Defense tech startup Epirus has successfully raised an oversubscribed $250 million Series D funding round, pushing its valuation to over $1 billion. The California-based company, which specializes in anti-drone systems, has now raised a total of over $550 million since its inception.

Epirus' latest funding round was co-led by 8VC and Washington Harbour Partners LP, a D.C.-based investment firm. Other investors participating in the round include Gaingels and General Dynamics Land Systems, a subsidiary of one of the U.S.' biggest defense contractors. Although Epirus did not disclose a specific valuation for this round, it confirmed to TechCrunch that it has exceeded $1 billion, solidifying its position as a unicorn in the defense tech industry.

The company's flagship product, Leonidas, is a high-powered electromagnetic pulse system designed to neutralize drone threats on the battlefield. Epirus has already secured several U.S. military contracts, including a $66 million Army deal in 2023. Joe Lonsdale, one of Epirus' co-founders and the managing partner of 8VC, praised Leonidas as the "best protection against drone swarms today" in a statement sent to TechCrunch.

Epirus plans to utilize the fresh funding to expand its presence in international and commercial markets. The company also intends to invest in growing its team, improving its supply chain resiliency, and opening a new simulation center in Oklahoma to train soldiers. This strategic expansion is expected to further establish Epirus as a leader in the defense tech industry.

The defense tech sector has seen significant growth in recent years, with companies like Anduril, Shield AI, and Saronic achieving valuations of $28 billion, $5 billion, and $4 billion, respectively. Epirus' latest funding round demonstrates the ongoing interest in innovative defense technologies, particularly those focused on counter-drone systems.

As the drone threat continues to evolve, companies like Epirus are poised to play a critical role in shaping the future of defense technology. With its latest funding round, Epirus is well-positioned to drive innovation and growth in the industry, further solidifying its position as a leader in the defense tech space.