Epirus, a defense technology startup, announced that it has raised $250 million in a Series D funding round. The company plans to scale up production of its anti-drone weapons. The announcement, made on Wednesday, comes as the defense industry experiences increased demand.
Epirus did not disclose the company’s current valuation. Previously, during its Series C funding round, the company’s valuation was $1.35 billion when it raised $200 million.
The funding arrives amid a period of heightened demand for weapons, driven by the conflict in Ukraine. In 2023, Epirus secured a $66 million contract to supply its flagship product, Leonidas, to the U.S. Army.
Based in Torrance, California, Epirus is a member of a cohort of aerospace companies that develop weapons capable of destroying unmanned aerial vehicles using lasers or microwaves.
The Series D round was oversubscribed and co-led by venture capital firm 8VC and Washington Harbour Partners LP, an investment firm based in Washington, D.C. General Dynamics’ (GD.N) tank manufacturing unit, General Dynamics Land Systems, also participated.
The latest funding brings the company’s total funding to over $550 million. Epirus intends to use the new funds to broaden its presence in international and commercial markets, fortify its supply chain, and bolster its workforce. Additionally, the company is set to open a new simulation center in Oklahoma to train soldiers in counter-drone warfare.
The company’s signage is seen during the Association of the United States Army annual meeting and exposition.
