CORRECTING and REPLACING Epirus, Inc. Raises $70M in Series B Funding, Advancing Directed Energy For Defense and Commercial Applications
LOS ANGELES--(BUSINESS WIRE)--Dec 17, 2020--
First paragraph, second sentence of release should read: Other investors include L3Harris Technologies, Piedmont Capital Investments, 8VC, Fathom VC and Greenspring Associates. (instead of Other investors include L3Harris Technologies, Piedmont Capital Investments, 8VC, Fathom Capital and Greenspring Associates.)
The updated release reads:
EPIRUS, INC. RAISES $70M IN SERIES B FUNDING, ADVANCING DIRECTED ENERGY FOR DEFENSE AND COMMERCIAL APPLICATIONS
New round of funding enables company to multiply mission effectiveness beyond countering threats from Unmanned Aerial Systems (UAS)
Series B led by Bedrock Capital and Strategic Defense Partner L3Harris Technologies
Epirus, Inc., a high growth technology company that is rapidly developing and building software defined high-powered microwave (HPM) applications for the defense and commercial sectors, has announced $70M in Series B financing led by Bedrock Capital. Other investors include L3Harris Technologies, Piedmont Capital Investments, 8VC, Fathom VC and Greenspring Associates.
Today’s announcement is a direct reflection of the company’s projected growth and continued momentum as a major player in the commercial power and defense space, following a strategic supplier agreement with Northrop Grumman Corporation (NYSE: NOC) earlier this year. As part of its strategic supplier agreement with Northrop Grumman, Epirus will provide its Electromagnetic Pulse (EMP) capability as a component of Northrop Grumman’s Counter-Unmanned Aerial System (C-UAS) systems-of-systems solution offering. Additionally, L3Harris Technologies is investing in Epirus to partner on creating greater power efficiencies within some of their existing systems.
“Epirus is looking forward to bringing next generation products to market that optimize power so we can enable our customers to save lives, counter asymmetric threats, and support the missions of the U.S. and our allies,” said Leigh Madden, CEO of Epirus.
Underscoring its mission to broaden and enhance the supply of directed energy services across multiple applications and industries, and to protect America and its allies with innovative technology, the Series B funding will be utilized to help manufacture and bolster Epirus’ state-of-the-art SmartPower technology. SmartPower is breaking the boundaries of power management to reshape the way people look at power and no matter the direction, Epirus is taking power further.
“Epirus counters the weak assumption baked into standard VC models that the economic and cultural gaps of defense-focused investments are too wide to overcome,” said Geoff Lewis of Bedrock Capital. “We’re very excited to invest in a company that has quickly translated its transformative ideas into scalable technology with broad market potential across the defense sectors. With its entrepreneurial mindset and scientific sophistication, we are confident that Epirus has the capacity to integrate its technology into top tier counter-UAS systems and lead the way in developing new and compelling directed energy applications.”
Since its inception just over two years ago, Epirus has gathered a team of veterans from the aerospace and technology industries, as well as the Department of Defense to create counter-UAS products, with SmartPower technology at the center of it all. Offering solutions today for the military, Epirus is bringing its flagship Leonidas C-UAS system to market in early 2021 with other products and solutions in development.
In 2019 Epirus closed $17M in Series A funding, which was led by 8VC.
“Under the extraordinary leadership of Leigh Madden, Bo Marr, and Ken Bedingfield, Epirus has achieved multiple milestones at breathtaking pace,” said Grant Verstandig, Epirus Co-Founder and Executive Chairman. “Now, with backing from an exceptional, high-conviction group of investors led by Bedrock and support from two of the defense sector’s most innovative and forward-thinking partners in L3Harris and Northrop Grumman, Epirus is poised to revolutionize directed energy and break the boundaries of power management, with far-reaching potential across defense, security, and commercial applications.”
About Epirus, Inc.
Epirus designs and builds cutting-edge, high-powered microwave products that transform industries. With our foothold in the defense industry, we’ve invented directed energy systems that surpass current capabilities. With this innovation, we’re creating new possibilities for intelligent power products in commercial markets. With the opening of our office in Tysons Corner, Epirus is on pace to hire an additional 100 roles in 2021, and double again in 2022. In the coming years, Epirus is set to expand our footprint throughout Los Angeles, Virginia and the Midwest, spurring job creation and investment in the states’ economies.
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Charles Zehren,email@example.com, (212) 843-8590Andrea Helling,firstname.lastname@example.org, (406) 369-0349
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES DEFENSE TECHNOLOGY OTHER TECHNOLOGY FINANCE CONTRACTS
SOURCE: Epirus, Inc.
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PUB: 12/17/2020 12:10 PM/DISC: 12/17/2020 12:11 PM