Field of View (FOV) - September 2025

Comprised of experienced startup operators and former DoD, Approach Venture was formed to enable founding teams building the future of frontier technology to achieve their full potential.

Approach supports frontier technology startups across fundraise, business development, proposal writing and recruiting efforts as well as larger organizations with technology scouting, due diligence and market intelligence.

CONTACT APPROACH to learn more. Follow us on LINKEDIN.

NEW ADDITION TO APPROACH VENTURE

Following time in Aerospace & Defense investment banking at Barclays in New York City, Approach Venture is pleased to announce JAMES ADAMINI has joined our team as Analyst. We are thrilled to have James onboard whose financial acumen, dynamic financial modeling abilities, immense attention to detail and robust due diligence experience of Aerospace & Defense companies for M&A opportunities are already proving to be valuable to our startup and strategic partners.

Welcome to the team, James!

SPONSORED JOB BOARD

ALL OPEN JOBS | SUBMIT YOUR RESUME

APPROACH’S TOP TALENT

This month’s Field of View contains open roles at Aerospace & Defense startups. Each team venture backed and moving quickly. Company and role descriptions as well as job links are outlined below.

Backed by Backswing Ventures and headquartered in Colorado, Raven is developing a novel composite 3D printing capability supporting a combination of terrestrial and space applications including but not limited to solid rocket motor, spacecraft and hypersonic capabilities.

Raven is hiring a Vice President of Manufacturing to manage execution, drive throughput and optimize how next-gen aerospace components are delivered. This is a pivotal opportunity to shape a high-performance production environment rooted in breakthrough 3D printing technology, advanced materials, and digital manufacturing architecture. The ideal candidate has a background in hardware manufacturing, preferably in aerospace, defense, composites, or complex systems and is eager to build from the ground up.

Backed by a16z, AE Ventures, Cantos, and Harpoon, Salient Motion is hiring a Senior Mechanical Engineer to lead the full-cycle design of production hardware, test equipment, and electromechanical systems working across design, CAD, DFM, GD&T and collaborating with contract manufacturers, while also engaging in gearbox or actuator design.

In parallel, Salient is seeking an Electrical Engineer to focus on electrical hardware development from requirements and component selection to schematic capture and PCB layout using Altium plus electrical evaluation, manufacturing documentation, and test validation.

Backed by a16z’s American Dynamism fund and other leading defense-focused VCs, Swan develops scalable autonomous products to advance the future of defense and industry. The team is seeking a Robotics Software Engineer with expertise in C++ and Python, strong experience in robotics and sensor data and a background in aerial systems like UAVs/UAS. The role is hands-on and ideal for someone who thrives on solving complex problems and building real-world robotic systems.

EMERGING TRENDS

SBIR REAUTHORIZATION GRIDLOCK.

The SBIR/STTR programs are once again caught in congressional gridlock, with the continuing resolution setting up another round of brinkmanship. On the Senate floor this week, Senators Joni Ernst (R-IA) and Ed Markey (D-MA) clashed over the “SBIR Mill” issue, debating whether long-time awardees that consume 18% of DoD SBIR funds should face tighter commercialization requirements. Ernst, favoring startups and new entrants, argued these firms fail to deliver deployable capabilities commensurate with funding. Markey opposed any restrictions and rejected Ernst’s proposed 30-day extension, calling instead for a one-year renewal.

At the heart of the debate lies the “SBIR Mill” issue: whether a small group of long-time awardees, responsible for nearly 18% of DoD SBIR funding, should face tighter commercialization requirements. Ernst, favoring startups and new entrants, argued that too much taxpayer funding flows to firms that fail to deliver deployable capabilities. Markey, a long-time SBIR advocate, countered that any restrictions could undermine the program’s stability and opposed Ernst’s proposed 30-day extension in favor of a one-year renewal. Until a resolution is reached, uncertainty will weigh heavily on founders and their investors across the defense innovation ecosystem who are looking for award notifications, to schedule contract kick-offs and generally, move their startups forward.

For defense startups, the outcome of this reauthorization fight will shape access to early-stage federal capital and signal whether Congress intends to prioritize disruptive entrants.

US SPACE FORCE REORGANIZATION IMPACTS.

As the nation’s smallest military branch by a significant margin, the US Space Force is accelerating a sweeping reorganization of its acquisition structure, moving away from legacy stovepipes and toward “System Deltas” that directly align acquisition units with operational mission areas. These mission-focused units will oversee critical domains such as missile warning, space sensing, domain awareness, training infrastructure and soon satellite communications, combat power and assured access to space. At the same time, some long-standing offices are being shifted under new commands, altering traditional chains of authority and reassigning oversight of small business portfolios (impact to startups: this will likely affect startup engagements in terms of POCs and availability to support).

For startups, these changes present both opportunity and uncertainty. On one hand, System Deltas are designed to close the gap between operators and acquirers making it easier for innovative companies to align their offerings with defined mission needs. Conversely, organizational churn means decision-making authority and contracting signatories may be in flux, slowing down near-term clarity around who holds the pen for key SBIR/STTR or prototype awards. The best thing startups can do at this juncture: secure your champions! Startups should anticipate that the consolidation of program offices and workforce reductions will put more emphasis on mature commercialization pathways, measurable mission impact and readiness to scale.

In practice, this reorganization signals that the Space Force is shifting from experimentation toward fielding, with less tolerance for one-off demonstrations and more appetite for solutions that integrate quickly into operational architectures. For venture-backed and early-stage companies, the message is clear: success will increasingly depend on aligning to mission-driven acquisition priorities and demonstrating credible transition paths into the warfighter’s hands.

SPINOUTS & STRATEGIC BOLT-ONS AS A PATH TO SCALE.

A growing number of Aerospace & Defense startups are spinning out technologies into standalone ventures, turning internal projects into venture-backed businesses. This model allows mature firms to separate high-growth opportunities such as low-cost drones, autonomy, antenna technologies, advanced manufacturing platforms, etc. from slower, more traditional business lines.

By doing so, the spinout is able to attract outside capital, recruit specialized leadership and pursue riskier growth paths that might not align with ParentCo’s risk tolerance. For startups, this trend creates new competitors and collaborators alike, while signaling that defense innovation is no longer confined to early-stage founders. Investors are increasingly drawn to spinouts because they combine the credibility of established revenue streams with the scalability of startup execution. The result is a hybrid ecosystem where corporate resources fuel entrepreneurial growth accelerating delivery of new capabilities to the DoD.

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TOP TALENT & FEATURED OPENINGS

ALL OPEN JOBS | SUBMIT YOUR RESUME

APPROACH’S TOP TALENT

H-1B CHANGES EXPECTED TO PUT PRESSURE ON STARTUP HIRING.

A new H-1B reform took effect on September 21, 2025, adding a $100,000 fee on any new sponsorship petitions. While it doesn’t affect renewals or current visa holders, it does change how companies approach hiring. Tech startups that previously relied on H-1Bs to fill engineering roles are expected to start shifting their focus toward US citizens and green card holders, which has always been the main talent pool for aerospace and defense companies due to ITAR and clearance requirements. This creates more overlap in competition for the same candidates.

For founders, the impact is straightforward. The pool of non-visa talent will see higher demand, driving salaries up and lengthening hiring timelines. A&D companies that once had less direct competition with tech will now find themselves competing head-on for engineers and operators. Founders should be ready to adjust compensation, shorten interview processes, and emphasize mission when making offers. This shift is likely to increase pressure across the board for hiring teams.

FEATURED JOB OPENINGS.

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TRACKED SOLICITATIONS

Contact [email protected] for proposal support.

ACTIVE.

UPCOMING.

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VENTURE UPDATE

RAZOR’S EDGE CLOSES $560 MILLION FUND.

RAZOR’S EDGE announced the closing of its fourth fund at $560 million, surpassing its original $400 million target and bringing total assets under management to over $1.25 billion. Since 2010, the firm has helped shape the national security technology landscape by scaling high-impact companies with deep defense applications.

Fund IV will support advancements across domains such as space, autonomy, cyber, advanced sensing, and AI-enabled systems. The firm emphasizes its mission to back founders delivering mission-critical capabilities to ensure US and allied technological superiority.

FOUNDER TIP

NAILING DOWN USES OF FUNDS.

Stage-agnostic and before pitching your raise total to potential investors, it is imperative to determine and clearly outline where your Company’s fundraise dollars will be allocated once received. This also helps inform what your raise total should be based on cash needs in support of your respective product roadmap and near-term demo missions. Investors will have a difficult time getting to ‘yes’ and providing capital to a Company if the people they are investing in don’t have a detailed explanation of exactly where their money is going.

Building fundraise Uses of Funds is an excellent exercise for founders to conduct together. This tends to spur a deeper dive into actual vs. forecasted costs (contacting service providers and suppliers for quotes is a good call) and helps ensure management team alignment on spend priority and associated timing. The latter will help inform your Company’s cash runway and tentative timing around your next funding round which 10/10 comes up as part of DD (due diligence). For more information including what should go into your Uses of Funds build, contact Approach.

[email protected]

Link to Last Month’s Newsletter HERE.