Defense tech startup Epirus secures $250 million to make anti-drone weapons

(Reuters) -Defense exertion startup Epirus has raised $250 cardinal successful a Series D backing round, arsenic it looks to standard up accumulation of its anti-drone weapons, the institution said connected Wednesday.

Epirus did not disclose its valuation for this round. The institution was antecedently valued astatine $1.35 cardinal erstwhile it raised $200 cardinal successful Series C funding.

The currency infusion comes astatine a clip erstwhile defence contractors are straining to conscionable the surge of request for weapons pursuing Russia's penetration of Ukraine astir 3 years ago. Epirus won a $66 cardinal declaration successful 2023 to proviso its flagship merchandise Leonidas to the U.S. Army.

Torrance, California-based Epirus is among respective aerospace companies that make weapons which tin destruct unmanned aerial vehicles utilizing lasers oregon microwaves.

The round, which was oversubscribed, was co-led by task superior steadfast 8VC and Washington Harbour Partners LP, a D.C.-based concern firm. U.S. defence elephantine General Dynamics' vessel manufacturing unit, General Dynamics Land Systems, besides participated.

The latest round, which was oversubscribed, brought Epirus' full backing to implicit $550 million.

Epirus intends to usage the caller funds to grow into planetary and commercialized markets, fortify its proviso chain, and turn its workforce. The institution is besides acceptable to unfastened a caller simulation halfway successful Oklahoma to bid soldiers successful counter-drone warfare.

(Reporting by Kannaki Deka successful Bengaluru; Editing by Leroy Leo)