% of all the rounds we read that month and 4% of the money. The largest was Mach Industries's $600M Series C. The median seed round was $8.1M, against $8.8M over the last twelve months in Defence Tech; at Series A it was $23M.

Equity rounds14in Defence Tech, 12 with an amount
Raised$1.4Bacross those rounds
Lead named79%of rounds say who led
Share of the month4%of rounds; 4% of the money

The biggest rounds

  1. 1Mach IndustriesSeries C · United States$600M
  2. 2TTEKEVERSeries D · United Kingdom · led by Baillie Gifford, UC Investments$580M
  3. 3QuartermasterSeries B · United States · led by Insight Partners$140M
  4. 4HHEO RoboticsSeries B · Australia · led by Beaten Zone Venture Partners$25M
  5. 5PPilgrimSeed · United States · led by Buckley Ventures$25M
  6. 6IINLEAP PhotonicsSeries A · Germany · led by UVC Partners$23M
  7. 7TERASiSeed · Sweden · led by NATO Innovation Fund (NIF), Join Capital$13M
  8. 8HHop AeroSeed · United States · led by Initialized Capital$11M
  9. 9KKVectorSeed · United Kingdom · led by Mercia Asset Management$5.1M
  10. 10OccamSeed · United Kingdom · led by North Ventures$4.3M

Day by day

Equity rounds in Defence Tech announced each day of September. The busiest day was 30 September, with 3.

1 September30 September

By stage, against the year

Each stage's median this month beside its twelve-month median: the sector's own where we hold enough rounds for a benchmark, otherwise the one across all sectors.

Pre-seed1$2.1Mthis month$2.0M12 months, all sectors
Seed6$8.1Mthis month$8.8M12 months here
Series A2$23Mthis month$25M12 months here
Series B2$83Mthis month$50M12 months, all sectors
Series C1$600Mthis month$100M12 months, all sectors
Series D1$580Mthis month$150M12 months, all sectors
Growth1-this month$113M12 months, all sectors

Where

United States had the most Defence Tech rounds this month.

Against the month

  • Rounds, Defence Tech14
  • Rounds, all sectors357
  • Raised, Defence Tech$1.4B
  • Raised, all sectors$39B

The whole of September 2026

Other sectors in September

195 roundsAI→51 roundsFintech→39 roundsHealthcare→30 roundsBig Data & Analytics→27 roundsBiotech→25 roundsRobotics→24 roundsCybersecurity→23 roundsHardware & Electronics→22 roundsEnterprise Software→21 roundsSoftware→21 roundsEnergy→21 roundsConstruction→20 roundsHealthtech→20 roundsSaaS→19 roundsLogistics→17 roundsManufacturing→16 roundsCleantech→14 roundsAerospace & Space→13 roundsTelecoms→13 roundsSemiconductors→13 roundsClimate Tech→11 roundsAutomotive & EVs→10 roundsCloud→