Startup Epirus raised a $250 million Series D led by 8VC 1 and Washington Harbour Partners in the latest example of a defense tech raising big.
The Los Angeles-based company has developed a high-energy, high-power microwave technology to counter drones, drone swarms and other electronics.
The new round included a strategic investment from General Dynamics Land Systems. Epirus — founded in 2018 — did not release a valuation after the new round but has raised more than $550 million, per the company.
Epirus plans to use the new funds to expand into international and commercial markets, and grow its workforce.
“With our capital and talent and the right partnerships with US DoD to continue to advance Epirus’ technology, it will quickly become critical for defending aircraft, ships and even satellites and space-based platforms—and determinative for the future of warfare,” said Epirus founder and 8VC managing partner Joe Lonsdale.
Big dollars for defense
Epirus’ big round is just the latest example of the money currently rolling into defense tech.
Funding to VC-backed startups in defense — defined here as the industries of military, national security and law enforcement — hit $3 billion, per Crunchbase data. That’s a slight 11% uptick from 2023, which saw $2.7 billion raised.
Just last month, autonomous surface vessels maker Saronic locked up a $600 million Series C led by investor Elad Gil that valued the startup at $4 billion. The startup, based in Austin, Texas, designs and manufactures autonomous surface vehicles — basically drones for the U.S. Navy that move along the water’s surface.
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Illustration: Dom Guzman
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