Start-up defense company Epirus on Tuesday said it has raised $200 million in a new investment round that includes General Dynamics’ [GD] Land Systems business, bringing total financing the company has raised to $287 million.
The new funding will be used to help California-based Epirus accelerate the development of its directed energy and power management products and expand into commercial markets.
GD’s investment gives it equity in Epirus. The two companies are already working together on integrating Epirus’ Leonidas directed energy system into GD’s Army Stryker and other combat vehicles.
“We see cutting-edge capabilities that Epirus delivers and believe that our investment advances the innovative offerings of our combat vehicles,” said Bob Lennox, vice president of U.S. strategy and business development at GD Land Systems.
The investment round was led by funds and associates advised by T. Rowe Price Associates, with support from original investor 8VC, and additional investors that include Bedrock, Broom Ventures, EPIQ Capital Group, Gaingels, GD Land Systems, I Squared Capital, Moore Strategic Ventures, Parkwood, Piedmont Capital Investments, Red Cell Partners, and StepStone Group.
“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,” Leigh Madden, CEO of Epirus, said in a statement.
Leonidas is a software-defined high-power microwave (HPM) system for counter-electronic applications. Epirus this week also launched the Leonidas Pod, an HPM that can be mounted on a small unmanned aircraft system and used for counter-drone and other applications.
The SmartPower technology platform is based on machine-intelligence for power management to increase efficiency and maximize output.