Dear D3 Investors,
Sorry for being repetitive but I have to say: it’s unicorn month again!
Neros announced its $250M Series C round at $2.5B led by Sequoia The big guns in the Tier1 VC world are picking their champions in the main defense tech categories with early rounds of hundreds of millions in the billions in valuation. We are lucky to have been in these companies during their pre-seed rounds. Cambridge Aerospace announced their $300M
During my meeting with
Total = 1178 (+46)
ASYMM LAB
Registered: US
Round Size:
D3 Investment:
Round Lead: Khosla
Asymm Lab Investment Case (click on pdf below):
| Company | Total Investment, USD | Current Ownership f.d.b., % | Multiple | FMV, USD | Entry Valuation | Latest Valuation (Q3 2026) |
|---|---|---|---|---|---|---|
| HighCAT | -126,156 | 1.93% | 4.5 | 565,997 | Pre-Money Valuation Cap is EUR 3,200,000 | Post-money Valuation is EUR 29,326,261.2 |
| Zvook | -125,000 | convertible debt | 1.0 | 125,000 | Post-Money Valuation Cap is USD 3,000,000 | Valuation Cap is EUR 10,000,000 |
| Ailand Systems | -125,000 | convertible debt | 1.0 | 125,000 | Post-Money Valuation Cap is USD 1,785,000 | Post-money Valuation Cap is USD 5,000,000 |
| Swarmer | -1,302,571 | D3 # of shares – 940,569 | 34.1 | 41,676,612 | Post-Money Valuation Cap is USD 3,570,000 | NASDAQ: SWMR. Price per share - $44.31 |
| Tytan Technologies | -984,363 | 1.48% | 2.9 | 2,863,407 | Pre-Money Valuation Cap is EUR 5,000,000 | Post-money valuation is EUR 164,861,039.25 |
| Buntar Aerospace | -225,000 | convertible debt | 1.0 | 225,000 | Pre-Money Valuation Cap is USD 10,000,000 | Pre-money Valuation Cap is 50,000,000 |
| Neros Technologies | -424,986 | 0.36% | 6.7 | 2,864,532 | Post-money valuation 34,999,636.41 USD | Post-money Valuation is USD 799,999,119 |
| Frontline Robotics | -125,000 | convertible debt | 1.0 | 125,000 | Post-Money Valuation Cap is USD 1,785,000 | Pre-money Valuation Cap is USD 35,000,000 |
| Drone Space | -125,000 | convertible debt | 1.0 | 125,000 | Post-Money Valuation Cap is USD 3,125,000 | Post-money Valuation Cap is USD 3,125,000 |
| Guardian RF | -125,000 | convertible debt | 1.0 | 125,000 | Uncapped SAFE, MFN | Post-money Valuation Cap is USD 20,000,000 |
| Flightmind.ai | -125,000 | convertible debt | 1.0 | 125,000 | Post-Money Valuation Cap is USD 1,785,000 | Post-money Valuation Cap is USD 1,785,000 |
| Kela Technologies | -199,999 | 0.08% | 5.0 | 1,003,228 | Post-money valuation 128,094,017.59 USD | Post-money Valuation is USD 1,199,997,154.16 |
| Stridar | -250,000 | 6.56% | 1.2 | 312,451 | Post-Money Valuation Cap is USD 10,000,000 | Post-money valuation is USD 4 762 015.69 |
| Airlogix | -1,606,655 | convertible debt | 1.0 | 4,497,875.35 | Post-Money Valuation Cap is USD 30,300,000 | Post-money Valuation is USD 188,024,516.94 |
| Chariot | -315,000 | 0.31% | 1.3 | 394,681 | Post-money valuation 35,548,591.16 USD | Post-money Valuation is USD 126,922,082.6 |
| Cambridge Aerospace | -1,249,991 | 1.15% | 4.5 | 14,907,273 | Post-Money Valuation Cap is USD 15,000,000 | Post-money Valuation is USD $1,295,158,370 |
| Albacore Ocean Systems | -940,000 | convertible debt | 1.0 | 940,000 | Post-Money Valuation Cap is USD 7,000,000 | Post-Money Valuation Cap is USD 80,00,000 |
| Agon (prev. Spiel) | -749,993 | convertible debt | 2.0 | 1,499,978 | Post-Money Valuation Cap is USD 20,000,000 | Post-money Valuation is USD 159,572,096.81 |
| UForce | -1,002,173 | convertible debt | 1.0 | 1,002,173 | Post-Money Valuation Cap is USD 1,000,000,000 | Post-Money Valuation Cap is USD 1,000,000,000 |
| Onodrim | -995,997 | 0.12% | 1.0 | 995,997 | Post-money valuation 81 050 142.56 USD | Pre-Money Valuation Cap is USD 150,000,000 |
| Hive Robotics | -494,526 | 0.84% | 1.0 | 494,526 | Post-money valuation 49,999,724.97 EUR | Post-money valuation is EUR 49,999,724.97 |
| Talos Devices | -999,999 | 1.96% | 1.0 | 999,999 | Post-money valuation 50,999,997.00 USD | Post-money valuation is USD 50,999,997.00 |
| Project Chinook | -441,422 | convertible debt | 1.0 | 441,422 | Pre-Money Valuation Cap is GBP 19,000,000 | Pre-Money Valuation Cap is GBP 19,000,000 |
| TERASi | -578,015 | 1.61% | 1.0 | 578,015 | Post-money valuation EUR 31,023,595.85 | Post-money valuation EUR 31,023,595.85 |
| Tiberius Aerospace | -750,000 | convertible debt | 1.0 | 750,000 | Post-Money Valuation Cap is USD 300,000,000 | Post-Money Valuation Cap is USD 300,000,000 |
| -14,386,847 | 5.4 | 77,763,167 |
We are seeing a noticeable increase in engagement from the US. The DoW is working more closely with our port cos, expanding collaboration with UA defense tech, and awarding a growing number of contracts to startups. This momentum also coincides with a broader improvement in US–UA relations.