The round is the first ever venture capital investment in a firearm technology startup.
BROOMFIELD, Colo., Nov. 7, 2022 /PRNewswire/ -- Biofire today announced a $14M Series A, the first venture capital-led investment into a firearms technology company. Founders Fund led the round; 10X Capital, Gaingels, Will Manidis, and existing investors Draper Associates, Structure Capital, Service Provider Capital, and Gavin de Becker & Associates, joined the round.
Biofire today announced a $14M Series A, the first venture capital-led investment into a firearms technology company.
The Biofire Smart Gun® has the unique potential to prevent thousands of firearm accidents and suicides every year, especially among children and teens. Biofire is the first to build a handgun from the ground up with fully integrated, instantly unlocking, state-of-the-art biometrics. The Smart Gun instantly unlocks for users authorized by its owner, but remains secured from unauthorized use. The company emerged from three years in stealth mode in May 2022.
"I'm previously on record saying that Smart Gun technology is uninvestable – that it would take 'multiple miracles' to bring this product to market," said investor Trae Stephens, Partner at Founders Fund. "The Biofire team has changed my mind. We need novel solutions to address firearm violence, and their technology has the potential to transform firearm safety."
"Known for taking the first bet on world-changing companies like SpaceX and others, Founders Fund invests in revolutionary technologies that reshape the way we interact with the world. Biofire's deeply technical approach to a complex challenge requires outstanding partners," said Biofire Founder and CEO Kai Kloepfer. "I am proud to join with Founders Fund and our other exceptional investors to transform this industry."
Biofire's Series A also attracted strong support from leading investors that include 10X Capital and Gaingels.
"Gaingels is proud to stand with Biofire at the cutting edge of firearm safety. Our investment in Biofire's Series A represents our strong confidence in their experienced team, and our support for their ambitious, innovative ethos," said Paul Grossinger, Founder of Gaingels. "We're committed to helping the company continue to grow and scale a culture that reflects the diversity of its executive teams, staff, and customers."
Gun-related accidents, homicides, and suicides became the leading cause of death for American children and teens in 2020. The same year, firearm sales reached an all-time high and continue to surge. September 2022 marked the 38th consecutive month of more than one million firearms sold.
A national poll released earlier this year found that 55% of gun owners and 45% of adults overall said they would be comfortable using a Smart Gun.
Since CEO Kai Kloepfer founded Biofire in 2016, the company has won respect and accolades from gun owners and other supporters who believe in technology's potential to help reduce firearm accidents, criminal misuse, suicides, and other tragic outcomes. Biofire's team has diverse backgrounds in aerospace, defense, medical, automotive and firearm engineering. Visit biofire.io or contact email@example.com for more.