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Backswing Ventures: What Mach Industries’ $3.7 Billion Valuation Says About the Defense Tech Hype Cycle

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As 2026 defense tech funding sets records, Backswing Ventures says the number that matters isn’t the valuation on a term sheet. It’s the cash that eventually lands back in an investor’s account.

ORLANDO, Fla., Sept. 14, 2026 /PRNewswire/ — Mach Industries doubled its valuation to $3.7 billion in three months. A year earlier, the company was worth $470 million. Numbers like that used to belong to consumer apps riding a viral moment. Now they belong to a drone and munitions manufacturer in El Segundo, and that says something about where defense technology sits in venture capital today.

Backswing Ventures has been watching that shift for months. The Orlando-based defense venture capital firm invests exclusively in early-stage defense and national security companies, and its founder, Kyle Asman, has been warning that the sector’s funding boom is starting to outrun its fundamentals.

“None of this means Mach or any other company raising at a big number is doing anything wrong,” Asman said. “It means the bar for what counts as a win keeps moving, and founders need to be honest about whether they’re building toward that number or borrowing against it.”

A RECORD YEAR FOR FUNDING, A QUIET YEAR FOR EXITS

Crunchbase News reported this month that 2026 is shaping up to be the biggest year on record for defense startup funding, even as venture investors are only beginning to look for exits. Asman said that gap matters more in defense tech than in most sectors, because government sales cycles run long and dual-use commercial traction takes years to prove out.

“Raising money has never been faster in this sector,” Asman said. “Turning that money into an exit is a separate problem, and a much slower one. A company can post a striking valuation and still be years from giving an investor anything more than a number on a spreadsheet.”

Fewer than 20% of 2017-2018 vintage venture funds have returned even 1x DPI to their limited partners, according to Carta’s Q1 2026 State of Private Markets report. A markup on paper is an estimate. It isn’t cash in an investor’s account until a company sells, goes public, or otherwise returns capital.

WHY BENCHMARKING OFF THE LAST BIG RAISE IS RISKY

Asman said one of the clearest signs of a hype cycle is when founders start pricing their own round off someone else’s. It’s a natural instinct. Nobody wants to raise below what a comparable company just got. But he said a valuation isn’t a market consensus. It’s a deal between one company and whichever investors decided to write the check that week.

“Ask five people at a defense conference what a given startup is worth, and you’ll get five different numbers,” Asman said. “A number that looked cautious in one round can look aggressive in the next one. Chasing the last headline is a poor way to set a price.”

WHAT BACKSWING VENTURES LOOKS FOR INSTEAD

Backswing’s own portfolio points to a different approach. The firm led financing for Isengard Industries to expand munitions manufacturing for allied militaries. It backed Orion Edge’s $3 million seed round to bring tactical electronic warfare systems to military and commercial customers. Both raises were sized to hit specific milestones. Neither was built to set a headline number.

That approach shapes how Backswing measures its own results, too. Fund II surpassed 1.0x DPI in under three years, placing it among the better-performing 2023-vintage venture funds in the country, according to the firm.

“IRR and paper markups tell you what a fund might be worth someday,” Asman said. “DPI tells you what it’s worth right now, because it’s the money that already made it back to an investor’s account. That’s the number we want to be judged on, and it’s the number we tell founders to build toward.”

THE ADVICE FOR FOUNDERS RAISING RIGHT NOW

Asman’s advice to founders in the current market is simple. Raise enough to reach the next milestone, then stop. Product validation. A government contract. A first paying customer. Those are the things that hold up once a hype cycle cools. A valuation on its own doesn’t.

“The founders who do well over the next five years probably won’t be the ones who raised at the highest number this year,” Asman said. “They’ll be the ones still standing, and still credible, once the number stopped being the story.”

ABOUT BACKSWING VENTURES

Backswing Ventures is an early-stage venture capital firm investing in dual-use and defense technology companies across aerospace, autonomy, munitions, cybersecurity, and national security. The firm’s Fund II surpassed 1.0x DPI in under three years, placing it among the top-performing 2023-vintage venture funds in the country.

CONTACT

Backswing Ventures | backswingventures@redbanyan.com

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SOURCE Backswing Ventures

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KAIJU NO. 8 THE GAME 1st Anniversary in Full Swing!

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September 14, 2026

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Suited joins with the power of Kaiju A! “Narumi’s Week at Work” Premiere Login Bonus now live!

LOS ANGELES, Sept. 14, 2026 /PRNewswire/ — KAIJU NO. 8 THE GAME, co-produced by Akatsuki Games, TOHO, and Production I.G, today continues its 1st Anniversary celebration with the release of a new playable character and original short anime tie-in campaign. Starting today, the new ★5 character [Unorthodox Pursuit] Suited enters the fray, utilizing power derived from Dimensional Identified Kaiju A. Additionally, to commemorate the release of the second episode of Narumi’s Week at Work, a special login bonus campaign is currently underway in-game through September 26 JST (UTC+9).

◆ New ★5 Character [Unorthodox Pursuit] Suited

With the power of Dimensional Identified Kaiju A, Suited joins the game as a playable character on September 14!

Suited wears a prosthetic eye crafted from Kaiju A’s uniorgan. The resulting Kaiju A cell corruption has even altered her hair color. While this places immense physical strain on her body and is by no means a recommended practice, she herself is quite fond of this state and seemingly has no intention of giving it up, no matter what anyone says.

■ New ★5 Character
[Unorthodox Pursuit] Suited (Optimal weapon type: Hammer)

■ New ★5 Weapon
HM-Spolcyc (Hammer)

■ Pickup Character Trailer: [Unorthodox Pursuit] Suited

https://youtu.be/SagK6RHmNxM

◆ “Narumi’s Week at Work” Premiere Login Bonus

To celebrate the release of “Narumi’s Week at Work” Day 2 “The Vice-Captain’s Troubles” episode, a special login bonus is now underway!

*Event Period: Now through September 26, 2026 at 3:59 AM JST (UTC+9)
*For more details, please refer to the in-game announcement.

▼Stream “Narumi’s Week at Work” on the TOHO animation Channel:
https://www.youtube.com/@TOHOanimation

■ About KAIJU NO. 8 THE GAME

Title: Kaiju No. 8 THE GAME

Planning & Production: Akatsuki Games Inc., TOHO CO., LTD., Production I.G, Inc.

Development & Operation: Akatsuki Games Inc.

Publicity Cooperation: TOHO CO., LTD., Production I.G, Inc.

Distribution: Akatsuki Games Inc.

Available Platforms: App Store, Google Play Store, Steam®

Supported Languages: Japanese, English, Traditional Chinese, Simplified Chinese, Korean, French

Price: Free-to-play (with in-app purchases)

Copyright Notice:

© JAKDF 3rd Division © Naoya Matsumoto/SHUEISHA

© Akatsuki Games Inc./TOHO CO., LTD./Production I.G

Official Game Website: https://kj8-thegame.com/en/

Official Game X: https://x.com/kj8_TheGame_EN

Official Game YouTube: https://www.youtube.com/@kj8-TheGame-EN

App Store: https://apps.apple.com/us/app/kaiju-no-8-the-game/id6742088839

Google Play Store: https://play.google.com/store/apps/details?id=jp.aktsk.games.kaiju_no8_the_game

Steam®: https://store.steampowered.com/app/3393070 

■ About Anime Kaiju No. 8
Based on the popular manga series by Naoya Matsumoto, serialized on Shonen Jump+ (Shueisha) since 2020, the anime Kaiju No. 8 portrays intense battles between the Japan Defense Force, tasked with eliminating Kaiju, and the monstrous creatures that routinely threaten human lives. In Japan, the original manga has surpassed 19 million copies in circulation (including digital editions), with 16 volumes published to date (as of September 4, 2025).

The Anime Season 1, which aired from April to June 2024, quickly gained massive popularity, ranking No. 1 on domestic daily rankings across major streaming platforms in Japan. Building on that momentum, a theatrical compilation of Season 1, including the side story Hoshina’s Day Off, premiered in Japan on March 28, 2025. Subsequently, the Anime Season 2 aired from July to September 2025. While anticipation continues to build following the announcement of the Final Chapter’s production, the four-episode original short anime Narumi’s Week at Work is now streaming, with new episodes releasing every Saturday at 8:00 PM JST since September 5, 2026, continuing to draw a huge global response.

Official Website: https://kaiju-no8.net/

Official X: https://x.com/KaijuNo8_O

■ Company Overview: Akatsuki Games Inc.
It is our mission to connect the emotions of people around the world by putting our beliefs and “why” into games. We challenge ourselves to create global hits as a world-class game company with the highest standards of development and operation in Japan.

In addition to the experience of operating games such as Dragon Ball Z Dokkan Battle (published by BANDAI NAMCO Entertainment Inc.) and Romancing SaGa Re; Universe (published by SQUARE ENIX CO., LTD.), we are taking on the challenges of using high-end 3D graphics display and development on multiple devices. We will deliver the highest quality games for everyone around the world to enjoy.

Official Website: https://games.aktsk.jp/en/

Founded: December 2021

Representative: CEO Yuki Totsuka

Headquarters: 8F oak meguro, 2-13-30 Kamiosaki, Shinagawa-ku, Tokyo, Japan

Business Activities: Game Development & Operations

Please be sure to include the following copyright notice when publishing articles or images related to this release:

© JAKDF 3rd Division © Naoya Matsumoto/SHUEISHA
© Akatsuki Games Inc./TOHO CO., LTD./Production I.G

Additional Assets: HERE

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SOURCE Akatsuki Games Inc.

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CEO Coaching International Celebrates 22 Clients and Partners for Ranking on the Prestigious 2026 Inc. 5000 List

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September 14, 2026

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MIAMI, Sept. 14, 2026 /PRNewswire/ — CEO Coaching International, the leading CEO coaching firm for growth-focused CEOs and entrepreneurs globally, is proud to congratulate 19 of its clients and 3 of its Strategic Partners for earning a coveted spot on the 2026 Inc. 5000 list, the most prestigious ranking of the nation’s most successful independent and entrepreneurial businesses. The list recognizes companies that have achieved remarkable growth while driving innovation, creating jobs, and shaping the future of the economy.

This year’s Inc. 5000 recognizes a new class of companies redefining what growth looks like. From AI and advanced manufacturing to healthcare, consumer products, and professional services, these businesses are expanding their impact, creating jobs, and proving that entrepreneurial ambition continues to fuel the U.S. economy. Among the 5,000 companies on the list, the median three-year revenue growth rate was 130%, and those companies have collectively added more than 627,208 jobs to the U.S. economy over the past three years.

“Making the Inc. 5000 is hard. Building a company that can sustain this level of growth takes an exceptional CEO, a strong leadership team, and the ability to execute relentlessly as the business gets bigger and more complex,” said Randy Dewey, CEO of CEO Coaching International. “That’s why I’m so proud to see 19 of our clients and three of our Strategic Partners recognized this year. And Paek Management Group’s No. 12 ranking, with 12,520% three-year growth, is simply extraordinary. These are ambitious leaders building exceptional companies, creating real economic impact, and showing what it means to Make BIG Happen.”

Clients and Strategic Partners Recognized on the 2026 Inc. 5000

The following CEO Coaching International clients and Strategic Partners are included on the 2026 Inc. 5000, alongside their rank, industry, growth rate, and years recognized on the list:

Rank

Company

Industry

3-Yr. Growth

Yrs. on List

12

Paek Management Group

Automotive

12520 %

1

178

Dhanani Private Equity Group

Real Estate

1904 %

7

1,136

Techjays

Artificial
Intelligence &
Data

308 %

1

1,603

Premier Metal Roof Mfg.

Manufacturing

218 %

3

1,888

Pioneer Aero Supply

Logistics &
Transportation

183 %

5

1,913

512Financial

Financial Services

179 %

1

2,137

DojoNetworks

 IT Services

158 %

2

2,322

AffordaCare Insurance

Insurance

145 %

1

2,371

Carson Group

Financial Services

141 %

8

2,910

Spohn Ranch, Inc.

Construction

107 %

9

3,289

Michaels Energy

Energy

89 %

4

3,470

Get Staffed Up

Human
Resources

82 %

5

3,476

Abstrax Tech

Manufacturing

82 %

3

3,767

Threat Tec

Government
Services

70 %

6

4,212

Rapido Solutions Group

Human
Resources

52 %

2

4,222

RBW Logistics

Logistics &
Transportation

52 %

1

4,282

Fire-Dex

Manufacturing

49 %

6

4,538

iSupport Worldwide

Business &
Corporate
Services

39 %

4

4,615

Victory Transportation

Logistics &
Transportation

34 %

1

4,644

Gorilla Commerce

Consumer Products

34 %

1

4,951

Serve You Rx

Healthcare &
Medical

15 %

1

4,995

Victra Wireless

Consumer
Products

12 %

13

“Every company on the Inc. 5000 has a story of perseverance, smart decision making, and a refusal to sit still,” says Mike Hofman, editor-in-chief of Inc. “Their growth reflects more than strong financial performance — it reflects creativity, resilience, and the customer focus required to build companies that make a lasting impact. We congratulate all honorees on this significant achievement.”

Inc. will celebrate the honorees at the 2026 Inc. 5000 Conference & Gala, taking place October 14–16 in Dallas, Texas, and the top 500 will be listed in the Fall issue of Inc. Magazine.

For the full Inc. 5000 list, honoree company profiles, and a searchable database by industry and location, please visit: www.inc.com/inc5000.

For more information about CEO Coaching International and to schedule a complimentary coaching call, please visit: https://ceocoachinginternational.com/contact/

Inc. 5000 List Methodology 

Companies on the 2026 Inc. 5000 are ranked according to percentage revenue growth from 2022 to 2025. To qualify, companies must have been founded and generating revenue by March 31, 2022. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2025. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2022 is $100,000; the minimum for 2025 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons.

About Inc. 

Inc. is the leading media brand and playbook for the entrepreneurs and business leaders shaping our future. Through its journalism, Inc. aims to inform, educate, and elevate the profile of its community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating the future of business. Inc. is published by Mansueto Ventures LLC, along with fellow leading business publication Fast Company. For more information, visit www.inc.com.

About CEO Coaching International

CEO Coaching International works with CEOs and their leadership teams to achieve extraordinary results quarter after quarter, year after year. Known globally for its success in coaching growth-focused entrepreneurs to meaningful exits, the firm has coached more than 3,500 CEOs and entrepreneurs across 160+ industries and 94 countries. Its coaches—former CEOs, presidents, and executives—have led businesses ranging from startups to over $10 billion, driving double-digit sales and profit growth, many culminating in eight, nine, or ten-figure exits.

Companies that have worked with CEO Coaching International for two years or more have achieved an average revenue CAGR of 22.8%, nearly 2X the U.S. average, and an average EBITDA CAGR of 37.5%, nearly 3X the national benchmark.

Discover how coaching can transform your leadership journey at ceocoachinginternational.com.

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SOURCE CEO Coaching International

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PrideStaff Financial Celebrates Accounting and Finance Professionals During National Staffing Employee Week

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September 14, 2026

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FRESNO, Calif., Sept. 14, 2026 /PRNewswire/ — PrideStaff Financial, a division of PrideStaff specializing in accounting and finance staffing, is celebrating National Staffing Employee Week, Sept. 14-20, by recognizing the contract professionals who help businesses keep essential financial functions running smoothly.

National Staffing Employee Week, an annual initiative of the American Staffing Association (ASA), shines a spotlight on the millions of temporary and contract professionals who contribute their skills to U.S. businesses while building experience and advancing their careers through staffing.

From financial reporting and budgeting to payroll, audits, and compliance, accounting and finance professionals perform work that is fundamental to business operations. PrideStaff Financial places professionals in these critical roles, helping employers maintain continuity, meet important deadlines, and access the skills they need during periods of increased demand, transition, or growth.

“Behind every deadline met, report completed, and financial decision made are talented professionals who understand how much their work matters,” said Tammi Heaton, Co-CEO of PrideStaff. “We see firsthand the knowledge and commitment our associates bring to their roles, often joining teams at pivotal moments and quickly becoming trusted contributors. This week is about celebrating them and the difference they make for our clients every day,” added PrideStaff Co-CEO Mike Aprile.

Contract work also gives accounting and finance professionals the opportunity to apply their expertise in different business environments, broaden their experience, and pursue assignments that fit their career goals. At the same time, employers gain access to skilled professionals who can help keep financial priorities on track when workloads or staffing needs shift.

About PrideStaff Financial
A division of PrideStaff, PrideStaff Financial specializes in accounting and financial staffing. The parent company was founded in the 1970s as 100% company-owned units and began franchising in 1995. They operate offices in North America to serve thousands of clients. With 45-plus years in the staffing business, headquartered in Central California, all PrideStaff brands offer the resources and expertise of a national firm with the spirit, dedication, and personal service of smaller, entrepreneurial firms. For more information on PrideStaff Financial services, visit our website.

PrideStaff and PrideStaff Financial’s shared mission: Consistently provide client experiences focused on what they value most.

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SOURCE PrideStaff

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