Defense technology startup Epirus is reportedly raising between $150 million and $200 million in a new funding round led by Joe Lonsdale’s venture firm, 8VC. Bloomberg Reports. The round could give the company, which develops technology to intercept drones, a valuation of around $1 billion. If that is the final valuation, it would be a decline from the company’s previous $1.35 billion valuation. (Epiro did not comment to Bloomberg.)
Lonsdale co-founded the company in 2018 with Bo Marr, Max Medni, Nathan Mintz, Grant Verstandig and John Tenet. The startup has already raised nearly $300 million from investors including DCVC and Bedrock, according to PitchBook. It is also one of the few defense technology unicorns based in the United States, along with companies such as Anduril, Shield AI and Rebellion Defense.
Only time will tell whether defense funding by 2025 will reach last year’s highs, when space startups had raised nearly $3 billion in November.