Crossing the Valley

About Our GuestsAJ Piplica is the CEO and co-founder of Hermeus, a defense technology company developing hypersonic aircraft powered by air-breathing engines. His technical background centers on aerodynamics and hypersonics, with early career work on rocket engines and re-entry systems. Unlike many defense tech founders who come from software or commercial tech, AJ’s obsession with speed and aviation started in childhood and led him down the space track in college before gravitating toward the aviation side of hypersonics. He chose this path specifically because he wanted to push boundaries rather than spend a career optimizing incremental performance improvements on existing turbine technology.Zach Shore was recently promoted from Chief Revenue Officer to President of Hermeus. After beginning his career as a Marine Corps Intelligence Officer, Zach served in a variety of industry roles, including as a consultant at Deloitte, Sr Director of Business Development for JAD C2 at Anduril, and Vice President of Product at Vertafore before joining Hermeus in 2022.About HermeusHermeus builds hypersonic aircraft designed to operate in what AJ calls “the final frontier of aviation.” The company focuses on air-breathing, reusable systems rather than expendable rockets or boost-glide vehicles. Their approach mirrors the commercial space industry’s transformation of launch: prove you can iterate rapidly on full-scale hardware by treating vehicle loss as an acceptable cost of learning when no crew is involved. Hermeus has won Other Transaction Authority (OTA) awards like Chimera and Antares, where the government pays for data and milestone achievements rather than traditional cost-plus development contracts. The company is building 30,000-60,000 pound aircraft, which requires substantial upfront capital and a production-first mindset from day one.Key Takeaways1. Separate mission assurance from safety to unlock hardware iterationThe most critical insight from the commercial space revolution applies directly to hypersonics: hardware risk and human safety risk are fundamentally different categories. Traditional aerospace culture treats hardware loss with nearly the same level of concern as human casualties, creating a risk-averse engineering environment that prevents the kind of rapid iteration required to advance into new flight regimes. The regulatory frameworks inherited from crewed aviation assume that preventing crashes is paramount, but autonomous vehicles enable a different approach where controlled crash scenarios become acceptable learning opportunities. This shift in mindset allowed SpaceX to iterate at full vehicle scale, and Hermeus is applying the same principle to air-breathing hypersonics.2. Build products for operators from day one, not technology looking for a missionThe traditional research lab model follows a sequential path: develop interesting technology, demonstrate it works, then attempt to transition it to an operational program. This approach has a poor track record because it separates technology development from real operational requirements. Hermeus inverts this by starting with the operator and ensuring every development decision solves an actual warfighter problem that delivers substantial value. This explains why product companies often struggle to work with organizations like the Air Force Research Laboratory (AFRL), which see themselves as architects who design capabilities and expect contractors to build to spec. When you show up with your own product vision, there’s inherent friction with a “not built here” culture.3. Concentration of capital beats diversification for hard tech at scaleThe Defense Innovation Unit’s hedge strategy tapped into a fundamental reality of complex hardware systems: you cannot prototype your way to a 60,000 pound aircraft on Small Business Innovation Research funding. The temptation in government innovation programs is to spread risk by funding many small bets, but this approach fails for systems that require immense upfront investment to de-risk both technology and production scalability. While giving 25 companies $5 million each might work for low cost attritable systems, in capital intensive hard tech the Hermeus team would prefer to see the government fund five companies with $25 million and pick some winners. This requires clear accountability and transition pathways, but it enables companies to actually build hardware that can reach production scale.4. OTA structures unlock speed by paying for outcomes instead of activitiesHermeus had success with awards structured as Other Transaction Authority contracts because they changed what the government was buying. Rather than paying for development activities and managing the technical approach, OTA programs pay for data generated along the way and for milestone achievements that deliver specific capabilities. This shifts the focus from process compliance to outcome delivery. For a company like Hermeus, this means the government isn’t dictating how to develop the aircraft or micromanaging spending decisions. Instead, they define what capability they need, and the company has the flexibility to build the infrastructure and processes required to deliver it efficiently.SummaryCounterintuitively, the hypersonics race may not be about who has the most PhD researchers or the biggest simulation clusters. The Hermeus team suggests it will come down to who is willing to take hardware risk at full scale, iterate based on flight test data, and build products that solve real operational problems from day one. Hermeus represents a new generation of defense companies that learned from commercial space: embrace hardware iteration, separate mission assurance from safety, focus on operators instead of technology for its own sake, pursue concentrated capital rather than diffuse funding, and hold yourself publicly accountable through concrete metrics.For more: hermeus.comFollow AJ: https://www.linkedin.com/in/ajpiplica/Follow Zach: https://www.linkedin.com/in/zacharyshore/Subscribe to Crossing the Valley: valleycrossers.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

About Ian Ian Cinnamon is the co-founder and CEO of Apex Space, which he launched to solve a fundamental bottleneck in the space industry: the lack of available, high-quality satellite platforms. Prior to Apex, Ian worked in aerospace engineering and identified the satellite bus as a critical constraint for the growing commercial and defense space ecosystem. About Apex SpaceApex Space is a merchant supplier of satellite platforms (buses), building standardized, high-volume spacecraft that customers can purchase off-the-shelf and customize for their missions. The company has raised over $400M across its Series C and D rounds from investors including Andreessen Horowitz, 8VC, Shield Capital, and Interlagos. Apex differentiates itself through production speed, vertical integration, and a focus on unit economics. Surprisingly, they make money on every bus they sell. By mid-2026, the company expects to have approximately six satellites on orbit across various customer missions.Key Updates (One Year Later)1. DOGE Resilience: At the start of 2025, DOGE caused significant turbulence, cutting programs, shifting priorities, and forcing sales leaders to rebuild pipelines. Apex learned to “bend with the wind” rather than rigidly pursuing predetermined opportunities. Today, the company’s opportunity set is 10x larger than a year ago, but composed of entirely different programs than originally anticipated. 2. Raising Capital on Their Terms: Apex closed two major rounds in 2025, a $200M Series C and a $200M Series D. The Series D came unsolicited from Interlagos, who saw Apex’s execution and customer traction and pushed to invest even when the company wasn’t actively fundraising. 3. Vertical Integration as Strategic Imperative: As Apex scaled, external suppliers couldn’t keep pace. So they’ve brought almost everything in-house. By mid-2026, 70% of Apex’s subsystems will have in-space heritage. By year-end, the target is full vertical integration. This required significant capital investment but ensures supply chain resilience as production scales.4. Betting Ahead of Demand: Apex announced Project Shadow, a self-funded ($15M) space-based interceptor technology maturation program. They are positioning for massive opportunities even before demand.5. Building for the Bubble: Ian believes defense tech and space are in a bubble that will eventually pop. So his goal is to ensure Apex never needs another dollar of outside capital to survive. The company is profitable on every satellite bus it sells. This operational discipline means Apex can weather a market correction while competitors dependent on continuous fundraising may struggle.Learn more: apexspace.comSubscribe to Crossing the Valley: www.valleycrossers.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

ABOUT BENBen Van Roo is the CEO and Founder of Legion Intelligence. He comes from a military family (his brother is currently on active duty), giving him both personal connection to and deep understanding of the defense community’s needs. His career encompasses a combination of academic rigor and operational execution.ABOUT LEGION INTELLIGENCELegion Intelligence is an applied AI company that connects AI capabilities to the actual workflows, processes, and legacy applications used across the Department of Defense.The Core Problem: AI models have gotten remarkably good, but they remain disconnected from how work actually gets done.The Legion Product: Legion builds the infrastructure that makes any workflow, across any environment, AI-enabled. The company’s offerings runs on edge, cloud, or hybrid environments; connect to legacy applications without requiring expensive system integrator rebuilds; and are model-agnostic (e.g., work with open source, proprietary, and government models). Ben also says they are the first to deploy an agentic workflow platform in IL5 and IL6 classified environments.KEY TAKEAWAYS1. The Plumbing Problem Is the Real ProblemWhen Ben was at Primer in 2017, he watched open source models become “terrifyingly good.” But nobody was actually using them across their workflows. He realized it wasn’t as much about the model as it was about connecting AI to the six or seven systems people actually touch to get work done.2. Find Champions Who See the FutureGeneral Fenton at SOCOM was “light years ahead of everyone, including venture capitalists” in understanding enterprise AI. He wanted to bring AI across the enterprise before ChatGPT made it obvious. Legion secured their initial IDIQ contract because one visionary leader saw where things were going.3. Get Technology Into Users’ Hands ImmediatelyThe most important lesson Ben took from Primer was that feedback cycles are everything. At Legion, the philosophy became: “Any exercise, any event, anything where we can go—we’re going to be there.” Bring your own hardware, do all the work to get there, and prove it works.4. Make Early Technical Bets That Seem ConfusingLegion was first to deploy GenAI on small form factors for national security. First on-prem. First on IL5. First on IL6. These investments seemed odd at the time, when others were just focused on the cloud. But they created defensible positioning as the market evolved.For more on Legion: legionintel.comFollow Ben: https://www.linkedin.com/in/vanroo/Follow Noah: https://www.linkedin.com/in/noahsheinbaum/Subscribe to Crossing the Valley: valleycrossers.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

About Ben NicholsonBen is the Chief Business Officer at Ursa Major, bringing over 22 years of government service to the defense tech startup. His career includes 10 years in the Coast Guard, legislative experience as a congressional staffer on appropriations, and corporate leadership at defense giants L3 and Honeywell.At age 50, Nicholson made an unexpected leap from the established defense industrial base to a venture-backed startup, driven by a desire to give back and the realization that his experience and perspective could help bridge the gap between young engineering talent and the realities of defense procurement.A self-described “constitutional geek” who signs half his emails simply “America,” Ben brings an unusual combination of technical credibility, government insight, and entrepreneurial drive to URSA Major’s mission.About Ursa MajorFounded 11 years ago during the space launch “gold rush,” Ursa Major pivoted to focus squarely on defense propulsion, addressing what they see as the long pole in the tent for anything that moves fast in the battlespace.The company is focused on three key mission areas:* Homeland Defense: Hypersonic propulsion systems* Munitions: Solid rocket motors* Space Mobility: Propulsion for orbital applicationsThe Business Model: URSA Major is a products and systems company, not a services shop. They’ve received $250 million of private capital (including a recent $100 million Series E), opened a 400-acre test facility in Northeast Colorado, and can go from clean sheet design to hot fire in 29 days.The Core Innovation: Ursa Major combines additive (3D printing) and agile manufacturing to achieve rapid iteration while building toward scale. Their philosophy is to use printing to lock designs fast and avoid costly mistakes before committing capital to production tooling.Check out the Website: https://ursamajor.com/Follow Ursa Major: https://www.linkedin.com/company/ursamajortech/Follow Ben: https://www.linkedin.com/in/ben-nicholson-666257205Follow Noah: https://www.linkedin.com/in/noahsheinbaum/Subscribe to Crossing the Valley: www.youtube.com/@CrossingTheValley This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

Gecko Robotics — From College Project to Critical InfrastructureABOUT TROY DEMMERTroy is the co-founder and Chief Product Officer of Gecko Robotics. He started the company 12+ years ago as a college senior project at Grove City College in Western Pennsylvania, alongside co-founder Jake Loosararian. Troy came from a medical background and saw an opportunity to bring diagnostic thinking to industrial infrastructure. He personally led Gecko’s expansion into defense starting four years ago, and the company now manufactures robots in Pittsburgh while deploying them across power plants, refineries, naval vessels, and nuclear facilities.ABOUT GECKO ROBOTICSGecko Robotics builds AI-powered climbing robots that inspect and assess the structural health of critical infrastructure. The company started by serving commercial clients — power plants, refineries, and manufacturing facilities — before expanding into defense. Today, their technology inspects ICBM silos, destroyers, submarines (including SSNs and SSBNs), and is moving into new construction for Columbia-class submarines and naval reactors. Sam Altman wrote their first check during their YC batch, and the company turned down an early acquisition offer from an OEM. Gecko manufactures in Pittsburgh, PA and emphasizes keeping robots “employed” rather than sitting unused.TIMESTAMPS[1:10] Origin story: The power plant problem that started it all[2:35] How a college alumni connection led to Gecko’s first customer[4:00] “You can’t build this in a lab” [4:48] Two years in one boiler: Jake’s journey building the first robot[6:33] Forward deployed engineering and the Palantir inspiration[8:02] Finding product-market fit: The YC experience and Sam Altman’s first check[10:00] “Hiding in plain sight” [11:47] Transition to defense: From power plants to national security[13:05] AFWERX and SBIR: Building the foundation for defense work[14:24] What translated from commercial and what required rethinking[16:21] Working with OEMs: Reverse scanning and the first acquisition offer[18:35] First defense asset: The path to inspecting ICBM silos[20:09] Inside the room: Getting robots certified for nuclear environments[21:33] Current state: Scaling across destroyers, submarines, and new construction[25:37] Business model: Robots as capability vs. permanent fixtures[27:00] Manufacturing in Pittsburgh and scaling production[28:07] “95% of robots are unemployed”[29:35] Advice for startups: Think integration from day oneKEY TAKEAWAYS1. Access to the Problem Is the Unfair AdvantageGecko’s origin story embodies the ethos of building with not for a customer. A power plant operator came to their college with a specific problem: 70% asset uptime and constant unplanned downtime. He offered access to his facility. Co-founder Jake spent two years inside a single boiler refining the first robot. Troy is emphatic: “I don’t think you could build a technology like this in a lab. That was the unfair advantage — just access to the problem.”2. Using SBIRs to Build InfrastructureWhen Gecko decided to pursue defense, they started with AFWERX and SBIR programs — Phase 1, and a number of Phase 2 contracts. Beyond the funding, the value was in building what Troy calls “the semblance of a defense company”: registrations, certifications, procurement knowledge, and the operational credibility needed to scale. Jake and Troy recognizing Small Business Innovation Research for what it was: scaffolding for the larger business they wanted to build.3. Target O&M Budgets to Bypass Procurement TimelinesGecko made a strategic decision to enter defense through operations and maintenance cycles rather than new procurement. The reasoning was practical: O&M money already exists and can be spent in-year. “If we had a capability that could be used today to improve an O&M cycle, great. We can buy that in year. We don’t have to set up this longer cycle.” This let them demonstrate value quickly, build relationships, and expand scope from a single destroyer to entire platform classes.4. Start at Forward Bases Where Urgency Is HigherGecko’s first naval deployment wasn’t at a major domestic shipyard — it was at SRF Japan, a forward-deployed repair facility. Troy’s logic: “You’ve got a little less capability at a forward base. The urgency to get things done with creativity and innovation might be a little bit higher than your mother shipyards here back at home.” 5. Design for Integration, Not Just CapabilityTroy’s parting advice cuts to the core of why many defense tech companies struggle to scale: “In order to deploy technologies here, it’s not just pushing code. You’ve got to meet the physical realm where it’s at. If it doesn’t work for the people on the ground, if it doesn’t make their lives easier, you’re gonna get organ rejection.” Gecko succeeded because they thought about tech insertion from day one. FOR MORE:About Gecko: https://www.geckorobotics.com About Troy: https://www.linkedin.com/in/troy-demmer-27037526Crossing the Valley: youtube.com/@crossingthevalley This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

ABOUT DAN SMOOTDan Smoot is the CEO of Vantor, formerly Maxar Intelligence. He comes from a background in high-tech companies and has led major business transformations before. Since taking the helm, Dan has overseen the company’s transition from a publicly traded satellite imaging business to a private, solutions-focused company. He led the controversial decision to retire the Maxar brand — one of the most recognized names in commercial space — in favor of the new Vantor identity. Under his leadership, the company has launched six satellites, dramatically increase recurring revenue, and is expanding aggressively into international markets.ABOUT VANTORVantor (formerly Maxar Intelligence) is one of the world’s leading commercial satellite imagery and geospatial solutions providers. The company operates a constellation of satellites delivering 30-centimeter resolution imagery — the highest commercially available. After being taken private by Advent International and BCI, Vantor sold its manufacturing division and completely transformed its business model from transactional imaging sales to subscription-based solutions. The company’s products include maritime awareness, site monitoring, GPS-denied navigation, and 3D mapping. Vantor claims to be one of only two companies (alongside Google) with global 3D mapping at scale, and serves customers across defense, intelligence, and commercial markets worldwide.KEY TAKEAWAYS1. Sometimes You Have to Kill the Brand to Transform the BusinessMaxar was one of the most recognized names in defense tech, synonymous with exquisite satellite imagery. But that brand equity became a liability. Customers saw “imaging company” and couldn’t see the new capabilities: AI-powered analytics, maritime awareness, GPS-denied navigation, and 3D solutions. The rebrand to Vantor was strategic: “You have to reorient the eyes of the customer to make sure they understand there’s broader modernization happening.” Add the complexity of Maxar Space being sold to Intuitive Machines, and leadership felt keeping the old name would only have created more confusion.2. Going Private Creates Air Cover for TransformationVantor’s transition from transactional sales to 90% recurring revenue didn’t happen under public market pressure. When Advent International took Maxar private, it gave leadership something rare: time and permission to rebuild the business model. Dan is candid about this: “When you go private, you can actually take the time to reformat the business. Getting the sales motion, getting your customers to buy in a different way is not easy.” Today, the company boasts some of that predictability that public markets reward.3. Acquisition Reform Opens Doors for Commercial SolutionsThe recent push for acquisition reform means the government is looking to buy software and modern capabilities differently. Vantor has aligned its business model directly to this shift. Subscription-based solutions fit how the government now wants to buy: modern, updateable, and not locked into elongated contracts.4. Allied “Sovereignty Panic” Is a Massive Growth DriverWith the US stepping back from certain international commitments, allied nations are suddenly realizing they lack organic intelligence capabilities. They’ve been dependent on American systems for decades. Now they’re scrambling. Dan sees this as Vantor’s biggest growth opportunity: “They’ve gotten ‘wow, we don’t really have our own capabilities.’ You can only build that through commercial. It’s almost impossible to have the funding and time to do it bespoke.” This is true across Europe, Asia-Pacific, and beyond.5. Geospatial AI Is a Different Problem Than Language AIDan’s call for startups challenges the current AI hype: “Start thinking about the spatial side, not necessarily the language side. The mathematics is very different. We’ve kind of solved language with things like ChatGPT. Spatial recognition of change on the ground is a whole different way of thinking about data.”TIMESTAMPS[1:19] What brought Dan to RNDF and key takeaways from the day[2:15] Acquisition reform and how it impacts Vantor's strategy[3:24] Why Maxar Intelligence became Vantor [5:42] The role of financial markets[6:28] Breaking down Vantor's core products and capabilities[8:08] Driving automation in geospatial intelligence[8:42] The decision to be more public with capabilities on social media[10:18] GPS-denied navigation: supporting drones in Ukraine[10:43] The China satellite photo showdown[11:43] Non-earth imaging and space domain awareness[12:05] Current phase of business[13:36] International expansion and allied sovereignty needs[14:00] Transitioning to 90% ARR[15:40] Going private [17:31] 3D mapping[19:48] Commercial applications[21:32] Managing petabytes of data [24:03] Dan's call for startupsLearn more: vantor.comFollow Dan: https://www.linkedin.com/in/danielsmoot/For more Crossing the Valley: youtube.com/@CrossingTheValley This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

About Nick LaRovereNick is the CEO and Co-founder of Pryzm. As a software engineer at Palantir Technologies, Nick worked on both Gotham and Foundry platforms, gaining firsthand exposure to building federal contracting systems and understanding the critical intersection of technology and national security missions.A graduate of Colby College, Nick’s experience selling Palantir’s solutions to DOD and three-letter agencies provided him with intimate knowledge of the procurement pain points that would eventually inspire Pryzm’s founding mission.Nick is part of a core founding team of four Colby College grads, each of whom experienced the pain of government acquisition: Matt Hawkins (president & COO), Justin Deckert (chief growth officer), and David Istrati (chief technology officer).About PryzmPryzm emerged from a deceptively simple observation: government procurement was drowning in PDFs and Excel spreadsheets. What started as a document processing solution has evolved into a comprehensive capture and relationship mapping platform that serves the entire defense contracting ecosystem.The product’s core function is transforming traditional capture processes through intelligent automation and visualization. Their “Orion constellations” feature allows users to map influence networks, parse opportunities, and understand organizational relationships in ways that replace traditional whiteboards and Figma diagrams with dynamic, data-driven insights.Pryzm serves both commercial defense contractors seeking to win government business and government agencies looking to improve their procurement processes. This dual-market approach creates network effects that strengthen the platform’s value proposition for all users. Their recent Seed funding ($12M+ led by Andreessen Horowitz’s American Dynamism team) puts them on an accelerated path across both commercial and federal segments. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

Friends,This week, we are spotlighting a new podcast in the defense community, Rebuilding the Fleet.This new pod covers all things Maritime Autonomy and shipbuilding, featuring repeat guest Austin Gray.This episode is a discussion between Austin and HII’s Executive Vice President Eric Chewning, a former investment banker, management consultant at McKinsey, and senior advisor to the Secretary of Defense.All part of our efforts to promote solid content from the next generation of defense disruptors. Have a listen and if you enjoy, we encourage you to follow along and subscribe.Key Topics of Conversation* Workforce Innovation and Outsourcing Strategy: HII’s ambitious plan to scale outsourced work from 2 million to 3 million hours annually, and rebuilding of the sub-tier industrial base across America* Unmanned Systems Leadership: HII’s position as the world’s largest UUV producer, the evolution of the Lionfish program and autonomous launch and recovery capabilities for the Remus vehicle family* Industrial Base and International Partnerships: Analysis of the Korea-Hyundai partnership and how to balance domestic production with international cooperation* Technology Integration Challenges: assessing the state of AI implementation in legacy manufacturing environments and change management challenges in traditional shipbuilding operations* Workforce Development Excellence: HII’s Apprentice School programs and strategies for attracting talent from other industries to maritime* Defense Policy and Budget Outlook: FY26 defense program priorities, evolution of Navy unmanned surface vessel (USV) strategy, and long-term implications for naval force structure and capabilitiesSubscribe to Rebuilding the Fleet at https://www.youtube.com/@RebuildingTheFleet This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

Case Study: Crossing the Valley of Death in Digital ManufacturingAbout Nathan DillerNathan Diller brings a rare combination of operational military experience, government innovation leadership, and private sector execution to the defense technology ecosystem. After 22 years of Air Force service as a test pilot, he transitioned to become Director of AFWERX, where he managed and expanded the SBIR budget, helping hundreds of startups navigate government contracting. His subsequent role on the House Appropriations Defense Subcommittee staff gave him legislative perspective on defense budgeting and acquisition. Now, as Head of Aerospace & Defense at Divergent, he’s applying this comprehensive understanding of the ecosystem to scale manufacturing innovation here in America.About DivergentDivergent has created the Divergent Adaptive Production System (DAPS), an end-to-end software and hardware production system for industrial digital manufacturing. The company’s approach combines digital engineering for structural optimization, software-driven printable design, efficient 3D printing with optimal part stacking, and robotic assembly. Initially proven in the automotive sector (building the world’s fastest production car at 253 mph), Divergent is now applying this technology to aerospace and defense applications. The company has raised approximately $700 million and maintains partnerships with automotive giants like Aston Martin, Bugatti, and McLaren, as well as defense contractors like General Atomics.For more on Divergent: https://www.divergent3d.com/For more Crossing the Valley: valleycrossers.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

About EricEric didn’t start as an entrepreneur. After serving 12 years as an infantry officer in the US Army, including deployments during the Iraq and Afghanistan wars, he attended Stanford GSB while still on active duty. Exposure to business school thinking, combined with his frontline understanding of technology pain points, set him on an unexpected path. In 2017, he co-founded Key Square Labs with two technical experts, bringing a military veteran’s perspective to solving a critical but unsexy infrastructure problem.About Key Square LabsKey Square Labs addressed a scaling challenge that few people outside the defense community understood: the ATAK networking problem. Android Team Awareness Kit (ATAK) had become a critical situational awareness app for military users, but it relied on custom hardware with modified firmware to connect to military networks. This worked fine for a small, elite user base, but as adoption grew to hundreds of thousands of users across the joint force, the custom hardware became a bottleneck—expensive, hard to update, and limiting combat effectiveness.Key Square’s innovation was reimagining firmware-level capabilities as application-layer software. This meant any Android device could run ATAK networking without custom hardware modifications. The company operated as a bootstrapped three-person team, funded by R&D contracts and direct sales to eight foreign governments. They never raised venture capital, yet they achieved real-world validation, including deploying with the 75th Ranger Regiment during the Afghanistan withdrawal to solve urgent communication challenges. In 2024, Key Square was acquired by Ditto, a Series B commercial company applying edge computing technology to defense problems.So get out there and enjoy AUSA, CTV readers.We’ll see you next week!For more on Ditto: https://www.ditto.com/Follow Eric: LinkedInFollow Noah: LinkedIn | X This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

About Dave TuttleDave Tuttle’s career reads like preparation for exactly one mission: building defense logistics software that actually works at the tactical edge. After commissioning as an Army officer and deploying to Afghanistan, he transitioned to aerospace and defense investment banking on Wall Street, where he learned to decode J-books and understand the intricacies of defense budgeting and color of money. A second stint on active duty at Fort Bragg leading software teams within the JSOC enterprise showed him the power of great engineering paired with operational problems. This led him to Anduril, where he spent several years building their command and control hardware business and developing relationships with world-class engineers. Today, he continues serving in the National Guard while co-founding and leading Rune Technologies. His philosophy: every experience, from selling beverages to analyzing balance sheets to leading special operations software teams, compounds into a unique toolkit for navigating the defense market.About Rune TechnologiesRune Technologies builds software platforms for military logistics and sustainment operations. Their approach challenges decades of conventional wisdom. While legacy defense contractors have tried to push enterprise cloud software down to tactical units, Rune flipped the architecture entirely. Their platform starts at the tactical edge and works upward, recognizing that military logistics is inherently a bottom-up warfighting function. The company focuses on the Army and Marine Corps initially, tackling what Dave calls “the gnarliest problem”—how to sustain a 90,000-soldier force in near-peer conflict. Beyond simple dashboards and data visualization, Rune emphasizes automated course of action recommendations and machine-paced decision-making that enables logisticians to operate at the speed required in contested environments. The company raised a seed round led by Caffeinated Capital, achieved product-market fit in nine months (half their projected timeline), and recently closed a Series A led by Human Capital. Their recent announcements include a Marine Corps pilot contract through the Warfighting Lab, an Army CRADA focused on logistics data standards, and investment from In-Q-Tel.For more Rune: https://www.runetech.co/For more Crossing the Valley: www.valleycrossers.comFollow Dave: LinkedInFollow Noah: LinkedIn | X This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

About Jeff ColeJeff Cole is the CEO and co-founder of Hidden Level, bringing 20 years of experience developing radar and sensing technology for defense, intelligence, and commercial customers. Before founding Hidden Level, Jeff worked at Saab and SRC (a not-for-profit defense company), where he developed cutting-edge systems for customers including the Army, FAA, and NASA. He also collaborated with commercial giants like Google, Apple, Disney, and Amazon on early drone delivery initiatives, working directly with Astro Teller and Sergei Brin on what would become Wing.Born and raised in Syracuse, New York—an epicenter for radar and electronic warfare technology—Jeff built his expertise in an ecosystem surrounded by companies like Lockheed Martin, Raytheon, and Saab. This background gave him rare insight into both the technical challenges of advanced sensing systems and the procurement realities of government customers. At SRC, he co-founded Griffin Sensors, a wholly-owned subsidiary focused on commercial applications, which shaped his vision for a commercial-first defense company.Jeff’s approach combines technical depth with an entrepreneurial mindset learned from working with fast-moving commercial partners. His guiding principle: “If it wasn’t hard, it wouldn’t be worth doing.”About Hidden LevelHidden Level provides airspace awareness through passive radar and RF sensing technology that detects objects ranging from small, non-emitting drones to fighter jets and balloons. The company’s vertically integrated approach means they design and build everything in-house—software, firmware, phased arrays, and mechanical systems—using a modular “Lego” architecture that enables rapid deployment and reconfiguration.Founded with a commercial-first strategy, Hidden Level initially focused on enabling safe drone delivery and urban air mobility through subscription-based airspace monitoring services. Early customers included NASA, Joby Aviation (formerly Uber Elevate), and commercial enterprises. This commercial foundation proved critical when transitioning to defense applications, as the technology was designed from the start for exportability, interoperability, and rapid scaling.The company’s breakout moment came through a partnership with the U.S. Army. After starting with small SBIR contracts, Hidden Level progressed through an IDIQ vehicle with Booz Allen Hamilton as lead systems integrator, won APFIT funding in May 2023, and achieved program of record status under urgent capabilities in January 2024—just 18 months from initial prototype to fielded production systems. During the December 2024 drone crisis in New York, Hidden Level deployed sensors at Stewart International Guard Base in under 24 hours, enabling the apprehension of unauthorized drone operators within minutes.The company has raised over $100 million from investors including Quest Ventures, DFJ, Costanoa Ventyres, Washington Harbor, Lockheed Martin Ventures, and Booz Allen Ventures. With 130+ employees and growing, Hidden Level is scaling both commercial infrastructure deployments across U.S. cities and defense applications globally.Key Takeaways1. Commercial-first beats defense-to-commercial for dual-use companiesHidden Level’s approach didn’t take defense technology and try to commercialize it; instead, they built with commercial intent from day one and then adapt to defense needs. Hidden Level designed for subscription models, exportability, and interoperability—requirements that made government adoption easier, not harder. The modular architecture that enables rapid deployment in commercial settings (like the 24-hour Stewart AFB installation) directly translated to defense value. This approach avoids the vendor lock-in and compliance baggage that makes defense-to-commercial transitions so difficult.2. Reputation and relationships create momentum that capital alone cannotBefore Hidden Level existed, Jeff and his team had delivered advanced radar systems to demanding customers for two decades. This track record meant NASA, Joby, and Army customers believed in their ability to execute even when working from a basement. When first investor Tom Moss tripled his commitment within 48 hours and introduced Jeff to other VCs, it wasn’t just about the technology—it was about backing a team with proven delivery capability. For defense tech founders, past performance and domain expertise can be more valuable than a perfect pitch deck.3. APFIT and other bridge funds are really important to bridge the valley of deathHidden Level used small SBIR awards to maintain customer relationships, moved to an IDIQ through partnership with Booz Allen Hamilton, then leveraged APFIT funding to procure systems when the Army customer had validated demand but lacked budget. This represents a careful understanding of which funding mechanisms match which stage of technical maturity and customer pull. APFIT worked because Hidden Level had already proven the technology and had an evangelizing customer; it wouldn’t have worked two years earlier.4. Partnerships with primes require clear-eyed understanding of incentives and termsJeff’s advice on working with integrators like Booz Allen Hamilton and strategic investors like Lockheed Martin is notably nuanced. These relationships can be powerful but require understanding contractual vehicles (FAR parts 12 vs. 15), IP ownership, colors of money, and compliance requirements upfront. The relationship with Booz Allen worked because roles were clear—they were the lead systems integrator doing C2, Hidden Level provided sensors and integrated into their architecture. Going in eyes-wide-open about what the partnership actually entails prevents later frustration about doors not opening or unexpected IP constraints.5. Intentional product architecture enables speed at scaleHidden Level’s “Lego modular” design philosophy is a strategic choice that enabled their 18-month prototype-to-production timeline and 24-hour deployment capability. Components designed for one product line work across different applications, reducing development time for new variants when the Army wanted a vehicle-mounted system half the original size. This modularity also supports the dual-use model: the same core technology serves commercial airspace monitoring subscriptions and military counter-drone applications. Speed in defense tech isn’t about cutting corners—it’s about making architectural choices that create optionality and reduce integration friction from the start.For more on Hidden Level: Website | LinkedInFor more Crossing the Valley: Substack | YouTube | LinkedIn Follow Jeff: LinkedIn Follow Noah: LinkedIn | X This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

From University Lab to Critical Defense SupplierAbout Jonathan RowntreeJonathan Rowntree brings three decades of materials commercialization experience to his role as CEO of Niron Magnetics. His background spans scaling technologies across consumer electronics, industrial applications, automotive, and defense sectors. Before joining Niron in 2022, Rowntree led global businesses and specialized in taking new material technologies from development to market-scale production. His experience includes both successful ventures and instructive failures in solar thermal materials and heat transfer applications. Rowntree describes his 30-year career as an "apprenticeship" that prepared him to tackle the unique challenges of scaling breakthrough magnet technology during a critical geopolitical moment.About Niron MagneticsFounded in 2013 and spun out of University of Minnesota research, Niron Magnetics has developed the world's most powerful rare earth-free permanent magnet using iron nitride technology. The company's breakthrough material delivers 2.4 Tesla magnetic strength compared to 1.4 Tesla for traditional rare earth magnets, while using abundant materials (iron and nitrogen) that can be sourced anywhere. Niron has raised over $150 million in development funding and secured strategic investments from automotive OEMs (GM, Stellantis), tier-one suppliers (Magna, Allison), and technology companies (Samsung). The company serves multiple markets including audio, industrial motors, automotive, and defense applications. Their first commercial manufacturing facility breaks ground in fall 2025 in Minnesota, with plans for global expansion to meet tripling demand by 2030.For more Crossing the Valley: https://www.linkedin.com/company/crossing-the-valley For more on Niron: https://www.nironmagnetics.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

About Dan WrightDan combines deep operational experience with strategic thinking about technological competition. Starting his career as a lawyer at Goodwin Proctor, Wright made the transition to technology by joining AppDynamics as one of the early employees, eventually becoming COO. He then served as CEO of DataRobot before co-founding Armada in 2022.Dan combines three critical elements that prepared him for building Armada: legal expertise that taught him to understand complex regulatory environments, operational experience scaling enterprise software companies, and a data-centric worldview developed across three technology companies focused on extracting value from information.About ArmadaArmada has positioned itself as "the hyperscaler for the edge" - building distributed cloud infrastructure for the 70% of the world not served by traditional data centers. The company's core product line consists of modular data centers called Galleons, ranging from suitcase-sized units (Beacon) to megawatt-scale facilities (Leviathan).The company's strategy centers on three technological convergences: Starlink bringing fiber-quality connectivity to remote locations, the explosive growth of edge data generation (75% of all data by 2025), and the rise of AI capabilities. Armada combines these trends into a full-stack platform that processes data locally rather than sending it to centralized cloud facilities.Operating across 70+ countries with over 10,000 connected assets, Armada serves both defense customers (including active work with the US Navy) and industrial clients in energy, mining, and manufacturing. The company has raised over $200 million from investors including Founders Fund, Lux Capital, and Microsoft, with their latest $131 million round announced alongside their "American AI Dominance" strategic framework.To learn more about Armada: https://www.armada.ai/Follow Dan: https://www.linkedin.com/in/wrightdhFollow Crossing the Valley: https://www.linkedin.com/company/crossing-the-valley This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

Case Study: Blue Water Autonomy's Lightning-Fast Series AAbout the GuestsRylan Hamilton is Co-founder and CEO of Blue Water Autonomy, bringing a unique combination of naval service and commercial robotics expertise. After his Navy career, Hamilton spent years in the commercial robotics space focusing on warehouse and logistics automation, giving him deep understanding of both military requirements and commercial-scale robotics deployment.Austin Gray is Co-founder of Blue Water Autonomy and a prominent voice in the maritime autonomy and defense technology movement. Gray combines operational understanding of defense acquisition challenges with strategic thinking about how commercial innovation can reshape military capabilities.About Blue Water AutonomyBlue Water Autonomy is developing medium unmanned surface vessels specifically designed for U.S. Navy operations. Based outside Boston, the company is building on the region's robotics expertise, drawing talent from successful companies like Amazon Robotics and iRobot.Their vessels are approximately half a football field in length - large enough for cross-ocean operations but small enough to be manufactured at dozens of mid-tier shipyards rather than requiring major naval facilities. The company focuses on creating "attritable" platforms that balance capability with cost-effectiveness, designed around cost-to-kill ratios rather than pure survivability.The team has grown rapidly from stealth to over 50 employees, including key hires like COO Tim Glinatsis (20+ years in naval shipbuilding) and ship designer Ryan Maatta (formerly on a DARPA autonomous ship program). This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

Fortem Technologies - From Radar Innovation to Counter-UAS LeaderAbout Jon GruenJon brings a unique combination of operational experience and defense industry knowledge to his role as CEO of Fortem Technologies. After graduating from the U.S. Naval Academy, he served 10 years on active duty as a Navy SEAL, including multiple deployments to Afghanistan and Iraq during Operations Enduring Freedom and Iraqi Freedom.His transition to the private sector began in 2007 when he joined the Navy Reserve while simultaneously building his commercial career. He spent 11 years at Lockheed Martin learning acquisition processes and big program management, while concurrently commanding unmanned aerial system units in the reserves for four years. This dual perspective gave him front-row seats to both the traditional defense contracting world and the emerging defense innovation ecosystem.Before joining Fortem, Gruen worked as an operational consultant helping multiple aerospace and defense startups navigate the valley of death. He took the helm at Fortem in 2022.About Fortem TechnologiesFounded in 2016 by Adam Robertson, Fortem Technologies began as a radar company leveraging Robertson's decades of experience developing military radars, particularly for IED detection during the Wars on Terror. Robertson's breakthrough was creating an architecture that enabled very low size, weight, power, and cost (SWAP-C) radar systems.The company's evolution accelerated when DARPA recognized the potential of their small radar technology and suggested mounting it on drones in 2018. This led to Fortem developing comprehensive counter-UAS solutions spanning the entire detect-to-mitigate spectrum:* Ground-based and airborne radars with edge computing and AI* Command and control software integrating multiple sensors* A family of counter-UAS drones using various effectors (nets, explosives, future high-powered microwave)* Man-portable systems that fit in commercial trucks for tactical mobilityFortem has been operationally deployed in Ukraine for over three years, working with border guards and other units while providing real-time intelligence on electronic warfare environments to U.S. government agencies. They've also developed significant homeland security capabilities, becoming the only approved kinetic solution for safely removing drone threats in the continental United States.For more on Fortem: fortemtech.comFor more Crossing the Valley: valleycrossers.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

How Palantir, SpaceX & Anduril Veterans Are Redefining Cybersecurity for the Defense Industrial BaseAbout the GuestsNik Seetharaman and Grace Clemente represent perhaps the most elite defense tech pedigree possible. Between them, they've touched the holy trinity of modern defense juggernauts: Palantir, SpaceX, and Anduril.Nik's journey began in special operations before transitioning to the private sector. At Palantir, he learned the art of aggressive execution and brutal feedback loops that forge high-performing teams. His stint at SpaceX reinforced the culture of rapid iteration and learning from failure. But it was at Anduril where he faced his defining challenge: becoming the first security engineer at a company scaling from 100 to 4,000 people while building weapon systems under constant foreign adversary attention.Grace built her expertise in the most sensitive areas of corporate security—insider threat and counter-espionage programs at both SpaceX and Anduril. She witnessed firsthand the daily reality of nation-state adversaries attempting to penetrate critical infrastructure and defense technology companies. Her experience shaped a deep understanding of what real security looks like versus the theater of compliance checkboxes.Their pain points weren't academic—they were personal and professional crises. Waking up at 3 AM to alerts, logging into 40+ different security tools, spending hours gathering context for simple decisions, and watching talented security professionals burn out from cognitive overload and poor tooling.About WraithwatchWraithwatch emerged from a simple but profound question: What would we have wanted to gift ourselves as lone security engineers told to "protect the company" with 100,000 possible next steps?The company addresses a fundamental market shift in defense technology. Security has evolved from a cost center to a revenue generator. Defense companies literally cannot sign government contracts without robust security controls, making cybersecurity teams direct contributors to revenue generation rather than overhead expenses.Wraithwatch's core innovation is a unified security platform that breaks down the data silos plaguing modern cybersecurity. Instead of forcing teams to operate 40+ point solutions, Wraithwatch creates a "digital twin" of customer environments and runs thousands of attack simulations to identify the most critical vulnerabilities and provide actionable remediation steps.Their "gain of function" approach uses advanced AI offensive capabilities to continuously improve defensive strategies—a co-evolution process that mirrors how nation-state adversaries actually operate. The platform deploys in as little as 22 minutes and immediately begins autonomous threat modeling without executing actual attacks against production systems.The user experience philosophy is radical for cybersecurity: make defenders feel like Tony Stark commanding an intelligent system rather than helpless operators drowning in alerts. This includes features like AI-generated daily briefs with voice narration, 3D network visualization, and one-click remediation capabilities.For more on Wraithwatch: https://www.wraithwatch.com/Follow Nik: On X | LinkedInFollow Grace: On X | LinkedInFollow Noah: On X | LinkedIn This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

About James BoydJames Boyd is the archetype of a mission-driven founder. Born in California but raised in the UK, his trajectory changed completely on September 11, 2001, when he was a Stanford computer science student. Instead of following his peers into consulting or investment banking, Boyd made the contrarian decision to enlist in Army Special Forces—a choice that would define his entire career.Boyd was in the First Special Forces Group for about three years. It was during these deployments that he experienced firsthand the friction between cutting-edge intelligence systems and the analog processes that dominated day-to-day military operations. This experience led him to Palantir, where he spent nearly seven years building and deploying data analytics platforms across special operations units.The combination of Stanford computer science education, Special Forces operational experience, and Palantir's high-velocity startup culture created a unique skill set: deep technical capabilities paired with intimate understanding of military operations and bureaucratic navigation. This intersection would prove invaluable when founding Adyton.About AdytonAdyton was founded in early 2020 with a simple but powerful thesis: while defense organizations had invested heavily in enterprise systems and data analytics, the actual warfighters—the people doing maintenance, training, and operations—remained trapped in analog processes using paper notebooks, clipboards, and manual data entry.The company's flagship product, Adyton Operations Kit (AOK), transforms these analog workflows into seamless digital experiences optimized for mobile devices. Rather than requiring new government-furnished equipment, AOK leverages the smartphones that service members already carry, addressing everything from personnel accountability to digital asset management to training coordination.Adyton's growth trajectory has been impressive: 500% growth in 2024, deployment across 39 of 59 Army Brigade Combat Teams, adoption by seven Special Forces groups, and recent expansion to multiple Navy aircraft carriers. The company achieved this scale through organic, bottom-up adoption—end users demanding the product rather than top-down procurement mandates.Follow James Boyd: https://www.linkedin.com/in/james-alexander-boyd/Learn more about Adyton: https://www.adytonpbc.com/Subscribe for more Crossing the Valley: www.valleycrossers.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

LeoLabs is Building the "Living Map" of Space ActivityAbout Tony FrazierTony Frazier joined LeoLabs as CEO after a distinguished career scaling technology companies in complex government markets. At Maxar Technologies, he served as Executive Vice President and General Manager of Earth Intelligence, overseeing partnerships with over 60 allies worldwide and supporting critical missions from humanitarian assistance to the Ukraine conflict. His earlier experience includes leadership roles at Cisco Systems and Infor, plus startup experience during the late 90s internet boom. Tony's unique combination of product expertise, P&L management, and deep government market knowledge made him the ideal leader to scale LeoLabs from innovative technology to mission-critical infrastructure.About LeoLabsFounded in 2016, LeoLabs commercialized radar technology from Stanford Research Institute to create the world's most comprehensive space domain awareness platform. The company operates a globally distributed network of 11 radars across 7 countries, tracking over 24,000 space objects daily and providing persistent monitoring services to government and commercial customers. LeoLabs has raised over $140 million through Series B funding and serves a diversified customer base spanning US government (33% of revenue), international governments (60%), and commercial space operators (7%). With recent wins including a $60 million STRATFI award and $4 million TACFI award, the company is positioned to scale its next-generation "seeker" class radar technology as space activity explodes toward 100,000+ trackable objects in the coming decade.For more about LeoLabs: https://leolabs.space/For more Crossing the Valley: www.valleycrossers.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com

About Lieutenant General (ret) Ross CoffmanRoss Coffman represents a rare breed in defense innovation - a senior military leader who transitioned directly from the Pentagon to startup leadership. During his final seven years in the Army, Lt Gen Coffman was deep in technology, serving as director of the next generation combat vehicle cross-functional team before becoming deputy commanding general for combat development at Army Futures Command from 2022 to 2024.His portfolio at Army Futures Command spanned satellite payloads to vaccines for monkeypox - giving him a unique perspective on how the military evaluates and adopts new technology. After 35 years of military service, Lt Gen Coffman joined Forward Edge-AI as president, a company building cybersecurity products for the quantum age.About Colonel Dan CormierColonel Cormier brings the operational perspective as both a seasoned warfighter and current educator at the Naval Leadership and Ethics Center in Newport. His focus on senior leader development provides crucial insight into how bureaucratic processes shape military thinking, particularly the tension between compliance-based junior leadership and the dynamic thinking required at senior levels.About Forward Edge AIForward Edge AI is an early-stage startup focused on cybersecurity for the quantum age. The company's core values align with national defense, public safety, and national security - a mission alignment that drew Coffman from his military career to startup leadership.For more on Ross Coffman: https://www.linkedin.com/in/ross-coffmanFor more on Daniel Cormier: https://www.linkedin.com/in/daniel-j-cormierFor more Crossing the Valley: www.valleycrossers.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.valleycrossers.com