- Companies
- Armada
Last Armada valuation
$2B
Series B · May 2026
Last Armada funding round
$230M
Series B · May 2026
Cumulative funding Armada raised
$469M
across 5 funding rounds
Key investors in Armada
Founders Fund
Lux Capital
Shield Capital
Felicis
8090 Industries
M12
About Armada
Armada provides an Edge Platform combining connectivity, AI compute, and management for remote operations in oil & gas, manufacturing, and logistics. Products include Atlas for asset monitoring and Galleon rugged data centers. The marketplace offers third-party hardware and software integrations.
Founded
2022
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$2B (May 2026)
Sectors
Armada Valuation
Armada is currently valued at $2B, based on its Series B in May 2026.
The $230M round was led by 8090 Industries, BlackRock and Overmatch Ventures, with participation from Marlinspike Capital, Glade Brook Capital Partners, Johnson Controls, Lux Capital, Silent Ventures and 4 other investors.
Armada's valuation has grown 8.2x from $245M at its Series A in December 2023 to $2B in May 2026, across 2 priced rounds.
Armada valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2026 | Series B | $2B |
| Dec 2023 | Series A | $245M |
Armada Funding History
Armada has raised a total of $469M across 5 funding rounds.
Armada's first fundraising round was a $13M seed round in February 2023. The most recent completed round was a $230M Series B in May 2026.
Armada funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2026 | Series B | 8090 Industries (lead); BlackRock (lead); Overmatch Ventures (lead); Marlinspike Capital; Glade Brook Capital Partners; Johnson Controls; Lux Capital; Silent Ventures; Felicis; Veriten; Founders Fund; Shield Capital | $230M | $2B | Armada raised $230 million in an oversubscribed Series B co-led by Overmatch, BlackRock, and 8090 Industries at a $2 billion pre-money valuation. The round also included new strategic investors Johnson Controls, NightDragon, Mitsui, and Singtel Innov8, alongside existing backers. The company said the capital will support production scale-up and deployment of its AI infrastructure platform, and it entered a manufacturing partnership with Johnson Controls tied to a dedicated Arizona factory. The financing brought total funding to nearly $500 million. The raise reflects demand for Armada’s modular, relocatable data centers and portable AI infrastructure, with the company positioning the capital to expand manufacturing capacity and accelerate deployment of its US AI stack. The Johnson Controls relationship adds an operational manufacturing component to the financing, alongside financial investors focused on scaling the business. Armada is a San Francisco-based developer and manufacturer of modular data centers and satellite internet software for AI workloads. The company previously raised a $131 million Series A in July 2025 and said the Series B is its largest round to date. It is building out manufacturing capability in Arizona and targeting broader deployment of its infrastructure platform to meet customer demand. |
| Jul 2025 | Undisclosed stage | Marlinspike Capital; Glade Brook Capital Partners; 8090 Industries; Lux Capital; Silent Ventures; Felicis; Overmatch Ventures; Veriten; M12; Founders Fund; Pinegrove Capital Partners; Shield Capital | $131M | - | - |
| Jul 2024 | Undisclosed stage | M12 (lead); Dragon Global; Felicis; Valor Equity Partners | $40M | - | - |
| Dec 2023 | Series A | 8090 Industries (lead); Founders Fund (lead); Lux Capital (lead); Shield Capital (lead) | $55M | $245M | Armada is an edge computing company developing a full-stack platform for connectivity, compute, and AI at the edge, targeting remote and off-grid applications in industries like mining, manufacturing, utilities, infrastructure, military, and industrial IoT. Its key products include the Commander platform for managing edge operations such as Starlink terminals, Galleon self-contained datacenters, and IoT devices; Armada Connect OS; Armada Edge for global command; and EdgeAI for generative AI and machine learning. Galleons are ruggedized, satellite-connected modules deployable worldwide via Starlink, fiber, or 5G. In December 2023, Armada emerged from stealth announcing over $55 million raised across two rounds led by Founders Fund, Lux Capital, Shield Capital, and 8090 Industries, with participation from Felicis, Contrary, Valor Equity Partners, Marlinspike, 137 Ventures, Koch Real Estate Investments, 8VC, and others. Funds support bridging the digital divide, deploying infrastructure, pursuing certifications like SOC2 and ISO 27001, building a partner marketplace, and modernizing industries with edge AI. At launch, Armada had a team of ~60 in the Bay Area and Seattle, no revenue, and only a proof-of-concept trial with mining firm Nexa Resources; customer contracts were the next priority. Board additions included Trae Stephens (Founders Fund/Anduril), Kerem Ozmen (8090 Industries), and CTO Pradeep Nair. CEO Dan Wright previously led DataRobot, with other execs from Okta, VMware, and Microsoft. |
| Feb 2023 | Seed | Founders Fund (lead); Lux Capital (lead); Shield Capital (lead); 8VC; Eric Futoran | $13M | - | - |
Who has invested in Armada?
18 investors have backed Armada across its funding rounds, including Founders Fund, Lux Capital, Shield Capital, Felicis, 8090 Industries and M12.
Lead investors include 8090 Industries, BlackRock, Overmatch Ventures, M12, Founders Fund and 2 other investors.
Armada Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Feb 2023 | ||
| 4 | Lead | Feb 2023 | ||
| 4 | Lead | Feb 2023 | ||
| 3 | Lead | Dec 2023 | ||
| 3 | Participant | Jul 2024 | ||
| 2 | Participant | Jul 2025 | ||
| 2 | Participant | Jul 2025 | ||
| 2 | Participant | Jul 2025 | ||
| 2 | Lead | Jul 2025 | ||
| 2 | Participant | Jul 2025 | ||
| 2 | Lead | Jul 2024 | ||
| 1 | Participant | Jul 2024 | ||
| 1 | Participant | Feb 2023 | ||
This data is available for Pro users. Sign up to see all 18 Armada investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialArmada Competitors
Armada competitors include listed companies like Sensirion, ThunderSoft and Aeva, and private ones like COSMOplat, RADAR and ZaiNar.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $417M | $57M | $1.5B | 3.1x | ||
| Publicly listed | $1.2B | $151M | $3.8B | 2.6x | ||
| Publicly listed | $18M | ($139M) | $1.1B | 35.6x | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - |
Armada Public Comps
Armada is still privately-owned, but its public comps include Shenzhen Topband Co., Willfar, Spark New Zealand, Vusion, TKH Group, Bittium, Fengzhushou, NextNav, Fibocom Wireless and Sensirion.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.7B | $124M | 1.1x | 1.0x | 14.6x | 12.6x | |||
| $444M | $119M | 3.7x | 3.5x | 13.9x | 12.8x | |||
| $2.1B | $672M | 1.5x | 1.5x | 4.8x | 5.3x | |||
| $1.7B | $313M | 1.0x | 0.9x | 5.6x | 4.8x | |||
| $2B | $300M | 1.5x | 1.4x | 10.4x | 9.7x | |||
| $137M | $37M | 11.2x | 9.3x | 41.1x | 30.3x | |||
| $312M | $32M | 5.7x | - | 56.1x | - | |||
| $5M | ($169M) | 503.2x | 540.7x | (13.6x) | (48.0x) | |||
This data is available for Pro users. Sign up to see all Armada competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Armada
| When was Armada founded? | Armada was founded in 2022. |
| Where is Armada headquartered? | Armada is headquartered in San Francisco, CA, United States. |
| Is Armada publicly listed? | No, Armada is a private, VC-backed company. |
| What is Armada's valuation? | Armada was last valued at $2B in its Series B in May 2026. |
| How much funding has Armada raised? | Armada has raised $469M across 5 funding rounds. |
| What was Armada's last funding round? | Armada's last funding round was a $230M Series B in May 2026, led by 8090 Industries, BlackRock and Overmatch Ventures. |
| Who are Armada's investors? | Armada's investors include Lux Capital, Founders Fund, Shield Capital, 8090 Industries, Felicis, Marlinspike Capital, Glade Brook Capital Partners, Silent Ventures, Overmatch Ventures, Veriten and 8 others. |
| Which companies are comparable to Armada? | Companies comparable to Armada include Sensirion, ThunderSoft, Aeva, COSMOplat, RADAR and ZaiNar. |
See companies similar to Armada
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




