Participated · Series D · Mar 2025

Epirus develops counter-drone systems centered on its Leonidas platform, which beams high-powered electromagnetic pulses at drones as it moves across the battlefield. The company has won multiple U.S. military contracts, including a $66 million Army deal awarded in 2023. Epirus plans to use new funding to expand into international and commercial markets, grow its team, improve supply chain resiliency, and open a simulation center in Oklahoma to train soldiers. Financially, Epirus has raised an oversubscribed $250 million Series D and says its valuation is over $1 billion. The firm was previously valued at $1.35 billion after a $200 million Series C in 2022, and Bloomberg reported the new round was being raised at a lower valuation than that Series C. To date, Epirus has raised more than $550 million in total. Epirus designs solid‑state, software‑defined directed energy systems and a machine‑intelligent SmartPower platform to optimize power efficiency in defense and commercial applications. Its flagship Leonidas high‑power microwave (HPM) system and the portable Leonidas Pod create a layered counter‑electronics capability against hostile drones and electronic threats. The company has multiple product lines in development and says recent DARPA and Army Applications Laboratory contracts validate its defense market traction. In the past year Epirus more than doubled its workforce and opened a Corporate Headquarters in Torrance, California to support accelerated growth. Founded in 2018, Epirus emphasizes rapid innovation and plans to expand its team and commercial applications for its technology. Financially, the company announced a $200 million Series C, bringing total financing to date to $287 million and valuing the business at $1.35 billion. Epirus builds software-defined high-powered microwave (HPM) products and directed-energy systems, with SmartPower power-management technology at the center of its product roadmap. The company is bringing its flagship Leonidas C-UAS system to market in early 2021 and is developing additional directed-energy solutions for defense and commercial markets. Epirus has a strategic supplier agreement with Northrop Grumman to provide an EMP capability as a component of Northrop Grumman’s C-UAS systems-of-systems offering. L3Harris Technologies is partnering with and investing in Epirus to create greater power efficiencies within some of its systems. The company has expanded its footprint with an office in Tysons Corner and plans to hire roughly 100 roles in 2021 and double headcount again in 2022, with further expansion across Los Angeles, Virginia, and the Midwest. Recent financings support its manufacturing and scale-up plans for SmartPower and other products.