Epirus company profile: valuation, funding & revenue

This Epirus company profile covers the company's valuation, revenue, funding rounds, investors and history. Epirus works in defense, with a focus on counter-drone directed energy. It was founded in 2018 and is headquartered in Torrance, California, United States. Its latest valuation on record is About US$1.35 billion (2022). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

Epirus timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2018 — Epirus is founded in Torrance by Backed by 8VC at founding; Andy Lowery (CEO).
• 2022 — Series C: US$200M, valuing the company at About US$1.35B.
• Mar 2025 — Series D: US$250M. Investors: 8VC and Washington Harbour Partners (leads); StepStone, T. Rowe Price, Gaingels, General Dynamics Land Systems, Oppenheimer Vista VI, NightDragon and others.
• March 2025 — Total venture funding: More than US$550 million after the Series D.

Investors

Overview

Epirus builds high-power microwave (HPM) systems that disable drones and other electronics. Its flagship product, Leonidas, emits focused bursts of microwave energy that overwhelm the electronics of drones within its range, causing them to fall or stop working. Unlike missiles or guns, which must hit each target individually, an HPM system can disable many drones at once, including swarms, at a very low cost per shot, using only electricity. As cheap drones have transformed warfare in Ukraine and the Middle East, militaries have urgently sought such defences, and Epirus raised US$250 million in March 2025 to scale production.

Epirus was founded in 2018 in Los Angeles with backing from venture firm 8VC, whose co-founder Joe Lonsdale also co-founded Palantir. Andy Lowery, a defense technology executive, became CEO. Epirus' innovation is using solid-state electronics, specifically gallium nitride semiconductors, controlled by software, to make HPM systems that are smaller, more efficient and more precisely controllable than earlier generations.

Products

• Leonidas: a ground-based HPM system for counter-drone defense of bases and critical sites.
• Leonidas Expeditionary: a mobile version mounted on vehicles.
• Leonidas Pod: a smaller variant for use on aircraft or drones.
• Software control: software that shapes and directs the energy, allowing targeting of threats while avoiding friendly systems.

Funding

Epirus raised a US$200 million Series C in 2022 that Washington Technology reported valued it at about US$1.35 billion. In March 2025 it closed a US$250 million Series D led by 8VC and Washington Harbour Partners, with returning investors StepStone Group, T. Rowe Price, Gaingels and General Dynamics Land Systems and new investors including Oppenheimer's Vista VI Fund and NightDragon, bringing total venture funding to more than US$550 million. The Series D valuation wasn't disclosed; some reports said it exceeded US$1 billion. We use the 2022 figure, labelled with its date.

Business model

Epirus sells systems to the US Army and other military services, primarily through prototype and production contracts, along with support and upgrades. Government programmes can move from small prototype orders to large procurement if systems perform well in testing. Partnerships with defense primes such as General Dynamics help integrate its systems into vehicles and larger programmes. It's also exploring commercial and international customers for protecting critical infrastructure.

Competition

Epirus competes with other counter-drone approaches, including missiles, guns, electronic jamming, lasers and interceptor drones from companies such as Raytheon, Lockheed Martin, BAE Systems, Anduril and many startups. Other companies also develop HPM systems. Its advantages are its solid-state design, early Army contracts and production scale.

Epirus at a glance

Epirus is a Torrance, California, defense company founded in 2018 with backing from 8VC and led by CEO Andy Lowery. Its Leonidas high-power microwave systems disable drones and drone swarms. It raised a US$250 million Series D in March 2025 led by 8VC and Washington Harbour; its last reported valuation was about US$1.35 billion in 2022.

Timeline

• 2018: founded with backing from 8VC.
• 2022: raises US$200 million at about US$1.35 billion; unveils Leonidas.
• 2023: wins US Army contracts for HPM prototypes.
• March 2025: raises US$250 million to scale production.
• 2025: demonstrates defeating drone swarms in testing.

Why cheap drones changed defense

In Ukraine and elsewhere, inexpensive commercial and military drones have destroyed tanks, artillery and other high-value targets. Defending against them with missiles costing far more than the drones is unsustainable, especially against swarms. Militaries need defences with low cost per shot and the ability to handle many targets. HPM systems, lasers and electronic warfare are among the approaches being pursued, often in combination. This shift has created strong demand for companies like Epirus.

Who uses Epirus

Epirus' customers are primarily the US Army and other US military services, with interest from allied militaries and operators of critical infrastructure.

Valuation context

Defense technology valuations rose sharply in 2024–2026 as investors backed companies addressing modern threats. Epirus' undisclosed Series D valuation is likely to be compared with peers. Our guide to defense tech startups covers related companies.

Risks

• Procurement timing: moving from prototypes to production can take years.
• Technical limits: range and effectiveness vary by threat and conditions.
• Competition: many counter-drone approaches compete for budgets.
• Stale valuation: the last reported figure dates from 2022.

Questions for defense buyers

• What range and target types does the system defeat reliably?
• How does it avoid affecting friendly electronics?
• What power, mobility and maintenance does it require?

How high-power microwave defence works

A high-power microwave system generates intense bursts of radio-frequency energy and directs them towards a target. The energy couples into the target's wiring and circuits, disrupting or damaging electronics such as flight controllers, sensors and radios. Because the effect spreads across a cone rather than a single point, one burst can affect several drones at once, which makes HPM well suited to swarms. The main limitations are range, which is generally shorter than missiles, and the need to avoid affecting friendly electronics nearby. Epirus' software-defined approach lets operators shape and steer the beam, adjust power and switch it on and off very quickly, which helps manage those issues. HPM is usually seen as one layer in a broader air defence system, alongside radar, jamming, guns, interceptors and lasers, rather than a complete solution on its own.

From prototypes to production

Many defense startups struggle to move from successful prototypes to large production contracts, a gap often called the "valley of death". Epirus has said its Series D funding is aimed at scaling manufacturing so it can deliver systems quickly if larger orders arrive. Building production capacity before contracts are certain is risky, but it can be decisive when militaries need equipment urgently.

Latest developments (October 2026)

Epirus' most recent financing is its March 2025 Series D of US$250 million to scale production of its Leonidas high-power microwave system for countering drones, according to Washington Technology. The valuation for that round was not disclosed; the 2022 valuation of about US$1.35 billion remains the latest figure. Demand for counter-drone systems has grown with drone warfare in Ukraine and the Middle East. See our defence tech guide.

What to watch

Watch Army production orders, international sales, new funding and battlefield-relevant testing.

Takeaways

Militaries gain a low-cost way to stop drone swarms. Founders can see how semiconductor advances enabled a new class of defense product. Investors should note that its latest valuation wasn't disclosed.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Washington Technology
2. GovCon Wire
3. Epirus press release