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Echodyne has received a $135 million fundraising round in order to increase production and distribution of its radars and expand its product lines for defense, security, and autonomous applications.
Echodyne’s proprietary Metamaterials Electronically Scanned Array (MESA) technology is designed for airspace surveillance for defense and security (counter-UAS), for ground-based UAS sites and corridors, and for airborne detect-and-avoid solutions.
The company’s line of commercial radars have been integrated into defense solutions, security deployments, and systems that enhance the intelligence and safety of autonomous machines.
The fundraising round was co-led by Baillie Gifford and Bill Gates with participation from multiple new and existing investors, including Northrop Grumman Corporation, NEA, Madrona Ventures, Vulcan Capital, and Vanedge Capital.
“We are seeing significant customer demand across multiple markets and applications where our patented technology simply creates the best performing radar available. This additional capital demonstrates strong enthusiasm and confidence from world-class investors and anchors our ambition to be the world’s leading radar solutions company,” said Eben Frankenberg, CEO of Echodyne. “The ultimate beneficiaries are our customers who use our commercial radars to create advanced solutions for intelligent security and autonomous applications that drive industries and save lives.”
In the past six months, the company’s radar solutions have been selected by:
- The S. Army’s Security Surveillance System (SSS) program as part of the Advanced Technology Systems Company’s (ATSC) contract;
- Northrop Grumman Corporation for a new strategic agreement to integrate Echodyne radars into select Northrop Grumman advanced defense and security solutions; and
- The S. Department of Homeland Security (DHS), Customs and Border Protection (CBP) Innovation Team for an indefinite-delivery, indefinite-quantity (IDIQ) contract.
“Echodyne’s ability to deliver high-performance radar solutions at commercial prices is a highly disruptive innovation. The company’s unique sensor technology is unlocking novel applications for customers and showing promising adoption at leading organizations, such as the US Army, Northrop Grumman, NASA, and the Department of Homeland Security,” said Luke Ward, Investment Manager, Baillie Gifford. “As long term investors, we’re excited by the growth potential Echodyne has over the decade ahead and are thrilled to be supporting its next phase of market expansion and new product creation.”
