TLDR:
Parry Labs, a defense tech startup, raised $80M in its first institutional investment round. The company focuses on creating digital systems for the defense industry, including mission-critical software and advanced AI. The funding round was led by Capitol Meridian Partners and included participation from True Ventures, 3Wire Partners, and Teamworthy Ventures. This investment is part of a trend of significant funding rounds for defense tech startups, with other companies like Anduril Industries and Defcon AI also raising large sums of money.
Article:
Defense tech startup Parry Labs recently completed an $80 million raise, marking the company’s first institutional investment round. The round was led by Capitol Meridian Partners and included participation from True Ventures, 3Wire Partners, and Teamworthy Ventures. The company, based in Alexandria, Virginia, specializes in creating digital systems for the defense industry, such as mission-critical software and advanced AI. Parry Labs’ software stack helps defense clients with edge computing and electronic warfare products. Founder and CEO John Parkes highlighted the company’s focus on leveraging digital engineering and open systems to provide new capabilities for the warfighter.
This funding round is just the latest in a series of significant investments in defense tech startups. Anduril Industries recently raised $1.5 billion, matching its record for the largest defense tech round ever. Other companies like Defcon AI, Helsing, and Saronic have also raised substantial funds. Venture funding for defense tech startups is on track to set new records, with a total of $2.5 billion raised so far in 2024, nearing the record high of $2.6 billion set in 2022.
