Analysis
Onodrim Industries, a European defense and industrial scale-up platform founded by two Palantir alumni, raised a $300 million Series A led by Lux Capital at a $1.3 billion valuation, the company announced November 9, 2026. General Catalyst, Lakestar, Altimeter, Strike Capital, 137 Ventures, 8090 and Expeditions joined the round, according to the company's announcement.
What Onodrim Industries does
Onodrim is not building defense hardware from scratch -- it buys it, according to Sacra. The Amsterdam-based company takes controlling stakes in established European manufacturers of components like radios, cameras and sensors, then runs them as a combined industrial platform supplying defense contractors across the continent. Co-founder and CEO Aistis Simaitis previously advised the Lithuanian government and worked as a technology leader at Palantir Technologies; co-founder and CTO Alexander Blessing was a forward-deployed engineer at the same company. A third co-founder, Christian Garrett, is a partner at investor 137 Ventures. The company has offices in Amsterdam, London and Vilnius, with new outposts in Munich and Turin, and plans to announce its first acquisitions in the coming months.
Onodrim's funding history
Onodrim raised a 40 million euro seed round in February 2026 led by Founders Fund, Lakestar and General Catalyst, according to Pulse2. By September, the company was reportedly in talks for roughly 200 million euros at close to a 1 billion euro pre-money valuation -- meaning this week's $300 million round, at a $1.3 billion post-money valuation, closed at a markedly higher price just weeks later. Raised capital and valuation are different measures: the $300 million is what Onodrim banked this round, while the $1.3 billion values the whole company going forward.
“A third co-founder, Christian Garrett, is a partner at investor 137 Ventures.”
Who invested in Onodrim
Lux Capital led the Series A. Lux partner Brandon Reeves said "Europe needs a stronger industrial foundation to meet the security challenges ahead." General Catalyst, which also backed the seed round, returned as a participant; its president and managing director, Jeannette zu Furstenberg, said "every country needs to be in control of its own destiny, and that starts with what it can build." Lakestar, Altimeter, Strike Capital, 137 Ventures, 8090 and Expeditions rounded out the round.
European defense tech market and competitors
Onodrim's roll-up strategy sits inside a European defense-tech boom that has already produced fast-moving rounds elsewhere: Stark Defence, a German drone maker, reportedly raised 500 million euros this summer at a roughly 3.5 billion euro valuation backed by Sequoia Capital and Founders Fund. Unlike Stark or other product-first defense startups, Onodrim's pitch is industrial-base ownership -- buying the suppliers that make the components defense primes already depend on, in a sector our own Pulse funding tracker is logging fast-growing checks for all year.
The roll-up's open risk
However, Onodrim has yet to announce a single acquisition, so the $1.3 billion valuation is effectively a bet on management's ability to execute cross-border M&A across four countries' industrial and defense-procurement regulators -- a harder, slower process than shipping software. The company's own release frames the first deals as still "coming months" away, not done -- the clearest sign yet that the price tag is ahead of the deal pipeline it's meant to value.