Echodyne Valuation, Funding & Investors

Echodyne is valued at $528M as of June 2022.

Last Echodyne valuation

$528M

Series C · Jun 2022

Last Echodyne funding round

$135M

Series C · Jun 2022

Cumulative funding Echodyne raised

$199M

across 4 funding rounds

Key investors in Echodyne

  • Madrona
  • Vulcan Capital
  • Bill Gates
  • New Enterprise Associates
  • Lux Capital
  • Vanedge Capital

Echodyne Overview

About Echodyne

Echodyne is a Kirkland-headquartered radar technology company founded in 2014 developing metamaterials-based sensors for drones, vehicles, and security applications. The platform combines ESA-4D phased array with software for 360-degree detection up to 300 meters. Echodyne serves defense contractors and autonomy firms like Northrop Grumman.


Founded

2014

HQ

United StatesSeattle, WA

Status

Privately held

Customer focus

B2B & B2G

Revenue model

Product sales

Valuation

$528M (Jun 2022)

Echodyne Valuation

Echodyne is currently valued at $528M, based on its Series C in June 2022.

The $135M round was led by Baillie Gifford and Bill Gates, with participation from Northrop Grumman, New Enterprise Associates, Vanedge Capital, Vulcan Capital and Madrona.

Echodyne valuation by funding round

Echodyne valuation by funding round
DateStageValuation
Jun 2022Series C$528M

Echodyne Funding History

Echodyne has raised a total of $199M across 4 funding rounds.

Echodyne's first fundraising round was a $15M Series A in December 2014. The most recent completed round was a $135M Series C in June 2022.

Echodyne funding rounds

Echodyne funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2022Series CBaillie Gifford (lead); Bill Gates (lead); Northrop Grumman; New Enterprise Associates; Vanedge Capital; Vulcan Capital; Madrona$135M$528MEchodyne develops compact, high-performance radar systems using metamaterials for applications in drones, autonomous vehicles, aircraft tracking, and defense. The company, spun out from Intellectual Ventures in 2014, focuses on electronically steered radars that deliver commercial-grade performance in small form factors. On June 13, 2022, Echodyne announced a major funding round co-led by Bill Gates and Baillie Gifford, with participation from Madrona Venture Group, Vulcan Capital, Northrop Grumman, New Enterprise Associates, and Vanedge Capital. Sources describe this as a $135 million round bringing total funding to around $195-207 million, labeled Series C-1 by Forge Global with $73.93 million raised at a post-money valuation of $528.1 million and $5.37 price per share. The funding supports scaling production and advancing radar solutions for autonomy across air, land, and sea domains. CEO Eben Frankenberg highlighted the 'hockey stick' growth in fundraising and company trajectory, with long-term plans including a potential IPO. Bill Gates has backed Echodyne since its inception and remains bullish on metamaterial radar technologies. Other investors like Baillie Gifford praised the disruptive innovation of high-performance radar at commercial prices. Echodyne operates in a competitive metamaterials ecosystem backed by Gates, alongside peers like Kymeta and Lumotive targeting related markets. In 2026, the company plans a Kirkland, WA manufacturing facility expansion.
Sep 2019Series CBill Gates (lead); Vanedge Capital (lead); Balius Partners; New Enterprise Associates; Lux Capital; Vulcan Capital; Madrona$20M-Echodyne is a Bellevue, Washington-based company founded in 2014 as a spin-out from Intellectual Ventures, developing low-cost, miniaturized radar systems for drones and autonomous vehicles. The company's core technology is its patented metamaterials electronically scanned array (MESA®) technology combined with powerful software, enabling advanced radar solutions smaller than a paperback book, weighing less than a bowling pin, consuming minimal power, yet outperforming comparable radar systems on the market. The search results document a May 2017 Series B funding round of $29 million led by New Enterprise Associates (NEA), with participation from Microsoft co-founders Bill Gates and Paul Allen, as well as Madrona Venture Group, the Kresge Foundation, and Vulcan Capital—investors who had previously backed the company's 2014 Series A round of $15 million. The company's technology positioning emphasizes significant performance advantages in situational awareness for intelligent systems and autonomous machines, with applications spanning defense, commercial, and autonomous vehicle sectors.
May 2017Series BNew Enterprise Associates (lead); Lux Capital; Bill Gates; Vulcan Capital; Madrona; Kresge Foundation$29M-Echodyne, a spin-out from Intellectual Ventures based in Bellevue, Washington, develops low-cost, miniaturized radar systems using metamaterial electronically scanned array (MESA) technology for applications in drones, autonomous vehicles, and machines. The company announced a $29 million Series B funding round on May 22, 2017, led by New Enterprise Associates (NEA), with participation from Bill Gates, Madrona Venture Group, Vulcan Capital, Lux Capital, The Kresge Foundation, and others following their investments in the prior $15 million Series A in 2014. The funding aims to extend the technology, scale production, build out hardware and computer vision software platforms, optimize for automotive uses, and expand production capability amid growing demand for autonomy in drones, cars, and trucks. Echodyne's radar sensors provide high-performance detection, such as spotting a person at 1.5 kilometers or a truck at 4 kilometers, positioning them as a breakthrough for safety-critical autonomous applications. CEO Eben Frankenberg highlighted the rapid market evolution since the Series A, with increased seriousness around commercial drone operations and self-driving vehicles. Investors like Tim Porter from Madrona noted the timely convergence of Echodyne's tech with autonomy needs. The company has since raised additional rounds, including a $135 million fundraising in June 2022 co-led by Baillie Gifford and Bill Gates with Northrop Grumman, NEA, and others, to expand production, distribution, and development for defense, security, and autonomous markets, bringing total funding over $200 million across multiple rounds.
Dec 2014Series ABill Gates (lead); Madrona (lead); Lux Capital; Vulcan Capital; Kresge Foundation$15M-Echodyne Corp is a Bellevue, Washington-based startup developing low-cost, miniaturized radar systems based on metamaterials technology. The company was spun out from Intellectual Ventures and is led by CEO Eben Frankenberg and CTO Tom Driscoll, a metamaterials specialist. In December 2014, Echodyne announced its Series A funding round of $15 million led by Bill Gates and Madrona Venture Group, with participation from Vulcan Capital, Lux Capital, and The Kresge Foundation. The company's radar technology, marketed as Metamaterial Electronically Scanned Array (MESA), is designed for applications in drones and autonomous vehicles, offering advantages over traditional radar, LiDAR, and camera-based systems by providing all-weather visibility.

Who has invested in Echodyne?

10 investors have backed Echodyne across its funding rounds, including Madrona, Vulcan Capital, Bill Gates, New Enterprise Associates, Lux Capital and Vanedge Capital.

Lead investors include Baillie Gifford, Bill Gates, Vanedge Capital, New Enterprise Associates and Madrona.


Echodyne Investors

Investors in Echodyne by funding rounds participated
InvestorHQRoundsRoleFirst check
Bill GatesUnited StatesSeattle, WA4LeadDec 2014
Vulcan CapitalUnited StatesSeattle, WA4ParticipantDec 2014
MadronaUnited StatesSeattle, WA4LeadDec 2014
New Enterprise AssociatesUnited StatesSan Francisco, CA3LeadMay 2017
Lux CapitalUnited StatesNew York City, NY3ParticipantDec 2014
Vanedge CapitalCanadaVancouver2LeadSep 2019
Kresge FoundationGermanyGermany2ParticipantDec 2014
Baillie GiffordUnited KingdomEdinburgh1LeadJun 2022

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Echodyne Competitors

Echodyne competitors include listed companies like People & Technology, Altınay Savunma and Swarmer, and private ones like Hidden Level, Saildrone and Uhnder.

Public and private companies comparable to Echodyne
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Hidden LevelUnited StatesSyracuse, NYPrivate--$450M-
People & TechnologySouth KoreaSouth KoreaPublicly listed$542M$77M$485M1.2x
Altınay SavunmaTurkeyTurkeyPublicly listed$65M$9M$302M-
SaildroneUnited StatesUnited StatesPrivate$43M-$600M14.0x
UhnderUnited StatesAustin, TXPrivate--$350M-
SwarmerUnited StatesUnited StatesPublicly listed$310K($8M)$342M101.7x
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RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Ashot Ashkelon$151M$30M4.2x-21.5x-
Officina Stellare$20M$9M28.8x-62.7x-
Aerostar$138M$27M3.5x-18.1x-
People & Technology$542M$77M1.2x1.2x8.8x11.5x
Stemmer Imaging$118M$11M3.9x-41.7x-
Smith & Wesson$524M$61M1.2x1.2x10.6x9.3x
FMS Enterprises Migun$121M$48M3.7x-9.4x-
Lubawa$163M$39M2.3x-9.8x-

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Common questions about Echodyne

When was Echodyne founded?Echodyne was founded in 2014.
Where is Echodyne headquartered?Echodyne is headquartered in Seattle, WA, United States.
Is Echodyne publicly listed?No, Echodyne is a private, VC-backed company.
What is Echodyne's valuation?Echodyne was last valued at $528M in its Series C in June 2022.
How much funding has Echodyne raised?Echodyne has raised $199M across 4 funding rounds.
What was Echodyne's last funding round?Echodyne's last funding round was a $135M Series C in June 2022, led by Baillie Gifford and Bill Gates.
Who are Echodyne's investors?Echodyne's investors include Bill Gates, Vulcan Capital, Madrona, New Enterprise Associates, Lux Capital, Vanedge Capital, Kresge Foundation, Baillie Gifford, Northrop Grumman and Balius Partners.
Which companies are comparable to Echodyne?Companies comparable to Echodyne include Hidden Level, People & Technology, Altınay Savunma, Saildrone, Uhnder and Swarmer.

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