In 2019, Epirus secured $17m in Series A funding, led by 8VC. Credit: metamorworks/Shutterstock.

Defence technology startup Epirus is in talks to secure funding, with figures ranging between $150m and $200m, reported Bloomberg citing sources.

Leading the funding round is 8VC, a venture capital company headed by Joe Lonsdale.

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Epirus is engaged in the development of high-power microwave systems that offer advanced counter-electronics capabilities, designed to safeguard against evolving threats.

The funding round is expected to bring the company’s valuation to around $1bn, a significant decline from its previous $1.35bn valuation following a $200m Series C round in early 2022, according to sources.

The 2022 funding round was led by funds and associates advised by T. Rowe Price Associates and involved support from original investor 8VC.

It also saw participation from investor groups including 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.

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In 2019, Epirus secured $17m in Series A funding, led by 8VC. The following year, the defence technology company raised $70m in Series B funding, spearheaded by Bedrock Capital.

Epirus was co-founded in 2018 by a team including Joe Lonsdale, Bo Marr, Max Mednik, Nathan Mintz, John Tenet and Grant Verstandig.

The company’s flagship product, Leonidas, is said to be a sophisticated high-power microwave system tailored for counter-unmanned aerial system (C-UAS) missions.

Leonidas, which boasts an open system architecture, has undergone rigorous testing and validation for integration with air defence systems.

In 2023, Epirus secured a contract from the US Army’s Rapid Capabilities and Critical Technologies Office (RCCTO) for prototype systems of Leonidas.

The contract is part of the army’s Indirect Fire Protection Capability-High Power Microwave programme.