Canadian defense firm raises over $20 million to develop counter-drone missiles

Calgary-based North Vector Dynamics says it raised more than US$20 million in a Series A round to expand production of its CM-70 counter-drone interceptor and develop its business. The company says the funding will support manufacturing, supply-chain work, offices in the United States and Europe, and hiring.

• North Vector Dynamics announced a Series A round exceeding US$20 million, or C$29 million, and said the round valued the company at more than US$90 million.· 1 source
• The Calgary-headquartered company’s initial commercial product is the CM-70, a precision-guided counter-drone missile interceptor described as ITAR-free and based on open architecture.· 1 source
• The company said proceeds would expand manufacturing and assembly, strengthen its supply chain, open offices in the United States and Europe, and support hiring.· 1 source