Archive — US — techcrunch
Defense tech startup Epirus raises $250M Series D to counter drone swarms
Defense tech startup Epirus has raised $250 million in an oversubscribed Series D funding round, enhancing its valuation to over $1 billion. The funds will be used to expand into international markets, improve supply chains, and develop a new training center, following its success with anti-drone systems like Leonidas, which has secured military contracts, including a $66 million deal with the Army.
Key points
- Epirus raised $250 million in Series D funding, co-led by 8VC and Washington Harbour Partners.
- Previous valuation was $1.35 billion during Series C funding in 2022.
- Series D valuation confirmed to be over $1 billion.
- Total funds raised by Epirus now exceed $550 million.
- Flagship product, Leonidas, effectively counters drone swarms using high-powered electromagnetic pulses.
- Contracts with U.S. military, including a $66 million Army deal in 2023 demonstrate product efficacy.
- Plans include expanding into international markets, improving supply chains, and developing a training center in Oklahoma.
Why it matters
- The rise of defense tech startups like Epirus reflects a growing investment in counter-drone technology amid increasing threats from drone swarms.
- With ongoing conflicts worldwide, drone warfare has become a preeminent concern for national security and defense strategies.
- The tech industry is seeing significant funding pour into defense technologies, similar to trends seen in cybersecurity investments.
Epirus' successful funding round highlights the growing importance of advanced defense technologies, particularly against drone swarms, as global security challenges evolve, positioning the company for further growth and innovation.