Credo Ventures joins $12M seed round for US-based Picogrid

Picogrid, a US-based defense technology startup, has announced a $12 million seed round led by Initialized Capital. Giant Step Capital, Domino Ventures, Alumni Ventures, and the Czech VC fund Credo Ventures also participated. The round will help to accelerate product development and open the second factory in Lawton, Oklahoma.

About Picogrid

  • Founded by Zane Mountcastle and Martin Slosarik, Picogrid builds sensors, drones, unmanned vehicles, command interfaces, and other notoriously fragmented defense systems. The core of Picogrid’s technology lies in Legion, its cloud-based API used to connect and control various third-party autonomous systems.
  • Since the launch, Picogrid has won over a dozen federal contracts, including a $1 billion IDIQ contract from the Pentagon. The company’s technology serves ongoing military operations on bases across the United States and is used by the Ukrainian Ministry of Defense on the front lines of the war in Ukraine.

Our platform is a paradigm shift in defense operations, offering unprecedented levels of coordination and real-time intelligence. It’s not just about having the most sophisticated defense systems; it’s about how these systems work together as a singular force. The integration of our most advanced defense systems is the difference between deterrence and vulnerability,

Zane Mountcastle, co-founder and CEO of Picogrid, says.

Investment details

Initialized Capital, a San Francisco and New York based early stage venture capital firm, led the fresh round. It’s portfolio spans over six core funds, worth close to $200 billion in market value with 25 companies valued at $1 billion or more and 5 valued over $10 billion.

Other participants include:

  • Starburst Ventures, a global aerospace and defense focused venture capital fund;
  • Giant Step Capital, a Brazilian venture capital firm, investing in the advancement of space exploration and technology;
  • Domino Ventures, an early stage venture capital fund operating worldwide from its offices in Amsterdam, Istanbul, Tallinn, Tbilisi, Baku, Astana, and Tashkent;
  • Alumni Ventures, a network-powered venture capital firm from Manchester;
  • and Credo Ventures, a Prague-based venture capital company focused on early stage investments in Central Europe or, occasionally, the US. In September 2023, it joined €10 million Series A round for UK-based Continuum Industries.

This funding will allow Picogrid to accelerate product development, ramp up manufacturing with the opening of its second factory in Lawton, Oklahoma, and forge partnerships within the defense sector OEMs. Picogrid claims it signifies growth for the company and a leap forward for the defense industry and global security.