Defense technology startup Parry Labs raised $80 million – the company’s first institutional investment round and just the latest in a series of large rounds involving defense technology companies.

The round was led by Capitol Meridian Partners and included participation from True Ventures, 3Wire Partners and Teamworthy Ventures.

The Alexandria, Virginia-based company develops digital systems for the defense industry that include mission-critical software and advanced AI. The startup’s software stack supports defense customers with edge computing and electronic warfare products.

“The Parry team is leading the way in how defense customers can leverage digital engineering and open systems to deliver new capabilities to soldiers as quickly as possible,” said founder and CEO John Parkes.

Defence technology on the offensive

This round is just the latest for defense technology startups.

Earlier this month, Anduril Industries made headlines when the company raised another $1.5 billion – setting its own record for the largest defense technology funding round of all time and likely catapulting its total funding to new highs.

Just last week, McLean, Virginia-based Defcon AI, which has developed an AI-powered decision-making tool for military logistics planning, raised $44 million in a seed round led by Bessemer Venture Partners.

Other companies such as defense software developer Helsing and autonomous surface ship maker Saronic also raised huge nine-figure sums.

Venture capital funding for defense technology startups is poised to break new records. According to Crunchbase data, defense technology startups have raised $2.5 billion so far in 2024, nearly matching the record $2.6 billion raised in 2022. Last year, such startups raised a total of just $2.1 billion.

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Illustration: Dom Guzman