Torrance Firm Divergent Closes $290-Million Series E Round at $2.3-Billion Valuation to Scale Digital Manufacturing Platform
Divergent Technologies Inc., a Torrance-based manufacturer, closed a $290-million Series E financing that raised a total of $290 million at a $2.3-billion valuation. The round was led by Rochefort Asset Management and consists of $250 million in equity capital and $40 million in debt capital. To date, the company has raised more than $1 billion.
“This round was driven by our expansion into aerospace and defense. We have built a platform for automotive, aerospace, space and defense,” said Lukas Czinger, chief executive of Divergent, in an interview with LA Times Studios. “We design algorithms, source codes, develop 3d printers and build our own robotic fixtureless assembly process. There are over 600 patents on this business, with hundreds of millions that went into the platform.”
The company’s expansion into unmanned vehicles, commonly known as drones, has led to significant revenue growth, with year-to-date revenue up five times compared with 2024. The company has 450 employees, mainly in Southern California. That includes its wholly-owned subsidiary, Czinger Automotive.
The company originally started building parts for automotive brands that include Aston Martin, Bugatti and McLaren. In 2022, it expanded into aerospace and defense with initial work for General Atomics. Today, Divergent has contracts with dozens of aerospace and defense customers. Over the next three years, Czinger expects about 70% of revenue from aerospace contracts and 30% from the automotive sector.
“There is not another company in the world that has the technology that we have because we have a digitally driven factory. We can switch from auto parts to aerospace parts with software. We might have a number of factories but can change sectors by scheduling jobs into those factories,” Czinger said.
Information for this article was sourced from Divergent.
Veterinary Company Modern Animal Closes $46-Million Round, Adds Mark Suster to Board
Modern Animal, a Culver City-based veterinary medicine company dedicated to reimagining pet care, closed a $46-million funding round led by Addition, True Ventures and Upfront Ventures, with participation from Founders Fund, alongside a strategic expansion of its board of directors.
Mark Suster, managing partner at Santa Monica-based Upfront Ventures, which has backed Modern Animal since its 2019 seed round, joined the company’s board alongside Karen Boone, former CFO of Restoration Hardware and current board member of Peloton, Sonos, CoreWeave and Rivian; Tony Conrad, partner at True Ventures; and Robbie Horwitz, partner at Addition.
“In a world where all investors can think about is AI all the time, it’s refreshing to back a company that, while leveraging technology, is completely dedicated to something we universally love — animals,” said Upfront’s Suster, in a statement.
The new funding comes on the heels of a period of significant growth, including 85% year-over-year revenue growth in 2024 to a now $100 million annual run rate. These results highlight the solid foundation built since the company’s inception, with upcoming advancements expected to play a key role in accelerating its path to sustainable profitability. It will use funding to expand in clinic and online virtual care by expanding services, including an integrated pharmacy and e-commerce platform, extended urgent care hours and expanded specialty care. It has 27 clinics across California, Texas and Colorado.
Sourced from Modern Animal.
Spacecraft Manufacturer Apex Closes $200-Million Series D Round with $1-Billion Valuation
Apex, a Los Angeles-based spacecraft manufacturer of mass-produced productized, configurable satellite bus platforms, closed its $200-million Series D round led by Interlagos, which boosted the company’s valuation over $1 billion.
This announcement follows its Series C round that closed months ago. The latest round signals investor desire to capture even greater-than-anticipated global demand for large-scale low Earth orbit constellations. The funding further strengthens its ability to quickly deliver on future constellation programs.
“From day one, Apex has been about rapidly scaling satellite production to support future constellations,” said Ian Cinnamon, chief executive and co-founder of Apex, in a statement. “This new funding allows us to do exactly that by expanding our production capacity to better serve our government and commercial partners as they deploy spacecraft at scale. Whether supporting a global connectivity network or a critical national security mission, like Golden Dome, Apex is ready to deliver reliable, rapidly deployable spacecraft that make these constellations possible.”
To expand production capacity, Apex signed a lease to more than double its Los Angeles-based Factory One footprint, adding a new 55,000-square-foot facility adjacent to its existing site in Playa Vista. The company expects to expand into the new building next year.
“With over 100,000 square feet of total space, the expansion will accelerate spacecraft production by 50% while also providing room for research and development, vertical integration of strategic components and expanded mission services and payload integration,” said Maximilian Benassi, chief technology officer and co-founder of Apex, in a statement.
Sourced from Apex.
