SAN FRANCISCO, Aug. 25, 2021 /PRNewswire/ -- Vannevar Labs, which provides state of the art technology to solve critical national security problems, announced today a $12M Series A funding round co-led by Costanoa Ventures and Point72 Ventures. Top defense investors including General Catalyst also participated. Vannevar Labs is advancing national defense technology by combining top software engineering talent with decades of government mission experience.
John Doyle, head of Palantir's national security business, and Greg Sands, founder of Costanoa Ventures will be joining the Vannevar board. Vannevar Labs has previously completed a $4.5 million seed round led by General Catalyst and Costanoa Ventures. The company plans to use this latest round of funding to nearly double the team and invest in new product development.
"Our mission is to get the best of American technology to the people that keep our country safe," said Brett Granberg, CEO at Vannevar Labs. "This new round of funding will allow us to significantly grow our team and develop new technology for some of the most critical national security missions of our time."
The company's first product, Decrypt, has been deployed across nearly a dozen of the most important groups in the government since launching in January of this year. Decrypt helps public servants working military and foreign policy decisions understand, target, and respond to foreign actors in ways previously not possible. Vannevar's recent success with Decrypt has driven their recent growth over the last six months, including a $40M Other Transaction Authority (OTA) contract with the Department of Defense.
"Vannevar's founders' commitment to their mission and technological excellence impressed us from day one," said Greg Sands, Managing Partner, Costanoa Ventures. "This team embraced the impact it could have with the brightest machine learning minds working on national security solutions. Their impressive traction in the market so far has proven the approach works."
"Talented technologists have the potential to make a tremendous impact on the national security market," said Daniel Gwak, Partner at Point72 Ventures. "We are proud to partner with Vannevar Labs and support their efforts to build a suite of products that deliver critical capabilities to men and women charged with ensuring our safety and security."
About Vannevar Labs
Vannevar Labs was founded in 2019 and is based in Palo Alto, CA. The team is made up of operators and intelligence analysts from the national security world and top performing engineers and Silicon Valley product innovators. The company uses this combined expertise to works side by side with the government to development technology for the country's most important mission problems.
SOURCE Vannevar Labs