By Chris Morales, Graham Littlehale, and Sarah Hess

We are proud to announce our lead investment in the Series A for CX2, a company we think is redefining electronic warfare (“EW”) with software-first systems built for adaptability, speed, and scale.

We believe that EW has long been a foundational – but often underrecognized – pillar of military operations. From jamming to spoofing to sensing, it has shaped conflicts for decades. In recent years, however, the domain has taken on new urgency. The rise of drones, software-defined threats, and spectrum-driven battlefields has made EW indispensable. Ukraine’s commander-in-chief recently named EW the country’s second-highest military priority, calling it “key to victory in the drone war”.

Despite this growing relevance, the U.S. has historically underinvested in EW. In his confirmation testimony, General Dan Caine said that the military has “lost some muscle memory” in the spectrum and that the military would have trouble defending itself against electronic attack from advanced adversaries. While rival nations have invested heavily in multi-domain spectrum capabilities, much of the U.S.’s EW stack remains tied to platforms which are outdated, large and exquisite like EA-18G-Growler and EC-130H-Compass Call. We believe these are powerful but expensive, hardware-bound systems that are slow to evolve. In response, the Department of Defense is taking a whole-of-force approach to EW modernization. For years, Army officials have said that EW “keeps [them] up at night” and the service aims to train every soldier in EW, while the Marine Corps and Air Force are pursuing parallel efforts to make EW more agile, expeditionary, and software-defined.

We believe modern EW must be distributed, tactical, adaptive, and software-native—and that is exactly what CX2 is building. The company’s AI-enabled platform is designed to autonomously detect, classify, and respond to RF threats at the edge. Its modular, hardware-agnostic architecture offers the potential for deployment across drones, vehicles, and other systems—enabling faster iteration, wider distribution, and significantly lower cost.

In our view, CX2’s four co-founders bring a rare mix of technical and operational depth: Nathan Mintz is a serial deep tech entrepreneur with national security expertise; Mark Trefgarne is a seasoned software founder who exited a company to Meta; Lee Thompson is a former SpaceX RF engineer; and Porter Smith is a former U.S. Army helicopter pilot and investor with firsthand experience as a former user.

EW is no longer niche—it’s foundational. And we believe CX2 is leading the way forward.

CX2 is but one portfolio company in which a ventures fund advised by Point72 Private Investments, LLC (“Point72 Ventures”) has invested.  Additional examples of publicly announced investments are available on Point72 Ventures’ website.

This is not an advertisement nor an offer to sell nor a solicitation of an offer to invest in any entity or other investment vehicle.  The information herein is not intended to be used as a guide to investing or as a source of any specific investment recommendation, and it makes no implied or express recommendation concerning the suitability of an investment for any particular investor.  The opinions, projections and other forward-looking statements are based on assumptions that the authors’ believe to be reasonable but are subject to a wide range of risks and uncertainties, and, therefore, actual outcomes and future events may differ materially from those expressed or implied by such statements.  Point72 Private Investments, LLC or an affiliate may seek to invest in one or more of the companies discussed herein.