Parry Labs, LLC, a defense technology company that develops next generation open architecture mission solutions, announced on August 28 the completion of an $80 million raise, the company’s first institutional investment round. This strategic growth equity capital was led by Capitol Meridian Partners, and included participation from True Ventures, as well as 3Wire Partners and Teamworthy Ventures.
The growth capital will primarily be used to accelerate investments in the company’s core technologies and to bring new, advanced edge capabilities to the warfighter – including command and control, mission critical software, interoperability, and advanced AI computing. Parry Labs’ digital systems integration solutions improve combat readiness and defense capability – by enabling faster, more advanced, and cost-effective systems.
“The Parry team is leading the way defense customers can leverage digital engineering and open systems to provide new capabilities to the warfighter at the speed of need,” said Parry Labs Founder and CEO John Parkes. “We are excited to partner with Capitol Meridian Partners and this group of investors who have deep expertise in defense and technology, as well as proven track records of supporting high growth companies that will benefit the company in our continued growth as we lead the way in redefining the edge for combat effectiveness.”
“Parry Labs has rightly earned its reputation for innovation and quality. The company is a trusted partner to its defense customers and has quickly become a disruptive provider of next generation open mission systems, all under a forward-thinking open mission framework,” said Brooke Coburn, founding partner at Capitol Meridian Partners. “We are excited to partner with John and the rest of the management team as we invest in new technologies, accelerate the adoption of technology for the warfighter and drive innovation throughout the defense ecosystem. We believe our experience and founder-friendly investment approach well position Capitol Meridian Partners to support Parry Labs’ accelerating growth plans,” he added.
“Legacy and next generation defense systems need a technology partner to bring them into the era of tactical edge computing,” said True Ventures Partner Gus Coldebella. “Parry Labs’ growth to date is a testament to John’s leadership in the sector and, given our experience helping software and cloud infrastructure companies scale, we jumped at the opportunity to support Parry’s continued expansion. Parry’s solutions make defense platforms nimbler and more adaptable – and ensure the longevity and modernization of existing systems.”
Source: Parry Labs
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By Loren Blinde
September 4, 2024
