Epirus announced $200 million in Series C funding, bringing the company’s total financing raised to date to $287 million. With a valuation of $1.35 billion, the company is uniquely positioned as a robust technology provider.
The round was led by funds and associates advised by T. Rowe Price Associates, Inc., with support from original investor 8VC, alongside a diverse set of investor groups: Bedrock, Broom Ventures, EPIQ Capital Group, Gaingels, General Dynamics Land Systems, I Squared Capital, Moore Strategic Ventures, Parkwood, Piedmont Capital Investments, Red Cell Partners and StepStone Group.
“I am grateful for our new and returning investors who share our vision for redefining the future of power. Nothing that we achieve as a company would be possible without the extraordinary work and dedication of our most valuable asset: our people,” said Leigh Madden, chief executive officer of Epirus. “This new round of funding and associated valuation are clear signals of the increased demand for our directed energy systems and the limitless application areas for our SmartPower technology. Our successes to date are noteworthy and, with our world-class team at the helm, I trust that the best is yet to come for Epirus.”
Since its founding in 2018, Epirus has quickly translated its bold vision into a rapidly scaling company with multiple product lines in development to support both government and commercial markets. In the past year alone, Epirus more than doubled its workforce and opened a new Corporate Headquarters in Torrance, Calif., to support the company’s accelerated growth. With recent contracts awarded by DARPA and the Army Applications Laboratory, Epirus continues to establish itself as a major player in the defense technology space and lay the groundwork for the commercial application of its technology.
“What we’re seeing in the market today is a disconnect between the national security challenges at hand and the pace of innovation needed to solve them,” said Simon Paterson, Investment Analyst at T. Rowe Price Associates. “With its scientific sophistication, cutting-edge technology and seasoned leadership team, Epirus is well positioned to bring forth enduring solutions to some of the most defining challenges of our time, helping to make the world a safer place.”
Epirus built, demonstrated and validated its flagship product Leonidas—the industry’s most powerful software-defined high-power microwave (HPM) system—in under a year, a testament to the company’s culture of rapid innovation. Epirus recently expanded their directed energy product portfolio with the introduction of Leonidas Pod, a portable and modular HPM system. Leonidas and Leonidas Pod work in unison to create a layered defense system against hostile drones and other electronic threats.
“These funds position Epirus to further disrupt an industry in desperate need of change and invention. Epirus’ SmartPower platform will transform a broad range of defense and commercial applications by saving power, extending range and increasing reliability,” said Grant Verstandig, executive chairman and co-founder of Epirus. “At a time when drone attacks are on the rise, Epirus’ world-class leadership team has validated the efficacy of HPM technology.”
Powering the company’s cutting-edge products is Epirus’ machine-intelligent SmartPower technology platform. The platform uses real-time machine intelligence to deliver unprecedented outcomes in power management—increasing efficiency and maximizing output. This technology could address some of the world’s most pressing environmental challenges, distributing energy more efficiently across various use cases.
“In just three short years since we founded the company, the team at Epirus has disrupted the status quo with their revolutionary technology, bridging the gap between innovation and establishment,” said Joe Lonsdale, managing partner at 8VC and co-founder of Epirus. “This new round of funding will enable the company to ascend even further—expanding the visionary team, forging new markets and ultimately creating long-term economic and societal value.”