Echodyne closes funding round to expand radar production
On June 13, Seattle, WA-based Echodyne announced a $135 million fundraising round, 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. Echodyne will use the investment proceeds to increase production and distribution of its industry-leading radars and expand its product lines for defense, security, and autonomous machine applications.
“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 has developed significant momentum with its radar solutions being selected by:
- The S. Army’s Security Surveillance System (SSS) program as part of the Advanced Technology Systems Company’s (ATSC) $191 million dollar indefinite delivery, indefinite quantity (IDIQ) contract; and
- 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 a $20M 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 U.S. 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.”
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