(Bloomberg) — The Joe Lonsdale-backed venture capital firm 8VC is leading an investment in Epirus Inc., a startup developing technology to detect and intercept drones, according to people familiar with the matter.
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The company is in talks to raise between $150 million and $200 million at a valuation of about $1 billion, including the new investment, said the people, who asked not to be identified discussing private information. That’s a slight decrease from the $1.35 billion value the company achieved as part of Epirus’ $200 million Series C funding announced in early 2022.
Epirus and 8VC declined to comment.
Recent years have been difficult for startups — venture capital funding has withered in a post-pandemic slump. And the downturn has made investors less willing to match the valuations set during the zero-interest-rate period. Still, enthusiasm for technology designed to improve military operations is growing. Epirus’ financing follows a strong year of VC investment in defense technology startups, including Anduril Industries Inc., which raised $1.5 billion in August.
Southern California-based Epirus — named in reference to the Greek mythological weapon the Epirus bow — uses high-power microwave technology to counter drone swarms. The company’s customers have included the US Army, Navy and Air Force.
Prior to its current funding round, Epirus had raised about $300 million from investors including DCVC, 9Yards Capital, Bedrock and military manufacturer General Dynamics Land Systems, according to PitchBook data. The company was co-founded in 2018 by Lonsdale, an early PayPal employee and a co-founder of Palantir Technologies Inc. Other founders include Nathan Mintz, Bo Marr, Max Mednik, Grant Verstandig and John Tenet.
In 2023, the company appointed Andy Lowery, a former chief engineer for electronic warfare systems at Raytheon, as chief executive officer.
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