About Havoc
Havoc makes software that lets one operator direct and supervise many uncrewed boats, drones and ground vehicles at once. The software runs on each vehicle and keeps working when communications are cut. Havoc also sells its own boats, such as the 14-foot Rampage, and installs its software on vehicles that partners build. Its main customers are the U.S. military and its allies, and it also runs commercial pilots, such as tracking fish for South Carolina's natural resources department.
Navy veterans Paul Lwin (CEO) and Joe Turner (COO) founded the company in January 2024. It is headquartered in Rumford, Rhode Island, and has offices in Austin and San Diego. Its legal name is HavocAI Inc., and it used the HavocAI name in its announcements through 2025. By May 2026, Havoc had more than 200 employees and had delivered over 30 vessels to the Department of Defense. In March 2026 it bought drone maker Mavrik and ground autonomy company Teleo. Its partners include Lockheed Martin, Leidos, SAIC and CSBC, Taiwan's largest shipbuilder.
Funding Rounds (SEC Form D)
| First sale | Filed with SEC | Amount sold | Investors | Avg. check | Terms | Filing |
|---|---|---|---|---|---|---|
| Mar 3, 2026 | May 12, 2026 | $187,485,471fully sold | 42 | $4.4M | Equity, OptionsRule 506(b) | Form D ↗ |
| Sep 16, 2024 | Sep 17, 2024 | $12,233,286of $12.2M target | 12 | $1.0M | EquityRule 506(b) | Form D ↗ |
| Total, two offerings | $199,718,757 | |||||
First sale is the date the first investor in the offering committed to invest. Companies must file Form D within 15 days of that date, so filing dates run later.
Rounds announced by Havoc
What the company said publicly about its funding. Announced amounts can differ from Form D figures: an announcement can combine several closings, and some money is raised without a Form D.
| Announced | Round | Amount | Investors | Source |
|---|---|---|---|---|
| May 12, 2026 | Series A | $100M | CCM Capital Markets, Clear Street LLC, Cobalt Capital, Boardman Bay Capital Management, Meet Perry, Mute Ventures, Soren Ventures, SAIC, JA Green, Outlander VC, Scout VC, B Capital, Lockheed Martin, Taiwania Capital, UP.Partners, The Veteran Fund, Vanderbilt University's endowment | havocai.com ↗ Press release ↗ |
| Oct 10, 2025 | Funding | $85M | B Capital, In-Q-Tel, Lockheed Martin, Hanwha, Taiwania, Vanderbilt University, Up Partners, Island Green Capital, Zero Infinity Partners, Scout Ventures, Outlander Ventures | Press release ↗ Fortune ↗ |
| Sep 20, 2024 | Seed | $11M | Scout Ventures and Trousdale Ventures (co-leads), Outlander VC, The Veteran Fund, BV.VC, Decisive Point, Alumni Ventures, New North Ventures | Press release ↗ |
Why Investors Backed Havoc
Investors backed Havoc because militaries want thousands of cheap drones that work as a team. Its software lets one operator run many boats, aircraft and ground vehicles at once. It also sold early: Havoc has delivered more than 30 vessels to the Department of Defense. B Capital's Howard Morgan cited its "proven ability to sell and execute."
The problem it targets
The Pentagon wants large fleets of uncrewed systems, but new warships are slow and costly. A frigate can take about six years to build, according to Fortune. CEO Paul Lwin argues that the hulls already exist. "The boat isn't what you need to reinvent," he told Fortune. "What you need to invent is technologies to make these boats into robots and connect them to each other." He also wants small boats cheap enough to lose, priced "similar to munition prices."
What the product does
Havoc's software has four parts. Havoc C2 is the operator's control screen, and Havoc OS runs the autonomy on each vehicle. Havoc Connect keeps vehicles sharing data when links are weak or cut, and Havoc Insights uses AI to flag anomalies. The company installs this software on partners' vehicles. It also sells its own boats, such as the 14-foot Rampage. In March 2026 it bought Mavrik, a maker of heavy-lift drones, and Teleo, which automates heavy machinery. The deals put Havoc's boats, aircraft and ground vehicles under one software architecture.
Progress so far
After a 2024 Navy exercise called Silent Swarm, the Navy bought a dozen 14-foot Rampage boats at $100,000 each, Lwin told Fortune. By May 2026, Havoc had built and deployed more than 100 autonomous vessels. Its staff grew from 80 in October 2025, according to Fortune, to more than 200 by May 2026. In October 2026 the Army Applications Laboratory awarded Havoc an SBIR Phase III contract for air and ground resupply.
Who backs it
Scout Ventures led the $11 million seed round in September 2024, and Trousdale Ventures co-led it. The $85 million round in October 2025 brought in B Capital, In-Q-Tel, Lockheed Martin, Hanwha and Taiwania. The $100 million Series A in May 2026 added Cobalt Capital, Boardman Bay Capital Management, Clear Street and SAIC. Neither of the later rounds named a lead. Boardman Bay's Will Graves said "the demand signal from the U.S. military speaks for itself." Former Congressman Devin Nunes, who chairs the President's Intelligence Advisory Board, sits on the board. Scout's Brad Harrison, Outlander's Paige Craig and Cobalt's Dan Abrams are also directors.
How the market is moving
The 2025 reconciliation law set aside more than $3.3 billion for small and medium uncrewed surface vessels, according to Fortune. In 2026 the Pentagon also proposed tripling its drone spending, CBS Boston reported. Investors are following: rival Saronic raised $1.75 billion at a $9.25 billion valuation in March 2026, CNBC reported. Allies want local production, too. In September 2026 Havoc signed a co-production deal with CSBC, Taiwan's largest shipbuilder. "Congress wrote co-production with Taiwan into law in the FY2026 defense authorization," Lwin said.
We wrote this summary from public statements by Havoc and its investors. It is not investment advice.
Havoc in the News
- HavocAI partners with Taiwan on autonomous attack boats
- Havoc provides live demonstration of autonomous boats
- How the race toward drone warfare is benefiting one Rhode Island company
- These Navy Vets Are Betting Their Drone Software Maker Havoc Can Win Over The U.S. Military
- Under the surface of Narragansett Bay, HavocAI is building a drone Navy
- The Pentagon put out a call for autonomous boats. Two Navy veterans started a Rhode Island company to make them.
- Hanwha, HavocAI to develop 200' autonomous surface vessels
Leadership Team
Executive officers and directors listed on Havoc's Form D filed May 12, 2026.
Earlier filings also listed Andrew Gregg (executive officer and director, last listed Sep 2024).
Sources
- SECHavocAI Inc. filing history
- Companyhavocai.com, about page (story and leadership)
- Companyhavocai.com, privacy policy (HavocAI Inc., Boston address)
- Companyhavocai.com, terms of service
- Companyhavocai.com, newsroom (press releases)
- Companyhavocai.com, acquisitions of Mavrik and Teleo (March 11, 2026)
- Companyhavocai.com, partnership with CSBC Corporation, Taiwan (September 10, 2026)
- PressPR Newswire, Havoc Awarded SBIR Phase III Contract (October 12, 2026)
- PressPR Newswire, Havoc AI release list (Metal Shark partnership, October 15, 2025)
- PressCNBC, Saronic raises $1.75 billion (March 31, 2026)