North Vector Dynamics, a Calgary-headquartered defence technology company, has closed a Series A round of more than $20 million USD ($29 million CAD). The company says the round values it at more than $90 million USD.

The company’s first commercial product is CM-70, which it describes as an affordable, guided interceptor missile built to take down drones. North Vector says the system is aimed at fast, agile unmanned aircraft that it says are currently threatening western allies and partners in Ukraine and the Gulf. It also says CM-70 is ITAR-free and uses an open architecture meant to integrate with existing layered air defence systems.

The company says the funding will go toward scaling up its production capabilities, deepening its control over how its product is built, and shoring up its supply chain. It also plans to hire and open offices in the United States and Europe.

“Allied forces need affordable, producible air defence at scale, and they need it now,” said Dr. Paul Ziadé, co-founder and CEO of North Vector Dynamics. He says the round gives the company the capital to move from validation toward production volume and into allied markets.

North Vector was established in 2022 and was co-founded by Ziadé, chief science officer Dr. Craig Johansen, and Dr. Colin Hill, who has expertise in rocket propulsion and aerodynamics. Ziadé and Johansen are both former engineering professors at the University of Calgary. The company says CM-70’s development has been supported by early funding and ongoing testing support from Defence Research and Development Canada, an agency of the Department of National Defence. Retired General Tom Lawson, a former senior military commander of the Canadian Armed Forces, serves as a strategic advisor.

Tech Horizons, a European venture capital fund focused on defence, security, and resilience technologies, led the round after investing in North Vector’s seed round. Matej Luhový, a partner at the fund, says Tech Horizons invested this spring as the company’s first European investor, drawn by the founding team and its technological vision. He says the founders have translated research into a cost-effective answer to drone and loitering munition attacks, and that the Series A validates the fund’s original investment thesis.

ONE9, Garage Capital, CSG, Ripple Ventures, Feld Ventures, and Conconi Growth Partners also participated, along with other investors.