Covenant emerges from stealth with $250 million in funding and plans for low-cost cruise missiles
Two years after being founded in secrecy, U.S.-based Covenant, which has major operations in Israel, has gone public with details of its activities. Its missiles are designed as a low-cost alternative to weapons such as the U.S. Tomahawk
Defence startup Covenant unveiled a low-cost cruise missile named Anthem on Wednesday, capable of rapidly mass-production at a relatively low cost, challenging major US weapons manufacturers, according to Reuters. Covenant's announcement follows two years of development and aligns with US and ally efforts to restock missile inventories after the war in Iran depleted stocks.
Anthem is a ground-launched cruise missile with a payload of over 200kg, designed to be used in high volumes alongside other long-range missiles like the 1,609km Tomahawk cruise missile. Covenant, founded in 2024, has raised over $250 million from notable investors, including Andreessen Horowitz and Founders Fund, and employs more than 200 people across the US, Germany, and Israel.
The company aims to produce 5,000 missiles annually at a target mid-six-figure price per missile, with the first international customer expected to receive German-built Anthems by the end of 2024, with US Army deliveries beginning in 2027. Covenant has secured about $150 million in orders and is building facilities in Dallas, Germany, and Israel to meet production demands.
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