March 5 (Reuters) - Defense technology startup Epirus
has raised $250 million in a Series D funding round, as it looks
to scale up production of its anti-drone weapons, the company
said on Wednesday.
Epirus did not disclose its valuation for this round. The
company was previously valued at $1.35 billion when it raised
$200 million in Series C funding.
The cash infusion comes at a time when defense contractors
are straining to meet the surge of demand for weapons following
Russia's invasion of Ukraine about three years ago. Epirus won a
$66 million contract in 2023 to supply its flagship product
Leonidas to the U.S. Army.
Torrance, California-based Epirus is among several aerospace
companies that develop weapons which can destroy unmanned aerial
vehicles using lasers or microwaves.
The round, which was oversubscribed, was co-led by venture
capital firm 8VC and Washington Harbour Partners LP, a
D.C.-based investment firm. U.S. defense giant General Dynamics' ( GD )
tank manufacturing unit, General Dynamics Land Systems,
also participated.
The latest round, which was oversubscribed, brought Epirus'
total funding to over $550 million.
Epirus intends to use the new funds to expand into
international and commercial markets, strengthen its supply
chain, and grow its workforce. The company is also set to open a
new simulation center in Oklahoma to train soldiers in
counter-drone warfare.