Defense Tech Startup Parry Laboratories closed an $80 million fundraising round — the firm’s first round of institutional investment and just the latest in a series of enormous rounds for defense technology firms.
He led the round Capitol Meridian Partners and included participation Real ventures, 3Wire Partners AND Projects worthy of the team.
The Alexandria, Virginia-based company builds digital systems for the defense industry that include mission-critical software and advanced artificial intelligence. The startup’s software stack helps defense customers with edge computing and electronic warfare products.
“The Parry team is a leader in how defense customers can leverage digital engineering and open systems to deliver new capabilities to warfighters when they need them,” said founder and CEO John Parkes.
Defensive Technology on the Offensive
This is just the latest round among defense technology startups.
At the starting of this month, Anduril Industry made headlines when it raised one other $1.5 billion – equaling its own record for the largest defense tech funding round in history and catapulting its total funding to likely recent records.
Just last week in McLean, Virginia Defcon AIwhich has developed an AI-based decision-making tool for military logistics planning, has raised $44 million in a seed round led by Venture Bessemer Partners.
Other firms, such as a defense software manufacturer Helsing and autonomous surface ship manufacturer Saronic Huge sums in the nine figures were also raised.
Venture capital funding for defense tech startups is poised to set recent records. Defense tech startups have raised $2.5 billion so far in 2024, according to Crunchbase data — nearly matching 2022’s record of $2.6 billion. Last 12 months, such startups raised just $2.1 billion in total.