Epirus Inc., a high-growth, Torrance-based defense tech company, is reportedly in talks to raise up to $200 million in funding led by 8VC. This investment, aimed at scaling its flagship Leonidas system, highlights Epirus’s role in addressing growing demands for advanced asymmetric warfare solutions amid heightened global tensions.
Epirus Inc - Agility and Innovation
Founded in 2018, Epirus Inc. is a privately held technology company headquartered in Torrance, California. The company specializes in developing cutting-edge directed energy and counter-electronics systems, leveraging advancements in high-power microwaves (HPM) and artificial intelligence (AI).
Epirus was co-founded by Andy Lowery, who now serves as CEO, alongside a team of defense and technology experts, including Nathan Mintz, Bo Marr, and John Tenet. Other notable members of its current leadership crop are Mick Jaggers as Chief Information Officer and the recently appointed Matt Markel as Chief Technology Officer.
Both Lowery and Markel had also previously worked at Raytheon, one of the largest US Defense contractors.
With over 150 employees, the company operates out of a 100,000-square-foot facility and focuses on creating scalable, multi-mission systems for military and commercial applications. Epirus emphasizes agility and innovation, working to provide adaptable solutions for evolving asymmetric threats, such as unmanned aerial systems (UAS).
Epirus's flagship product, Leonidas, is a cutting-edge, software-defined high-power microwave (HPM) system designed to address modern asymmetric security challenges, such as drone warfare.
Speculation That Epirus Inc to Receive Up to $200 Million
According to sources cited by Bloomberg, Epirus Inc. is in talks with its long-term backer, 8VC, to raise between $150 million and $200 million. The funding round could value the company at approximately $1 billion, a slight decrease from the $1.35 billion valuation achieved during its $200 million Series C funding in early 2022.
The exact funding amount has not been disclosed, and both Epirus and 8VC declined to comment on the ongoing investment. However, this comes amidst growing interest in defense technology, even as broader venture capital funding faces challenges in a post-pandemic market downturn.
Before this round, Epirus had raised approximately $300 million across multiple funding rounds. Notable investors include DCVC, 9Yards Capital, Bedrock, and General Dynamics Land Systems. The company’s Series C round in 2022, a grant from the National Science Foundation that brought in $200 million, was pivotal in scaling its flagship product, Leonidas.
8VC, a longtime investor in Epirus, maintains a significant presence on its board, reflecting the venture firm’s wider strategic alignment with the defense sector. 8VC co-founder and serial entrepreneur Joe Lonsdale has also been deeply involved since Epirus’s founding.
Combined with the recent appointment of CTO Markel, this windfall of funds will put Epirus in a strong position to deliver on its promises.
As put by Andy Lowery, “Dr. Markel’s expertise across a spectrum of technology disciplines will be critical to Epirus as we expand our short-range air defense product suite. Today’s era of asymmetric warfare demands a one-to-many defensive posture. With Matt leading our technology set, Epirus is in a prime position to provide that one-to-many solution across the entire kill chain.”
Growing and Diversifying Investments in the Defense-Tech Space
Investment in the defense technology sector continues to gain traction, as the military seeks innovative solutions to deal with newly emerging threats in the age of digital warfare and AI.
Another key industry player, Anduril Industries, secured $1.5 billion last year to accelerate innovation in military applications. The funding was aimed at scaling autonomous defense systems, positioning Anduril as a leader in cutting-edge military technologies. On the other hand, defense contractor Kratos recently penned a $1.45 billion contract from the Pentagon to lead hypersonic weapons testing
The US has also awarded Leidos a $987M contract to maintain its fleet of F-16 fighter jets in defense of the strategic island of Taiwan. Similarly, Raytheon received a $946 million contract to supply additional Patriot air defense systems to Romania.
About 8VC
8VC is a leading venture capital firm based in Austin, Texas, specializing in transformative investments across healthcare, defense, logistics, and enterprise software. Founded by Joe Lonsdale, 8VC partners with innovators to build impactful, technology-driven solutions. The company has a large portfolio, including many high-growth breakout companies like Affinity, Palantir, and The Boring Company.
Redefining National Security
As defense technologies evolve, Epirus’s focus on AI-driven, high-power microwave systems positions it to reshape modern warfare. With a fresh capital infusion and strategic leadership, the company exemplifies how innovation and venture backing are redefining the future of national security.
