CHAOS Industries has raised a $275 million Series C round.
- Co-led by Accel and NEA, the round values the company at $2B.
- CHAOS is the second Fund II company to reach $2B valuation since the start of 2025 (joining Saronic).
- Ensemble backed CHAOS at the Series B in 2024, sourcing and underwriting the deal through our proprietary data signals and team-tracking platform — which flagged CHAOS's exceptional technical founders and unique market positioning.
CHAOS's rapid rise serves as additional validation of our approach by some of the largest, most sophisticated venture teams in the world — firms with resources and headcount many times our size. It’s a testament not just to CHAOS's execution, but also to Ensemble’s ability to consistently identify and secure access to opportunities early, even in sectors where the biggest brands in VC are rapidly deploying.
Accel Backs Defense Tech Startup Chaos Industries At $2 Billion ValuationRead at Forbes.com
Why this round matters
- DefenseTech Momentum: CHAOS joins a wave of high-profile defense raises (alongside companies like Saronic), signaling continued investor conviction in next-generation military tech.
- Breakthrough Technologies: CHAOS's innovations in Coherent Distributed Networks, combining AI and quantum approaches, promise unprecedented performance in tracking and targeting — crucial for modern warfare.
- Strategic Partnerships: With backing from top-tier firms like Accel, NEA, and 8VC, CHAOS is positioned to bridge the gap between cutting-edge technology and defense procurement, addressing the long-standing lag in military innovation.
Breakout momentum across Fund II
CHAOS joins a growing list of breakout companies in Fund II. Just as we demonstrated in our first fund, where half the portfolio companies crossed into unicorn territory, we are proving a demonstrable advantage in accessing top teams, regardless of sector and geography.
Ensemble's Defense/DeepTech portfolio shines
With the rise of CHAOS Industries, Ensemble now holds three breakout companies in Defense/Deeptech (CHAOS, Saronic, and ICON). Each of these companies is setting a new standard at the intersection of hardware, software, and manufacturing, transforming how their industries tackle everything from national security to next-generation construction.We have previously written about Ensemble's ability to cut through noise and identify top teams and technologies in otherwise noisy industries.
Using objective talent migration signals in our data platform, our investment team follows people rather than capital flows. This has allowed us to access and back top talent in DefenseTech just as the wider market embraced the industry with billions in funding.Beyond the individual success stories, we believe our consistent hit rate in this sector is a direct result of the patience and rigor we apply when underwriting top teams, particularly in sectors that are either underserved or overhyped.
We will continue to nimbly identify and embrace emerging technologies, staying ahead of the curve when timing still offers a decisive advantage. As DefenseTech valuations rise and more capital floods into the space, we remain focused on monitoring the world’s top talent and positioning ourselves early in the highest-potential, highest-impact opportunities, whether in Defense or in the next industry primed for disruption.
About CHAOS Industries
CHAOS Industries was founded in 2022 by John Tenet, Bo Marr, Gavin Hood, and Brett Cummings, a team blending deep defense expertise with cutting-edge technical talent. Tenet and Marr, notably, previously led Epirus, giving them firsthand experience scaling advanced defense technologies in high-stakes environments. This leadership group brings not only technical mastery but a sharp understanding of how to navigate the often slow-moving defense procurement world.CHAOS Industries is hiring. Check out the job board.
What sets CHAOS apart is its engineering-first approach: the team doesn’t just repackage commercial tech for military customers — they design purpose-built systems for national security needs, including coherent distributed networks and next-generation radar. Their products aim to address modern threat environments, from autonomous drone swarms to hypersonic weapons, focusing on performance breakthroughs that legacy defense contractors have struggled to achieve.
With strong backing from investors like Accel, NEA, 8VC, and Overmatch Ventures, CHAOS is emerging as a leader among the new wave of DefenseTech startups. Its founders combine the agility of a venture-backed startup with the technical depth and domain credibility needed to win in a market defined by long timelines, rigorous validation, and mission-critical performance.
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