Quantum Systems founder, launches new startup STARK to put weapons on drones.
Information about Quantum Systems
- Founding and Focus Shift : Founded in 2015 by Florian Seibel, originally focused on agricultural applications. Shifted to dual-use drones with military applications in 2019.
- Drone Use : Quantum Systems’ drones are used by Ukrainian armed forces for reconnaissance and intelligence gathering.
- Funding : Raised €63.6m in October from investors including Peter Thiel, Project A, HV Capital, and Airbus Ventures. Total funding is $128m.
- Acquisitions : Made its first acquisition in May (a sensors company) and expected to close another one in manufacturing soon.
- Contracts : Signed a three-year, €18.4m contract with the Romanian Ministry of Defence. Under contract with the German armed forces to deliver 14 drones by the end of the year.
- Company Status : Employs 320 people and is profitable, reinvesting profits for growth. Plans to double production this year and next.
- Future Plans : Considering an IPO or merger in the future but no rush from investors as it’s a long-term play.
- Launch and Focus : Launched in February 2024, building autonomous strike drones. Stark was launched from the need to put weapons on drones which wasn't possible for Quantum Systems due to investors LP agreements forbidding weapons. For this reason, Stark also uses open-source technology and no IP from Quantum Systems.
- VC Interest : Attracted significant VC interest, closed between $20m-100m in funding. Peter Thiel is a potential backer.
- Independence : Seibel cannot have an active role in Stark and plans to hire a CEO by 2025. Stark uses open-source technology, independent from Quantum Systems.
- Future Funding : Both Quantum Systems and Stark might raise more funds at the end of the year.
- VC Interest in Defence Tech : Seibel observes a hype and FOMO (fear of missing out) among VCs for defence tech, with some making uninformed investment decisions.
- Morality of Autonomous Weapons : Concerns about the dangers of autonomous attack drones. Seibel emphasizes that technology in the wrong hands is dangerous, and governments need to establish rules.
- Technological Development : AI in drones can identify targets with high certainty, but decisions on striking are not fully autonomous yet and should involve human oversight.
- Data for AI Training : Ukraine provides real-world data for training AI in identifying targets.
- Industry Predictions : Seibel expects consolidation in the European drone market, with three or four dominant players in the next decade.
Souce: Sifted
