Will Drewery previously worked with Tesla and now works for himself through his own technology company.
From Tesla To Building His Own Technology Company
Silicon Valley Business Journal reports Drewery worked with Tesla in 2013. Among his contributions to the company includes sourcing $3.5 billion in equipment to its plants based in Fremont, CA, and Buffalo, NY, over a five-year period. TechCrunch mentioned the delivery, testing, and installation of equipment was a process that could often take months or even a few years for companies that lacked the team members or tools.
“This is why I felt the market needs a Diagon,” Drewery told TechCrunch.
He later transitioned to work for Astra and recognized discrepancies in the market that would lead him to launch his own company, Diagon Technologies. What he recognized were issues with the sale of manufacturing equipment — including satellites, rockets, batteries and semiconductors — from some other countries due to national-security concerns.
“I was shocked how nascent the supply chain was, where in some cases, we were paying 1,200 times the normal price for an item,” Drewery told the Business Journal. “When there are supply constraints, that’s when the costs go through the roof and the wait time gets extended by months if not years.”
Diagon Technologies — which was founded in 2022, but launched officially in November 2023 alongside Shri Muthu — serves as a bridge for businesses sourcing manufacturing and automation equipment, Drewery’s LinkedIn mentions.
Funding
The company raised $5.1 million in early 2024, which it viewed as a “indicative of a thematic focus on supply chain resilience and American dynamism to fortify the US manufacturing sector,” per a news release. The Westly Group led the investment group with other participants Valia Ventures, Techstars, Foster Ventures, Foxe Capital, Anthemis Group, Ventures Together, and REFASHIOND Ventures: The Industrial Transformation Fund.
Additionally, the investment included a prior $800,000 SAFE (simple agreement for future equity) round.
“Diagon’s pioneering approach to streamlining equipment procurement resonates deeply with our investment philosophy, centered on fostering resilience and dynamism in key sectors of the economy,” Jason Kalira, a partner at The Westly Group, commented, per the release. “Diagon’s platform is being designed and built by an exceptional team who know first-hand the many complex layers to sourcing this type of equipment at scale, and positions it as a transformative force in empowering companies of all sizes to shape the factories of the future.”
Expected To Exceed $1M In Revenue In 2024
Since then, Diagon Technologies appears to still be fairing well in the market. Drewery expects to surpass $1 million in revenue in 2024, after earning $200,000 in its first year of operations, he told the Business Journal. Additionally, the company currently has a network of nearly 500 possible suppliers and various customers across aerospace, battery-production, 3D-printer-making, and modular-construction industries.
