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- Performance Drone Works
Performance Drone Works Valuation, Funding & Investors
Performance Drone Works is valued at $1.2B as of March 2026.
Last Performance Drone Works valuation
$1.2B
Series B · Mar 2026
Last Performance Drone Works funding round
Strategic investment
Amount undisclosed · Apr 2026
Cumulative funding Performance Drone Works raised
$154M
across 5 funding rounds
Key investors in Performance Drone Works
Gaingels
Ondas
Booz Allen
Alumni Ventures
Lerer Hippeau
Hanwha Asset Management
About Performance Drone Works
Performance Drone Works is a Dallas-based manufacturer of small autonomous unmanned aerial systems designed for military applications. PDW produces the Edge family of platforms, including the Edge 130 Blue sUAS, which share modular electronics and software architectures across three size variants. The company focuses on counter-unmanned aerial systems technology, rapid deployment payloads, and resilient designs for warfighters. Its innovations span airframes, propulsion, avionics, and autonomy stacks, enabling operations in contested environments for the U.S. Department of Defense and allied forces.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2G
Revenue model
Product sales
Valuation
$1.2B (Mar 2026)
Performance Drone Works Valuation
Performance Drone Works is currently valued at $1.2B, based on its Series B in March 2026.
The $110M round was led by Ondas, with participation from Cedar Pine, Lerer Hippeau, Booz Allen, Alumni Ventures, Hood River Capital Management and 2 other investors.
Performance Drone Works' valuation has grown 9.1x from $132M at its Series A in March 2024 to $1.2B in March 2026, across 2 priced rounds.
Performance Drone Works valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Mar 2026 | Series B | $1.2B |
| Mar 2024 | Series A | $132M |
Performance Drone Works Funding History
Performance Drone Works has raised a total of $154M across 5 funding rounds.
Performance Drone Works' first fundraising round was a $9M Series A in March 2024. The most recent completed round was a strategic investment round in April 2026.
Performance Drone Works funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2026 | Strategic investment | Booz Allen (lead) | - | - | - |
| Mar 2026 | Series B | Ondas (lead); Cedar Pine; Lerer Hippeau; Booz Allen; Alumni Ventures; Hood River Capital Management; Gaingels; Hanwha Asset Management | $110M | $1.2B | - |
| Jan 2026 | Undisclosed stage | Gaingels | $400K | - | - |
| Nov 2025 | Strategic investment | Ondas (lead) | $35M | - | Performance Drone Works (PDW) is a veteran-led defense technology company founded in 2018 from the Drone Racing League, reincorporated in 2020 with a pivot to defense drones for the U.S. Department of Defense. It manufactures advanced combat robotics including NDAA-compliant unmanned aircraft systems like the C100 and AM-FPV platforms, mission software, training platforms, and resilient communications. PDW's products are deployed across every branch of the U.S. military for targeting, surveillance, force protection, and operations in evolving threat environments. On November 20, 2025, Ondas Holdings Inc., through its Ondas Autonomous Systems (OAS) unit, announced a $35 million strategic investment in PDW to expand production at its 90,000 sq. ft. Drone Factory 01 in Huntsville, Alabama, which has capacity for up to 100,000 advanced drone systems annually valued at approximately $1 billion. The funds will scale manufacturing to meet demand, increase engineering headcount for autonomy and systems integration, and secure domestic NDAA-compliant supply chains. This marks Ondas Capital's eighth defense tech investment in two years, emphasizing operator-led engineering and agile deployment. Prior to this round, PDW raised an $8.6M seed and a $16.4M Series A led by Squadra Ventures at a $132M post-money valuation. One source lists PDW's current valuation at $1.2B as of November 18, 2025, with total funding of $108.5M, likely incorporating the recent investment. |
| Mar 2024 | Series A | - | $9M | $132M | Performance Drone Works (PDW) develops AI-based autonomous UAS platforms, including the C100 quadcopter, for defense applications to enhance mission effectiveness and minimize risk for warfighters. The company pivoted to defense in 2020 and operates a 90,000 sq ft factory in Huntsville, Alabama, with capacity for 60,000 FPV drones annually. PDW secured contracts like a $20.9M U.S. Army Transformation in Contact award and a prior $15M TiC 2.0 contract in December 2024. PDW raised an $8.6M seed round followed by a $16.4M Series A led by Squadra Ventures at a $132M post-money valuation in March 2024. In 2024, the company received a $35M strategic investment from Ondas Holdings' Ondas Autonomous Systems. Total funding reached $108.5M, with a current valuation of $1.2B as of November 2025. PDW's products gained traction with the U.S. military, including deployments across Indo-Pacific, European, and Central Commands, and a U.S. Air Force purchase of its heavy quadcopter in October 2025. The company launched the C100 Multi-Mission Payload Suite in October 2025 to expand operational capabilities. |
Who has invested in Performance Drone Works?
8 investors have backed Performance Drone Works across its funding rounds, including Gaingels, Ondas, Booz Allen, Alumni Ventures, Lerer Hippeau and Hanwha Asset Management.
Lead investors include Booz Allen and Ondas.
Performance Drone Works Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Nov 2025 | ||
| 2 | Lead | Mar 2026 | ||
| 2 | Participant | Jan 2026 | ||
| 1 | Participant | Mar 2026 | ||
| 1 | Participant | Mar 2026 | ||
| 1 | Participant | Mar 2026 | ||
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Start Free TrialAcquisitions by Performance Drone Works
Performance Drone Works has acquired 1 company to date.
Last acquisition by Performance Drone Works was on June 3rd 2026. Performance Drone Works acquired Vanteon Corp for undisclosed valuation.
Latest Acquisitions by Performance Drone Works
| Description | Vanteon Corp is an electronic systems design and engineering company. Vanteon works with wireless, RF, and embedded systems. |
| HQ Country | |
| HQ City | Rochester, NY |
| Deal Date | 3 Jun 2026 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Performance Drone Works acquisitions and their M&A valuation multiples. Start Free Trial | |
Performance Drone Works Competitors
Performance Drone Works competitors include listed companies like UBtech Robotics and Infleqtion, and private ones like Forterra, Heven AeroTech, Roark Aerospace and Advanced Navigation.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $298M | ($108M) | $5.1B | 9.5x | ||
| Private | - | $82M | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1.8B | - | ||
| Private | $38M | - | $710M | 18.8x | ||
| Publicly listed | $29M | ($52M) | $3.1B | 64.5x |
Performance Drone Works Public Comps
Performance Drone Works is still privately-owned, but its public comps include Xtend AI Robotics, Braiin, AEVEX, Cidi, Eacon Group, Extreme Vision, SEER Robotics, Kodiak AI, Huayan Robotics and ROKAE Robotics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $20M | ($27M) | 64.2x | - | (47.5x) | - | |||
| $73M | ($15M) | 15.8x | 13.0x | (76.1x) | 89.6x | |||
| $433M | $30M | 5.2x | 3.5x | 74.9x | 25.6x | |||
| $132M | ($155M) | 8.8x | 5.0x | (7.5x) | (22.7x) | |||
| $214M | ($33M) | 6.6x | - | (42.5x) | - | |||
| $44M | ($6M) | 22.8x | 11.6x | (163.7x) | - | |||
| $66M | ($6M) | 13.2x | - | (156.2x) | - | |||
| $4M | ($577M) | 233.9x | 98.7x | (1.5x) | (6.6x) | |||
This data is available for Pro users. Sign up to see all Performance Drone Works competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Performance Drone Works
| When was Performance Drone Works founded? | Performance Drone Works was founded in 2019. |
| Where is Performance Drone Works headquartered? | Performance Drone Works is headquartered in United States. |
| Is Performance Drone Works publicly listed? | No, Performance Drone Works is a private, VC-backed company. |
| What is Performance Drone Works' valuation? | Performance Drone Works was last valued at $1.2B in its Series B in March 2026. |
| How much funding has Performance Drone Works raised? | Performance Drone Works has raised $154M across 5 funding rounds. |
| What was Performance Drone Works' last funding round? | Performance Drone Works' last funding round was a strategic investment round in April 2026, led by Booz Allen. |
| Who are Performance Drone Works' investors? | Performance Drone Works' investors include Ondas, Booz Allen, Gaingels, Cedar Pine, Lerer Hippeau, Alumni Ventures, Hood River Capital Management and Hanwha Asset Management. |
| Which companies are comparable to Performance Drone Works? | Companies comparable to Performance Drone Works include UBtech Robotics, Forterra, Heven AeroTech, Roark Aerospace, Advanced Navigation and Infleqtion. |
| How many companies has Performance Drone Works acquired? | Performance Drone Works has acquired 1 company, including Vanteon Corp. |
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