Epirus, Inc., a Los Angeles, CA-based technology company developing and building software defined high-powered microwave (HPM) applications for the defense and commercial sectors, raised $70M in Series B financing.
The round was led by Bedrock Capital with participation from L3Harris Technologies, Piedmont Capital Investments, 8VC, Fathom Capital and Greenspring Associates.
The company intends to use the funds to continue to expand operations and its business reach, as well as to continue to develop its technology.
Led by Leigh Madden, CEO, and Grant Verstandig, Co-Founder and Executive Chairman, Epirus designs and builds high-powered microwave products in commercial markets.
The funding follows 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.
With the opening of an 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, the company is set to expand its footprint throughout Los Angeles, Virginia and the Midwest.
FinSMEs
17/12/2020