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Defense Tech Startup Biofire Extends Series A Round to Reach $22 Million

February 5, 2024

  • CAZ Investments and Valhalla Ventures among new investors joining the Series A financing round led by Founders Fund
  • Additional $7 million to accelerate initial production of Biofire’s Smart Gun

BROOMFIELD, Col., Feb. 5, 2024. Biofire Group (“Biofire”), a leading defense technology company dedicated to building the future of firearms, today announced the extension of its Series A financing. The additional $7 million adds to the previously-raised $15 million Series A round led by Founders Funds, which was the first venture capital-led investment into a firearms technology company. The Series A extension included participation from new investors CAZ Investments, Valhalla Ventures, Serafund and K2 Global, along with existing investors Founders Fund, Liquid 2 Ventures, Break Trail Ventures and Gaingels.

“CAZ is proud to support Biofire’s critically-important mission to build the future of firearms - improving firearm safety and ultimately saving lives,” said Sam Levens, Deputy Chief Investment Officer at CAZ Investments. “What Biofire has pioneered - the true integration of software and hardware in firearms - has a vast amount of applications, bringing these new technologies not only to consumers in the US but also to security services, law enforcement and defense agencies in service of America and its allies.”

In 2023, Biofire launched the Biofire Smart Gun for pre-order in the US, becoming the first company in the world to build a handgun from the ground up with a fully-integrated electronic fire-control system and state-of-the-art biometrics. The Smart Gun instantly unlocks for users authorized by its owner, but remains secured from unauthorized use.

“Biofire’s deeply technical approach to revolutionizing the firearms industry continues to gain traction in the market and attract support from exceptional investors,” said Biofire Founder and CEO Kai Kloepfer. “This unwavering support from our investors has positioned Biofire as a technology trailblazer in the industry, and as a non-partisan and pragmatic leader in firearm safety.”

Biofire’s Series A Extension continued to garner strong support from leading venture capital investors, including Valhalla Ventures, further confirming the attractiveness of firearm safety and technology as an investment category for institutional funds.

“The Biofire Smart Gun is a major milestone in the long history of firearm development and ownership in the US, akin to the introduction of the Colt Revolver in 1836 or Browning’s development of the M1911 in the 1890’s,” said Rohan Pujara, General Partner at Valhalla Ventures. “Valhalla is excited to support Biofire on its journey to usher in a new era in firearm technology, manufacturing and customer experience”.

With the additional capital from the Series A Extension, Biofire remains on track for a transformative year in 2024, which will see the first Smart Gun shipped to consumers, the first fire-by-wire firearm in the market and the first handgun manufactured with fully-integrated electronics.

About Biofire Group Inc.

Biofire is building the future of firearms. The Biofire Smart Gun is designed around state-of-the-art biometrics, creating a handgun that instantly unlocks for the authorized users and remains locked for all others. Through a vertically-integrated, full-stack, broad reimagining of the firearm industry, Biofire is enhancing gun safety while preserving privacy and civil liberties. For more information visit smartgun.com or contact press@biofire.io for media inquiries or ir@biofire.io for investor inquiries.

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