Veteran Ventures Capital, Va., has led a $2.5 million seed financing round in Portsmouth, Va.-based Radian Forge, an advanced manufacturing company producing large metal components for naval, maritime, and defense applications.
The financing was made through Veteran Ventures Capital’s Fund II, with participation from the Virginia Innovation Partnership Corp. and existing Radian Forge investors, the companies announced Sept. 15.
Radian Forge uses large-format Wire Arc Additive Manufacturing, or WAAM, to produce precision metal components. The process uses robotic systems to build parts by depositing metal wire in successive layers, allowing manufacturers to produce large components without relying solely on conventional castings or forgings.
The company says the process can reduce production lead times by 40% to 80%.
Radian Forge plans to use the new financing to expand its manufacturing capacity as shipbuilders and defense contractors look for ways to address long lead times for components and other supply chain constraints.
“Radian Forge is building the domestic manufacturing capacity needed to help close that gap,” said Joshua Weed, general partner at Veteran Ventures Capital, who led the investment and will join Radian Forge’s board of directors.
The investment follows a previously announced expansion of Radian Forge’s Portsmouth operations. In February, Virginia Gov. Abigail Spanberger announced that the company planned to invest $10.5 million in the facility and create 53 jobs. The Commonwealth approved a $265,000 Opportunity Fund grant in support of the project.
Radian Forge CEO Jeff Yeager said the company is focused on shortening the time required to deliver critical components.
“Radian Forge is building the capacity to put critical components into the hands of our customers in weeks, not months,” Yeager said.
The company is headquartered near several major naval shipbuilding and repair facilities in Hampton Roads.
