Defense technology firm Epirus, known for its anti-drone systems, has announced a successful Series D funding round, raising over $250 million. The California-based company, confirmed to TechCrunch, now boasts a valuation exceeding $1 billion. This follows a $200 million Series C round in 2022, which established Epirus as a unicorn with a valuation of $1.35 billion.
The Series D was co-led by 8VC and Washington Harbour Partners LP. Other investors include Gaingels and General Dynamics Land Systems, a subsidiary of a major U.S. defense contractor. With this latest funding, Epirus has now raised over $550 million. Its status puts it in the company of a limited number of defense technology unicorns, such as Anduril, valued at $28 billion, Shield AI, reportedly raising at $5 billion, and Saronic, valued at $4 billion in its most recent round.
Epirus’s signature product, Leonidas, employs high-powered electromagnetic pulses to neutralize drones in combat zones. The company has secured several U.S. military contracts, including a $66 million Army deal announced in 2023.
Joe Lonsdale, a co-founder of Epirus and the managing partner of 8VC, praised Leonidas as ‘the best protection against drone swarms today’ in a statement provided to TechCrunch. (Lonsdale also co-founded Palantir.)
Epirus plans to use the new funds to expand into international and commercial markets. The company also intends to invest in expanding its team, improving supply chain stability, and establishing a new simulation center in Oklahoma to facilitate soldier training.
