Covenant Raises $250 Million and Unveils a New Precision Strike Missile

Covenant, a US defense technology startup, has emerged from two years of stealth operations with more than $250 million raised across three funding rounds, alongside the announcement of Anthem, a ground-launched, long-range precision strike missile built to carry a heavy payload at a fraction of the cost of comparable systems. The raise came from Andreessen Horowitz, Founders Fund, Lux Capital, 8VC, Aleph, and Lightspeed Venture Partners, and reports place the company's valuation above $1 billion.

Founded in 2024 by CEO Michael Kaufman and CTO Ofir Dayan, Covenant spent its stealth period building toward a specific gap in the US defense industrial base: long-range strike systems that can be manufactured at volume rather than in small, expensive batches. Anthem is designed to carry more than 200 kilograms over long distances, offering multiples of the range and payload of comparable systems in its price class, after more than 200 test flights.

The company backed that positioning with a real manufacturing commitment, not just a product announcement. Covenant opened a 105,000-square-foot factory in Dallas built specifically to scale lower-cost missile production, and has already secured roughly $150 million in orders covering research and development, qualification, and production contracts, a substantial revenue base for a company only now exiting stealth.

A crowded syndicate for a single check size

Six named investors across three rounds inside a two-year stealth window is a wide syndicate for a company that, by its own account, kept its work largely out of public view until this announcement. Founders Fund and 8VC both have deep, established defense and dual-use portfolios, while Lightspeed and Aleph bring a more generalist growth-stage lens, and Andreessen Horowitz and Lux Capital sit somewhere between the two. That spread suggests the round wasn't built around a single thesis-driven lead investor stretching to cover the whole check, but around a syndicate that formed specifically because the opportunity crossed multiple investors' existing conviction areas at once, defense infrastructure, hardware manufacturing, and dual-use technology all overlapping in one company.

What this means for founders

Covenant's raise lands inside a broader defense and dual-use technology wave that's pulled a wide range of specialist venture firms into a single cap table, Founders Fund and 8VC alongside more traditional growth investors like Lightspeed. For founders building in defense, aerospace, or other capital-intensive hardware categories, the signal here isn't just the dollar amount, it's the pairing of committed manufacturing infrastructure with the raise itself. Investors backing hardware-heavy categories increasingly want to see a credible path to production volume alongside the technology, not a product roadmap alone.

Defense and deep tech investors can be filtered directly on the investor directory, and the free investor matching toolscores fit against capital-intensive, hardware-heavy raises specifically. Background on how staged funding rounds compound over a company's stealth period is in the glossary entry on dry powder, and currently live raises are visible on the live listings page. Broader defense and deep tech filing activity is tracked on the newsroom.

Find investors who are actively deploying by creating your pitch listing on AngelLinx @ angellinx.ai/register.

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