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TARGET ARM

Operating

TARGET ARM INC.

Industrial · Ridgefield, CT · Founded 2017

Drones on the move

Post-money valuation
$69.2M
As of Dec 2025 · from Reg CF Offering (2025) · pre-money + amount raised, not a traded price
Total raised
$1,099,274
Across 3 rounds since 2024
Latest share price
$2.25
Reg CF Offering (2025) offering price

Financials

FY2021–FY2025 · from SEC filings · hover any figure for its source
$1.1M
$410K
2021
$950K
−$521K
2022
$567K
−$885K
2023
$219K
−$844K
2024
$1.1M
−$286K
2025
RevenueNet income — beside revenue when positive, below the line when a loss
Metric
FY2021
FY2022
FY2023
FY2024
FY2025
Income statement
Revenue
$1,062,120
$950,178
$566,574
$219,098
$1,111,736
Cost of goods sold
$33,699
$10,520
$0
$6,872
$921
Gross margin
97%
99%
100%
97%
100%
Net income
$409,702
-$520,832
-$884,509
-$844,072
-$285,699
Taxes paid
$0
$11,423
$11,423
$6,261
-$5,876
Balance sheet
Cash
$1,094,093
$952,909
$266,551
$29,105
$171,197
Accounts receivable
$5,995
$150,000
$0
$0
$0
Total assets
$1,176,372
$2,060,891
$1,155,821
$943,356
$591,692
Short-term debt
$0
$0
$24,250
$174,798
$24,565
Long-term debt
$0
$688,521
$676,606
$0
$122,340
Total liabilities
$0
$688,521
$700,856
$174,798
$146,905
Other
Headcount
10
10
3
10

Figures as reported by the issuer in the filing shown on hover. Each year’s pill shows the assurance level of its filed statements — audited, reviewed (CPA review, less than an audit), or unaudited; no pill means the filing didn’t state one. Headcount is the filing’s point-in-time count, not a year-end average. Manually corrected figures are marked “Corrected”.

Valuation over rounds

Post-money = pre-money + amount raised · caps marked
$60.6M
post-money
$68.8M
post-money
$69.2M
post-money
Target Arm Common Stock 1
Reg CF Offering (2024)
Reg CF Offering (2025)

A dashed amber step is a SAFE/note valuation cap — a conversion ceiling agreed for that instrument, not a priced valuation of the company. Steps are not comparable across bases.

Fundraising history

Reg CF Offering (2025)ClosedReg CF · Common Equity · via STARTENGINE PRIMARY LLC
Raised $385.6K / $4.8MInvestors 229Post-money $69.2M
Reg CF Offering (2024)ClosedReg CF · Common Equity · via STARTENGINE PRIMARY LLC
Raised $175.2K / $4.4MInvestors 91Post-money $68.8M
Target Arm Common Stock 1ClosedReg CF · Common Equity · via StartEngine
Raised $538.5K / $1.2MInvestors 153Post-money $60.6M

Team

21 people
Jeffrey "Cheese" A. McChesneyFounder
Chairman | CEO & Founder

Jeff McChesney, CEO of Target Arm, pioneers Tular, launching and recovering drones autonomously from any moving vehicle, already at over 65mph. A USAF Academy, Columbia and Harvard alumnus, TopGun grad, & Harvard National Security Fellow, Jeff is a seasoned entrepreneur, combat pilot, and expert in finance and cybersecurity. With a track record of success, he inspires excellence and integrity, holding multiple pilot licenses.

Ryan "Dory" BighamFounder
SVP | Lead Engineer & Co-Founder

Ryan Bigham, SVP & Lead Engineer at Target Arm, is an accomplished mechanical engineer who has excelled in team management in the aerospace and medical sectors. He has a proven track record of building successful teams capable of turning ideas into tangible products. Ryan's engineering background from Rensselaer Polytechnic University, coupled with his passion for engineering design, allows him to effectively guide projects from conception to completion.

James "JLo" Dalo
VP Business Development

Jimmy, pivotal in Target Arm's leadership, boasts a 20-year naval career, including Squadron Commanding Officer. A graduate of the U.S. Naval Academy and Johns Hopkins University with an M.S. in Systems Engineering, his expertise spans across roles in Flight Test, Fleet Support, Special Operations, and more. With global insight, he guides our business development efforts, crucial for national and international success.

Ankit "Droop" Kumar
Robotics Engineer

Ankit, a Robotics Engineer, holds a Master’s degree from Columbia University and a Bachelor's from Guru Gobind Singh Indraprastha University in Delhi, India. Passionate about innovation, he enjoys applying and acquiring new skills while bringing new Tular product designs to life. Connecticut Governor’s Innovation Fellow.

Diana "Zone" Fiumara
Executive Assistant & Sales

Diana brings unique experience with administrative and sales expertise from previous experience working with multiple startups. With an AA from Valencia College and pursuing a BA in Psychology at Rollins College, she adds depth and a keen eye toward organizing to the Target Arm Team.

Doug Neugold
Outside Director

Douglas Neugold served as Chairman/CEO/President of ATMI, Inc. from 2011 to 2014 when it was acquired by Entegris for $1.15B. Prior, he held various leadership roles at ATMI since joining in 1998, including President of the company in 2000. With a Bachelor’s degree from Clarkson University, he boasts 30+ years of experience in the electronics industry, driving growth and innovation.

Eric Achtmann
Outside Investor

Eric Achtmann, founder of Global Capital X, is a seasoned leader, innovator, and investor. He has extensive experience in aerospace, defense, and automotive sectors. Notable achievements include pioneering product development at McKinsey and co-founding V-Nova. Eric holds an MBA in Finance from the MIT Sloan School of Management and further degrees from MIT, Von Karman Institute, TU Munich, and University of New Hampshire.

Gabriel "Lag" Bitencourt
Computer Science & EE Engineer

Gabe started his Target Arm career as intern working on the manufacturing/production of Tular v3.0 in 2020. The following year he was brought on to the computer science and electronics side, learning and growing his skill set. He graduated from Sacred Heart University with a BS in Computer Engineering. While in his undergraduate time, he helped establish the Sacred Heart University Makerspace where he gained knowledge in digital fabrication and manufacturing techniques. Gabe has a passion for working with embedded systems and autonomous vehicles making him a perfect fit for Target Arm.

George
Intern

George is responsible for company morale. He loves people and will play outside all day long if allowed to. Hasn't shown much interest in drones, but loves a good ball tossed across the lawn. He is an alumnus of the Petco initial dog training, but wasn't a very attentive student. With his playful and genuine happy demeanor, George hopes to join HR and help Target Arm employees every day.

Show 12 more people
J.O. McFalls
Government Relations

J.O. heads McFalls Associates, LLC, specializing in national cybersecurity policy and business strategy. With a decade of experience serving key U.S. agencies, he's adept in team-building and has extensive experience in Federal Government relations, including Air Force operations, Intelligence Community inter-operability, and more. As a retired Brigadier General, J.O. was the Commander of the Air Force’s first combat ready F-15E Strike Eagle unit.

Prarthana Sigedar
Robotics Intern

Prarthana is currently responsible for 3D localization and computer vision systems design for Tular. She recently graduated with a Master’s in Mechatronix, Robotics and Automation Engineering from WPI, and possesses a Bachelor’s in the same disciplines from Manipal Academy. Connecticut Governor’s Innovation Fellow.

Prasham "Princess" S. Patel
Robotics Engineer

Prasham is a Robotics Engineer focused on Quadcopter's state estimation and control systems. He started as an intern while pursuing his Master's in Robotics Engineering at Worcester Polytechnic Institute. With a Bachelor's degree in mechanical engineering from Nirma University, he excelled in wheeled, legged, and aerial robotics and published 2 papers and represented India in the 2018 International RoboCon Championship. Connecticut Governor’s Innovation Fellow.

Purna "Dora" R. Patel
Robotics Engineer

Purna joined Target Arm as an intern in May 2022, strengthening his skill set in drone localization and controls. After completing his Master's in Robotics Engineering at Worcester Polytechnic Institute in May 2023, he became a full-time Robotics Engineer for Target Arm. His expertise spans drone autonomy, Deep Learning, and path planning. Passionate and driven, he's an invaluable addition to the team. Connecticut Governor’s Innovation Fellow.

Robert "Sticks" N. McChesney
Business Development

Bob, a 20-year Naval Aviation veteran with command experience, brings proven success to Target Arm. With a background in defense and entrepreneurship, he founded his own UAS company. A FAA-rated Private Pilot and UAS Pilot, he serves various civilian and defense markets. A UMASS-Amherst graduate with advanced degrees from Naval War College and Salve Regina University, Bob excels in leadership and business strategy.

Sarah "Fuse" DeMaio
Mechanical Engineer

Sarah, originally from Maryland, holds both Bachelor's and Master's degrees in Mechanical Engineering from Worcester Polytechnic Institute with interest in mechanical design and manufacturing. Sarah designs and builds all Tular versions. Connecticut Governor’s Innovation Fellow.

Yash "Latch" P. Shah
Robotics & Software Engineer

Yash, with a Master’s in Robotics Engineering from WPI, thrives on solving complex problems in Autonomous Systems research and innovation. With experience in UAV projects, he excels in Computer Vision, Machine Learning, Autonomous Navigation, Sensor Fusion and Perception. Connecticut Governor’s Innovation Fellow.

Zoe
Intern: Door Greeter

Zoe is Target Arm’s most enthusiastic team member. She has always had a passion for aerospace as she started watching planes fly overhead at a young age. Her favorite pastimes include playing fetch, swimming and visiting friends at the dog park. Zoe always comes to work excited and ready for pets from her other coworkers.

MG (Ret.) Steve Sargeant "Burner"
Advisor

General Sargeant is currently the CEO of Marvin Test Solutions, and was formerly the Commander of the Air Force Operational Test and Evaluation Command, the Commander of the 56th Fighter Wing, the Commander of the 8th Fighter Wing and Commandant of the USAF Weapons School. With extensive commercial and national security experience, Steve has dual Masters’ (MBA and MS) from Embry Riddle University, a Bachelor’s from the USAF Academy and is a graduate of the Air Force Fighter Weapons School.

Warren Katz
Advisor

Warren is currently Chairman Of The Board at The Alliance for Commercial Technology in Government. Previously, Warren was the Managing Director for Techstars’ Air Force Accelerator, where he assisted emerging companies, including Target Arm in 2020. He is an angel investor and mentor to over 30 companies and was formerly the CEO of MAK Technologies, which he sold to VT Systems in 2006. With Bachelor’s in Mechanical and Electrical Engineering from MIT, Warren possesses deep technical and business acumen across a wide breadth of business solutions.

Douglas Andrew Neugold
Director
Eric David Achtmann
Director

Names and titles as disclosed on SEC Form C, StartEngine. Bios and photos come from the platform campaign page and may be out of date.

Reg CF annual-report compliance

Not requiredFewer than 300 holders of record

Filed 3 of 3 annual reports (FY2023–FY2025)

229 investors
holder-count proxy

Reg CF issuers must file a Form C-AR each year until a Rule 202(b) termination trigger is met.

  • Form C-ARApr 29, 20260001842368-26-000003
    EDGAR
  • Form C-UDec 16, 20250001842368-25-000002
    EDGAR
  • Form C/ASep 9, 20250001665160-25-001412
    EDGAR
  • Form C/ASep 9, 20250001665160-25-001411
    EDGAR
  • Form CJun 12, 20250001665160-25-001206
    EDGAR
  • Form C-UJun 2, 20250001665160-25-001163
    EDGAR
  • Form C-ARApr 24, 20250001665160-25-000761
    EDGAR
  • Form C-UMar 25, 20250001665160-25-000477
    EDGAR
Source: ManualCIK 0001842368DEShare price $2.25

About this data. Figures are compiled from public sources — SEC EDGAR filings (Form C, C-AR, 1-A, 1-K) and funding-platform pages — and may be delayed, incomplete, or restated by the issuer. Financial statements are as reported by the issuer; each year is labeled with its assurance level (audited / reviewed / unaudited). A valuation cap is the conversion ceiling of a SAFE or convertible note, not an agreed company valuation; post-money figures are computed as pre-money plus amount raised and are not a traded price. Crowdonomics is not a broker-dealer, funding portal, or investment adviser; nothing here is investment advice or an offer to sell securities. Verify all figures against the linked EDGAR filings.