Defense manufacturing startup Hadrian on Thursday announced the closing of $260 million Series C funding round led by Peter Thiel's Founders Fund and Lux Capital.
The machine parts company said it will use the funding to build a new 270,000 square foot factory in Mesa, Arizona, and expand its Torrance, California, location as it looks to beef up its shipbuilding and naval defense capabilities.
"What we really need in this country is this quantum leap above China's manufacturing model," said CEO Chris Power in an interview with CNBC's Morgan Brennan. "It's about supercharging the worker versus replacing them."
Defense tech startups like Hadrian are disrupting the mainstay defense contracting industry, which is led by leaders such as Northrop Grumman and Lockheed Martin , and battling it out to boost U.S. defense production while scooping up Department of Defense contracts.