Funding round
Epirus Series B
Epirus, which works in advanced electronics solutions development in Torrance, raised $70M in a Series B round announced on 17 Dec 2020, led by Bedrock and L3Harris Technologies. 6 firms took part. It is Epirus' second venture round on record; the one before was a Series A in Jan 2019.
$70M
Amount raised
Not disclosed
Post-money valuation
6
Investors
2 leads
Valuation
What this round says about the price
Epirus did not disclose a valuation in this round. It came 23 months after Epirus' Series A. It is 13% of the $537M Epirus has raised in the venture rounds on record. Epirus raised again 14 months later: a Series C round of $200M in Feb 2022, at $1.35B post-money.
Epirus' funding rounds
Epirus has 4 venture rounds on record and 1 other deal. This one is highlighted.
- Series A 1 Jan 2019, led by 8VC $17M
- Series B this round 17 Dec 2020, led by Bedrock and L3Harris Technologies $70M
- Grant not a venture round 1 Dec 2021 $243K
- Series C 15 Feb 2022, led by T. Rowe Price Associates, Inc. and 8VC $200M$1.35B post-money
- Series D 4 Mar 2025, led by 8VC and Washington Harbour $250M
Investors
Who put money in
Bedrock and L3Harris Technologies led the round with 4 other firms.
Lead investors
- backs 38 venture-backed companies new investor
- L3Harris Technologies new investor
Also in the round
- backs 3 venture-backed companies new investor
- 8VC new investor
- Fathom VC new investor
- Greenspring Associates new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
15 Series B rounds in Aerospace and Defence within a year either side disclosed an amount; the median was $31M, and this round was 2.3 times the median. The closest in time, other companies' Series B rounds in Aerospace and Defence:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Aerospace and Defence | 15 Dec 2020 | $24M | not disclosed | BGF and Octopus Ventures |
| Aerospace and Defence | 15 Dec 2020 | $13M | not disclosed | not named |
| Aerospace and Defence | 1 Nov 2020 | $11M | not disclosed | not named |
| Axiom Space Aerospace and Defence | 16 Feb 2021 | $130M | $730M | C5 Capital |
| Aerospace and Defence | 22 Oct 2020 | $15M | not disclosed | not named |
| Aerospace and Defence | 24 Mar 2021 | $31M | $228M | Blackbird |
| Aerospace and Defence | 30 Mar 2021 | $5.9M | not disclosed | Omnes Capital |
| Aerospace and Defence | 24 Jun 2021 | $20M | not disclosed | Inventus Capital Partners |
Sources
Where this comes from
Reported by 5 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Epirus raise in its Series B round?
Epirus raised $70M in its Series B round, announced in Dec 2020.
Who led Epirus' Series B round?
Bedrock and L3Harris Technologies led it, with Piedmont Capital Investments, 8VC, Fathom VC and Greenspring Associates.
What was Epirus' valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Aerospace and Defence?
15 Series B rounds in Aerospace and Defence within a year either side disclosed an amount; the median was $31M, and this round was 2.3 times the median.
Did Epirus raise again after this round?
Yes: a Series C round in Feb 2022 of $200M at $1.35B post-money.