- Companies
- Epirus
Epirus Valuation, Funding & Investors
Epirus is valued at $1.4B as of February 2022.
Last Epirus valuation
$1.4B
Series C · Feb 2022
Last Epirus funding round
$250M
Series D · Mar 2025
Cumulative funding Epirus raised
$537M
across 4 funding rounds
Key investors in Epirus
8VC
T. Rowe Price
Greenspring Associates
Bedrock
Washington Harbour Partners
Fathom Capital
About Epirus
Epirus is a Los Angeles-headquartered defense technology firm developing solid-state, software-defined high-power microwave systems for counter-electronics missions. Its Leonidas family of directed energy weapons integrates long-pulse HPM with AI for electronic warfare, targeting drones and threats in military applications since 2018.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2G
Revenue model
Product sales
Valuation
$1.4B (Feb 2022)
Epirus Valuation
Epirus is currently valued at $1.4B, based on its Series C in February 2022.
The $200M round was led by T. Rowe Price.
Epirus valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2022 | Series C | $1.4B |
Epirus Funding History
Epirus has raised a total of $537M across 4 funding rounds.
Epirus' first fundraising round was a $17M Series A in November 2019. The most recent completed round was a $250M Series D in March 2025.
Epirus funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2025 | Series D | 8VC (lead); Washington Harbour Partners (lead) | $250M | - | Epirus, a Torrance, California-based defense technology company founded in 2018, develops high-power microwave (HPM) systems like the Leonidas product line for electronic warfare, counter-drone applications, critical infrastructure protection, and defense against aircraft, ships, satellites, and drone swarms. The company operates in military, cybersecurity, and commercial markets, partnering with the U.S. Department of Defense and strategic investors like General Dynamics Land Systems. On March 4-11, 2025, Epirus closed an oversubscribed $250 million Series D funding round co-led by 8VC and Washington Harbour Partners, with participation from StepStone Group, T. Rowe Price Investment Management, Gaingels, Oppenheimer’s Private Market Opportunities Vista VI Fund, NightDragon, Manhattan Venture Partners, Centaurus Capital LP, Center15 Capital, Protagonist, and General Dynamics Land Systems. This brought total funding to over $550 million across five rounds, following a $200 million Series C in 2022 led by T. Rowe Price and 8VC. The Series D funds will hyperscale Leonidas production, accelerate manufacturing, strengthen supply chains, expand into international and commercial markets, grow talent, upgrade internal systems, and increase U.S. innovation and manufacturing footprint. 8VC, co-founded by Epirus co-founder Joe Lonsdale, has backed multiple rounds including Series A, C, and D. Epirus achieved unicorn status with the 2022 Series C at $1.35 billion valuation and has raised approximately $550-595 million total, positioning it among elite defense tech firms like Anduril ($28B valuation raise), Shield AI ($5B), and Saronic ($4B). The company emphasizes energy-efficient, adaptive technologies for national security modernization amid growing demand for counter-drone and electronic warfare solutions. |
| Feb 2022 | Series C | T. Rowe Price (lead) | $200M | $1.4B | Epirus is a Los Angeles-based defense technology company founded in 2018 that develops power management solutions and directed energy systems for commercial and government markets. The company's flagship product is Leonidas, a software-defined high-power microwave system designed to counter electronic threats such as hostile drones, along with the Leonidas Pod, a portable and modular variant. Epirus positions itself as a leader in the defense technology space with its SmartPower platform. In February 2022, Epirus raised $200 million in Series C funding at a post-money valuation of $1.35 billion. The round was led by T. Rowe Price Associates, Inc. with support from 8VC and included participation from Bedrock, Broom Ventures, EPIQ Capital Group, Gaingels, General Dynamics Land Systems, I Squared Capital, Moore Strategic Ventures, Parkwood, Piedmont Capital Investments, Red Cell Partners, and StepStone Group. The company used the capital to further scale its technology and expand global defense partnerships. Epirus has since grown significantly, securing government contracts including a $17 million contract from the U.S. Army in October 2024, and closing an additional $250 million Series D round in March 2025, bringing total venture funding to over $550 million. |
| Dec 2020 | Series B | Bedrock (lead); Piedmont Capital Investments; Greenspring Associates; 8VC; Fathom Capital; L3Harris | $70M | - | Epirus, Inc. is a Torrance, California-based defense technology company founded in 2018, specializing in directed energy systems, high-power microwave technology, electronic warfare, counter-UAS, and counter-swarm capabilities for defense and commercial applications. On December 17, 2020, Epirus raised $70 million in a Series B funding round led by Bedrock, with participation from 8VC, Fathom Capital, Greenspring Associates, L3Harris Technologies, and Piedmont Capital Investments. The funding supported advancement of directed energy technologies, including Leonidas systems. The round built on prior funding, contributing to Epirus's total funding reaching approximately $450 million across multiple rounds by later years. Later developments included U.S. Air Force contracts, a $66.1 million U.S. Army contract in 2023 for Leonidas, DARPA awards, and executive changes like naming Ken Bedingfield CEO in 2022. Epirus expanded operations, opening a new headquarters in Torrance in 2021 and adding strategic advisors such as former Navy acquisition chief James “Hondo” Geurts and Major General Joseph Reynes. The company positioned itself in the growing directed energy market, integrating with partners like Anduril for counter-UAS in 2023. Subsequent rounds included a $200 million raise in March 2022 and larger investments in 2025, reflecting sustained investor interest amid defense tech demand. |
| Nov 2019 | Series A | 8VC (lead) | $17M | - | Epirus is a defense technology company developing high-power microwave systems, including the Leonidas platform, to counter drones and electronic threats. The company raised a $17.4 million Series A round led by 8VC in November 2019. This was followed by a $70 million Series B led by Bedrock in December 2020, a $200 million Series C in February 2022 led by T. Rowe Price at a $1.35-$1.4 billion valuation, and a $250 million Series D in March 2025 led by 8VC and Washington Harbour Partners, bringing total funding over $550 million. Epirus has secured U.S. Department of Defense contracts, including a $66 million Army deal in 2023 and a $17 million contract in 2024. The Series D funds production scaling, talent recruitment, supply chain improvements, and expansion into commercial and international markets. |
Who has invested in Epirus?
8 investors have backed Epirus across its funding rounds, including 8VC, T. Rowe Price, Greenspring Associates, Bedrock, Washington Harbour Partners and Fathom Capital.
Lead investors include 8VC, Washington Harbour Partners, T. Rowe Price and Bedrock.
Epirus Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Nov 2019 | ||
| 1 | Participant | Dec 2020 | ||
| 1 | Participant | Dec 2020 | ||
| 1 | Participant | Dec 2020 | ||
| 1 | Lead | Mar 2025 | ||
| 1 | Lead | Feb 2022 | ||
This data is available for Pro users. Sign up to see all 8 Epirus investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialEpirus Competitors
Epirus competitors include listed companies like Heckler & Koch, Beijing Beimo High Tech and Austal, and private ones like Ansaldo Energia, Cathedral and Harmattan AI.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.5B | - | ||
| Publicly listed | $453M | $71M | $1.3B | - | ||
| Publicly listed | $137M | $48M | $1.4B | 10.2x | ||
| Publicly listed | $1.4B | ($39M) | $1.4B | 0.9x | ||
| Private | - | - | $1.4B | - | ||
| Private | - | - | $1.4B | - |
Epirus Public Comps
Epirus is still privately-owned, but its public comps include Heckler & Koch, Inox Wind, Beijing Beimo High Tech, Gunkul engineering PCL, Austal, American Superconductor, Shoals, Hoymiles Power, Emerald Horizon and Apollo Micro Systems.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $453M | $71M | 3.2x | - | 20.6x | - | |||
| $439M | $100M | 3.7x | 3.0x | 16.4x | 15.1x | |||
| $137M | $48M | 10.0x | 10.2x | 28.6x | - | |||
| $234M | $101M | 7.2x | 5.6x | 16.7x | 15.6x | |||
| $1.4B | ($39M) | 0.9x | 0.9x | (34.9x) | 399.2x | |||
| $299M | $19M | 4.3x | 3.8x | 67.5x | 45.3x | |||
| $475M | $72M | 3.2x | 2.6x | 20.9x | 12.8x | |||
| $288M | ($32M) | 3.3x | 1.9x | (29.7x) | (1242.9x) | |||
This data is available for Pro users. Sign up to see all Epirus competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Epirus
| When was Epirus founded? | Epirus was founded in 2018. |
| Where is Epirus headquartered? | Epirus is headquartered in Los Angeles, CA, United States. |
| Is Epirus publicly listed? | No, Epirus is a private, VC-backed company. |
| What is Epirus' valuation? | Epirus was last valued at $1.4B in its Series C in February 2022. |
| How much funding has Epirus raised? | Epirus has raised $537M across 4 funding rounds. |
| What was Epirus' last funding round? | Epirus' last funding round was a $250M Series D in March 2025, led by 8VC and Washington Harbour Partners. |
| Who are Epirus' investors? | Epirus' investors include 8VC, Piedmont Capital Investments, Greenspring Associates, Fathom Capital, Washington Harbour Partners, T. Rowe Price, Bedrock and L3Harris. |
| Which companies are comparable to Epirus? | Companies comparable to Epirus include Ansaldo Energia, Heckler & Koch, Beijing Beimo High Tech, Austal, Cathedral and Harmattan AI. |
See companies similar to Epirus
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




